A borrower’s employment history is an important aspect of the mortgage loan application process. Such loans are typically for large sums of money; therefore, lenders want to reduce the risk of default from the borrower by ensuring they have a stable two-year history of employment. Steady, continuous employment gives lenders a strong indication that a … Continue reading Effect of Employment Gaps on Mortgage Approval
Refinancing a mortgage can be financially beneficial for homeowners, especially now as interest rates for mortgages have been declining to historically low rates. For homeowners who are interested in refinancing, an often asked question is whether or not refi is possible if a person’s credit score is low. While having bad credit definitely has an … Continue reading Can a Mortgage Be Refinanced With Bad Credit?
While many states are navigating various reopening phases to resume operations suspended during the novel coronavirus pandemic, the road to economic recovery in America is looking to be long and challenging. With the unemployment rate in the United States at its highest rate since the Great Depression, millions of people who have been left with … Continue reading What Is the CARES Act?
For many homeowners, being able to pay off your mortgage early sounds like a great idea. It’s likely one of the costliest payments you have to make each month and the idea of being able to save on interest payments can surely be attractive. In some cases, it can have profoundly positive financial and psychological … Continue reading The Downside of Paying off Your Mortgage Early
When looking to increase home value, homeowners are often inundated by gimmicks and trends that ultimately do not produce a definitive effect on value. However, good old-fashioned home remodeling and renovation has remained the best solution to increase a home’s value. Whether you choose to replace your garage door or redo your kitchen, these changes … Continue reading Which Renovations Have The Highest Impact On Home Value?
Buying a fixer-upper has become a trend in recent years for investors and first-time homebuyers who cannot find or perhaps cannot afford turnkey homes. However, for those deciding on buying a fixer-upper, the question often becomes, “Is investing in a fixer-upper more of a hassle than it’s worth?” Here are some pros and cons of … Continue reading The Pros and Cons of Buying a Fixer-Upper Home
Paying off your mortgage early can come with a host of benefits. You can free up money for travel or retirement, tackle other debts, or even financially protect yourself from losing your home. However, achieving these can be difficult without the proper planning or budgeting. Alternative options to quickly paying off your mortgage can be … Continue reading Should You Make Bi-Weekly Mortgage Payments?
As opposed to a move-in ready, entry-level home, a fixer-upper may be a lower-priced, established house that requires some repairs. While fixer-upper homes can be a home-buying solution to those with a limited budget, there are also renovation expenses to consider. Fortunately, certain loan options can help cover the cost of common home improvements such … Continue reading Your Loan Options When Buying a Fixer-Upper
There are numerous mortgage loan programs available in which you can make a minimal down payment (sometimes as low as zero), but making a larger down payment when purchasing a home has intrinsic benefits that can help a potential homeowner save money in the long run. While offering more money upfront will clearly reduce the … Continue reading Advantages of a Large Down Payment
The Freddie Mac’s CHOICERenovation Loan is a great solution for potential homeowners who are looking to buy a property that they must repair and renovate. Potential homeowners looking at “fixer-uppers” can really benefit from this loan that allows them to roll in the costs of renovations into their new mortgage. This saves time and money … Continue reading The Benefits of Freddie Mac’s CHOICERenovation Loan
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