Many first time homebuyers have a difficult time coming up with the large down payment necessary for a conventional mortgage, or lack the strong credit history required to secure financing. Luckily, a mortgage insured by the Federal Housing Authority (FHA) is a great alternative, as they do not have the same strict requirements. The basic … Continue reading The Advantages of FHA Mortgages
You’re in the process of saving to purchase a home, but when is the best time to buy? According to Trulia, homes in the “starter” price range see a 7% boost in inventory numbers between October and December each year. Starter homes are defined as any listing in the $230,000 range or under, with listings … Continue reading The Best Time to Buy a Home May Be Now!
If you’ve been in the market to purchase a home, you’ve undoubtedly heard terms like “fixed-rate” and “adjustable-rate,” but which is best for you? The low initial cost of an adjustable-rate mortgage, or ARM, is tempting to many homebuyers, but they do carry more uncertainty than the alternative. However, the current economic climate has home … Continue reading Taking Advantage of Adjustable Rate Mortgages
Foreclosure properties can be filled with hidden surprises and problems, putting the buyer at risk of incurring unforeseen costs. However, they are typically cheaper than a standard home listing, which makes them an attractive option for many looking to buy more house than their budget would typically allow. Is a foreclosure property right for you? … Continue reading Pros and Cons of Buying a Foreclosure
Home mortgage refinancing is a great idea for many homeowners, but there are situations in which it is not possible or desirable. In some situations, refinancing may not make financial sense, especially if you plan to sell your home in the next few years. Before committing to refinancing your home, you should ask the following … Continue reading Questions to Ask Before Refinancing
Purchasing a home requires having enough money on hand for a down payment, a history of on-time payments over the past couple of years, and a steady income; but do you necessarily need a perfect credit history? While a high credit score will often bring more favorable loan terms, you can still buy a home … Continue reading Buying a House with Bad Credit
After you’ve found a home you like, made your offer, and have been pre-approved for a mortgage, you might think the job is almost done. However, there is still one important hurdle to clear, and that is getting a final approval from an underwriter. So what exactly can you expect? Think of an underwriter as … Continue reading What Do Underwriters Do?
If you have been in the market to purchase a home, you have undoubtedly heard terms like “fixed rate” and “adjustable rate,” but which is best for you? The low initial cost of an adjustable-rate mortgage, or ARM, is tempting to many homebuyers, but they do carry more uncertainty than the alternative. A fixed-rate mortgage … Continue reading Adjustable vs. Fixed Rate Mortgages
When you’re in the market for your home, you undoubtedly have questions, concerns, and no shortage of emotions. It’s no secret that purchasing a home is one of the largest financial decisions you’ll make, and of course, you don’t want to make a mistake. It is natural to have questions regarding buying your first home, … Continue reading Common Concerns of a First Time Homebuyer
An LTV, or loan-to-value ratio is a way of comparing the size of a home loan to the value of the property securing that loan. Many lenders use an LTV ratio to determine how risky a loan is, and it is often used in the loan approval process or to determine if mortgage insurance is … Continue reading What is an LTV Ratio?