Tagged : mortgage

Found 16 blog entries tagged as "mortgage".

Baby boomers have reached retirement age. This generation is healthier and more active than their predecessors and many want to age in a home of their own. Many of these potential home buyers have fixed incomes and with soaring home prices, they are unable to qualify for a new home when they are ready to downsize. This is where a Family Opportunity Mortgage can help.

A Family Opportunity Mortgage is backed by Fannie Mae and allows you to purchase a home for your elderly parents if they cannot qualify on their own, at the same favorable down payment and interest rates as a primary residence. This is a significant advantage over loan programs for second home or investment properties.

The terms of the loan program are simple. The borrower needs a

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One of the most important financial considerations of buying a new home is the interest rate paid on the mortgage. Over time, a higher interest rate can add thousands of dollars to the true cost of buying the home. When interest rates are low or steady buyers have greater confidence that they will get a favorable rate when they go to secure the loan, but in our current environment of rising interest rates, many lenders are suggesting a rate lock at the time of pre-approval.

What is a Mortgage Rate Lock?

A rate lock freezes the interest rate on a mortgage for a period of time before the close of the loan. Typically lasting for 30-60 days, the lender guarantees the rate will not change during this period for a fee that is paid when you agree to

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As the world emerges from the pandemic era and begins to look for a new normal, we’ve all changed the way we look at homeownership and lifestyle. More and more, families are forgoing exotic vacations and using the savings to enhance their home for staycations. In addition to the home improvement boom, the second home market has also exploded. Owning a second home was once a privilege for the rich and famous, but now even those with a modest income can purchase a second home.

There are some great benefits to owning a second home. The first is enjoyment. Many people buy a second home to get a change of scenery. With more companies offering a work-from-home option, spending winter in a warmer climate has become feasible for the average person.

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Mortgage lenders depend on the information found in credit reports and credit scores. One of the numbers that cause fluctuations in a consumer’s credit scores is inquiries.

Inquiries, according to Equifax.com, are “entries that appear on your credit report when your credit information is accessed by a legally authorized person or organization (including yourself).” Inquiries can include “an application for credit, goods or services; an account review made by a company that you already do business with; or a preapproved offer of credit.”

Inquiries can be either hard or soft. Soft inquiries such as account reviews, preapproved credit applications, and employer checks don’t impact credit scores. Consumers can check their own credit without

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Each year, home renters face the question of whether to renew their lease for another year or determine if it is time to buy a home of their own. Over the past couple of years, the US housing market has changed dramatically as home values have soared and interest rates have remained low. So, if you are still renting your home, it might be time to buy instead.

4 Facts About Renting your Home

1. Rents Are Rising Quickly – Higher priced home values drive higher rent costs. While a 30-year fixed home loan will provide steady monthly payments for the duration, most renters are shocked to see their housing payments rise each year.

2. Paying for Your Landlord’s Equity – As home prices rise, so does the equity in the property. As a renter, you are

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Whether you plan to buy a single-family home, condo, or townhouse, buying in a
new development can cause years of issues if you don’t choose a property with a
solid, reputable home builder.

It’s exciting to consider buying new construction, a brand-new home suited to
your specific needs and taste. Yet unlike the resale homes, there are no previous
owners to provide disclosures detailing issues with construction, lot, or property.
In this case, one is relying on the builder to provide a high-quality home in both
construction and materials.

As with any home purchase, doing your homework ahead of time can save you
thousands of dollars over the long run. Start by researching the builder of the
subdivision. Check for other projects, both current and past.

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The strong seller’s market has prompted homeowners across the country to consider selling their homes. What if your property is a rental unit with tenants in place? Can you still sell and take advantage of the rising home values? Yes, by understanding the steps and following a few tips, you maximize your profit in this strong market.

The first step in selling your home with tenants in place is to understand your rights and responsibilities. The kind of lease you hold will determine if you can simply give notice to the tenants or if the new owners will buy the home with a lease in place. Only month-to-month leases can be terminated unilaterally with proper notice.

Next, meet with the tenants and discuss the situation. Explain your reasons for

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Looking for a Mortgage? How to Protect Yourself from Identity Theft

Nothing is more stressful than shopping for a mortgage and realizing your credit score isn’t what you expected. Worse still is finding that your identity has been stolen and there are fraudulent accounts or activity on your report. Recovering from identity theft can be time-consuming – you might lose your dream home if the seller cannot wait for you to resolve the issue.

Before this happens to you, there are steps you can take to protect your Social Security number and your credit.

Guard Your Social Security Number – First, you should memorize your Social Security number – never keep the card in your wallet. Second, consider whether giving your SSN to someone is really

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Some mortgage terms can be confusing, none more so than the similarities and differences between prequalification and preapproval. The two terms are often used interchangeably, but they mean very different things to lenders, real estate professionals and home sellers.

Prequalifying is a rough-idea process that tells you how much money you’ll likely be able to borrow to buy a home. You can prequalify yourself on any banking or real estate-related website simply by putting your salary, type of loan you want, down payment amount and a ballpark home price into a mortgage calculator. You can talk with a lender, who will also give you a ballpark amount without a credit check.

When you apply for a mortgage loan, you’ll share your income records,

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Advice for Single Female Homebuyers

In 2019, the National Association of REALTORS reported that 18% of home buyers were single females, compared to nine percent of single males. From this data, it’s clear that single women see homeownership as an important way to provide themselves with more stability and financial security.

Here’s some helpful advice to help single women meet the responsibilities and rewards of homeownership.

  1. Buy within your means. While it’s good advice for all home buyers, single women can lower their risk by keeping their house payment, including property taxes, homeowner’s insurance, homeowner association fees and mortgage insurance at no more than one third of their income.
  2. Choose a forever home. Your home should
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