If you’re a single parent looking for a home loan, it can seem challenging to find one that suits your needs. Although mortgage lenders generally don’t look at marital status when reviewing home loan applications, they do look at the following: Debt and payment obligations Total household income Net income after taxes, credit scores, and… Continue Reading Mortgage Tips for Single Parents
Over the past several years the economy has improved. The stock market recently reached an all time high, investments have risen, and the unemployment rate has dropped. Now that the economy has improved, interest rates are starting a slow climb to pre-2008 levels. Recently, the Federal Reserve increased the interest rates by a quarter of… Continue Reading What the Fed Rate Hike Means for Your Mortgage Rates
Residential properties are great investments. That’s why homeowners often want to purchase more than one. These properties usually fall into one of two categories: Investment properties Second homes Regardless of your purchase, you’ll likely need to take out a new mortgage on a new property while continuing to live in (and pay for) your current… Continue Reading Five Things to Know About Mortgages for Second Homes and Investment Properties
March was another busy month in the mortgage industry. Here are some recent news articles and highlights: Federal Reserve Raises Interest Rates for Second Time in Three Months The Federal Reserve raised its benchmark interest rate for the second time in three months and signaled that any further hikes this year will be gradual. Key… Continue Reading Mortgage Industry Highlights – March 2017
When it comes to home loans, there are usually three numbers that borrowers pay attention to. The first is the total amount of the mortgage, in order to make sure that the amount covers the cost of the home. The second is the amount they are going to pay each month, which affects how easily… Continue Reading How Do Lenders Determine Mortgage Rates?
Interested in tiny homes? You’re far from alone! Fueled by growing demand from millennials under the age of 35, there are an estimated 10,000 tiny homes in the United States. Tiny homes range from 100 to 400 square feet (the typical American home is around 2,600 square feet), and provide a combination of lower debt,… Continue Reading Tiny Home Loans
FHA loans are one of the most common types of mortgages, especially for first time home buyers, and those without enough money available for a down payment. Backed and insured by the Federal Housing Administration, these loans allow borrowers to buy a home with a lower down payment and generous terms. FHA loans are some… Continue Reading FHA Loans: Your Complete Introductory Guide
Your home is your greatest asset. The longer you live in your home, the more you will develop equity that you can then use to make other important financial decisions. But you may not want to live in your home forever. Your family status may change, or you may simply find a property that better… Continue Reading How to Buy a New Home Before Your Home is Sold
Are you retired and thinking about moving to a new location? This is common, as 64% of retirees expect to move at least once during retirement. Whether you want to relocate to a warmer state or move across your city to be near your grandchildren, there’s a home loan that could help make this happen:… Continue Reading Want to Retire in a New Location? Consider the HECM for Purchase Loan
If you’re planning on buying a home with a mortgage, you can expect substantial paperwork during the mortgage application process. This paperwork helps lenders verify important information about you, such as your income history and overall financial stability. If you begin gathering important documents several months before applying for a mortgage, it can help make… Continue Reading Want to Apply for a Mortgage? Here are Six Important Documents You’ll Need.