Reverse Mortgages, the Good, the Bad and the Ugly

What do you think of Reverse Mortgages? I’m going to give you my unvarnished opinion, warts and all. First, the homeowner has to be at least 62 years old. The purpose of a Reverse Mortgage is that there will be no more mortgage payments for as long as the homeowner stays in the home. The [...]

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Millennials Flock to Low Down Payment Programs

A recent report released by Down Payment Resource shows that 65% of first-time home buyers purchased their homes with a down payment of 6% or less in the month of January. The trend continued through all buyers with a mortgage, as 62% made a down payment of less than 20%, which is consistent with findings [...]

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First-time homebuyers. First Comes Love . . . Then Comes Mortgage?

Most first-time homebuyers are married. It is no surprise that having two incomes to contribute to monthly housing costs makes buying a home more attainable.  It also makes saving for a down payment a more attainable goal. According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples once [...]

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Why Pre-Approval MUST Be Your First Step

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved [...]

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How Low Interest Rates Increase Your Purchasing Power

According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 4.09%, which is still very low in comparison to recent history! The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power. Purchasing [...]

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The Truth About Choosing The Best House for You

You may think you come to me only when you need a loan for a new home. That’s only partly true. You will also get the very best financial advice I can offer. As you begin your home search, now is a good time to discuss the issue of choosing the home you can afford versus [...]

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Conventional Mortgage Insurance – How To Drop It

There’s a lot of confusion around mortgage insurance attached to conventional loans (not FHA loans which come under different rules). How and when can you get it cancelled? There are basically 3 ways to eliminate mortgage insurance from your monthly mortgage payment. Borrower-requested termination: Borrower must initiate request in writing to loan servicer Borrower must [...]

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Answers for first-time home buyers

Okay, first-time buyers… it’s time to turn the dream into the dirt you can stand on. Your very own home. I’m sure you have questions. In fact, I’m sure your questions are like most first-time buyers. Which is why I’ve put together this down-and-dirty answer guide for the most common questions home buyers have. 1. [...]

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A Simple Explanation of the Interest Rate Hike

Ok, so that’s all we’ve heard about for the past week.  What does it really mean to you? First, here’s a quick explanation of what the Fed Funds rate means.  The Federal Reserve only controls one interest rate.  That’s the rate banks use to lend money to one another. It has not been raised since [...]

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Do I Need Perfect Credit to Buy a Home?

The average FICO score of Approved Conventional Loans was 757 in May The average FICO score of Approved FHA Loans was 688 in May Since April 2013, the ability of Americans to obtain a mortgage has increased substantially!

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