Have you heard this term? Maybe you got a letter in the mail from a company offering insurance to cover your mortgage? But why would you need mortgage insurance to cover your mortgage? There are a couple of reasons, one is to temporarily make your mortgage payments should you be unable to work and the […]
Blog
Why Are Discount Points Eligible for an Income Tax Deduction?
There are still several income tax deductions available to the everyday taxpayer. Several years ago, all sorts of interest, including credit card interest, was available as an income tax deduction. During the overhaul of the income tax code way back in 1986, several popular deductions were eliminated. We’ll talk about some of them but it’s […]
Private Mortgage Insurance Isn’t Forever: When You Can Remove PMI
Private mortgage insurance, or PMI, sometimes gets a bad rap. And that’s unfortunate because PMI plays a very important part in the mortgage industry. Years ago, banks would require down payments of as much as 30 or 40 percent of the sales price. Back then, banks assumed all the risk on the loan and if […]
Fixed, Adjustable and Loan Terms: The Pros and Cons of Each
If you’ve been out of the mortgage market for a while and thinking of jumping back in, you’re going to be surprised at how many financing options you have. So much so that just the number of choices can tend to be a bit overwhelming. Yet when lenders introduce a new mortgage program it’s typically […]
Should You Roll Closing Costs Into Your Loan When Refinancing?
Spoiler alert: all mortgage loans have closing costs. But what about the so-called “no closing cost” loans? They too have closing costs it’s just a matter of who pays for them and how. Closing costs must be paid by someone. In different parts of the country, it may be customary for the seller to pay […]
30 Year Mortgage Rates Fall to Near Record Lows
Interest rates have quietly moved lower over the past several months. There have been some swings, but overall rates are still nearly 0.75 percent lower than they were one year ago. Just last fall the average 30 year fixed rate mortgage hovered closer to 5% when the national average hit 4.94%. This is quite a […]
5 Questions Renters Need to Ask Themselves
Certainly buying a first home can be a little bit intimidating. Not only is it a very large purchase but unlike renting an apartment it’s not really something you can change your mind with. If you want to move to a different part of town after your 12-month lease is up, so be it. With […]
Good Time for a Debt Consolidation Loan?
A debt consolidation loan pretty much says what it is- it’s a loan that consolidates outstanding debt. But why is now a good time to look into one? There are several reasons but mostly it’s about the current state of the interest rate environment. If you haven’t noticed, mortgage rates are near record lows. One […]
What is the USDA Loan Guarantee?
The term “guarantee” is fairly straightforward. There is an inherent pledge from one party to another to ensure the performance of an agreement. In the mortgage world, it also has a meaning and specifically with the USDA home loan program. But for those that aren’t familiar with loan guarantees, the first notion is any applicant […]
Mortgage Loan Conditions Explained
From the initial application to final funding, there are multiple stages a loan application goes through. Some stages seem somewhat benign while others are certainly more important. These stages are followed in order for every loan application. The loan is initially submitted either online or in person. The file is initially reviewed by the loan […]
First Time Home Buyers Should Look At USDA Loans
Many first time buyers dream of the day they can afford to own their first home. Coming up with enough money for the down payment is often the primary obstacle for many first time buyers today. Even if that’s accomplished, other problems will start to arise like furnishings, monthly bills, transportation expenses and, worst of […]
Sorting Through All Your Loan Options
If you’ve never had a mortgage before, you’ll likely be surprised at how many choices you have. Sometimes it can be a bit overwhelming when your loan officer begins presenting your different choices. Lenders can boast about how many different loan programs they have but sometimes it clouds the decision-making process with too much information. […]
Four Interesting Facts About VA Loans
VA loans continue to provide the best financing option for those that qualify. Buyers who want a low-closing cost loan with competitive interest rates need to look no further than the VA loan program. VA loans are part of the original G.I. Bill introduced way back in 1944. The G.I. Bill provided benefits to those […]
Mortgage Approval Tips – Georgia Teachers
Below we have listed some tips to help teachers coast through the mortgage pre-approval process. Regardless if you are looking for a 100% USDA loan, FHA or Conventional mortgage, the tips below should help. USDA Rural Housing loans remain a popular program for Georgia teachers because the program does not require a down payment. The […]
Paperwork Needed For FHA Loans
FHA loans are available to most any buyer that qualifies. Unlike the other two government-guaranteed loans, the VA and USDA programs, there are no restrictions on who can apply or where the property must be located. As long as the home is going to be the borrower’s primary residence, either of the three can be […]
Why Lenders Like USDA Loans and Borrowers LOVE Them
It might seem a bit odd at first that that United States Department of Agriculture has a mortgage program. Yet the USDA loan is probably the “go to” source for certain types of properties located in rural and semi-rural areas. Lenders like the USDA program because it allows them to finance homes in areas where […]
USDA, FHA and VA Loan Guarantees Explained
There are three government-guaranteed mortgages available today. They are the USDA, FHA and VA loan programs and each designed for a specific type of borrower or situation. They’re called guaranteed because the lender that made the loans is compensated for part or all of the loss should the loan ever go into foreclosure. A guarantee […]
What To Expect At Your Home Closing
All the prep work has been done and your lender has told you your closing papers are being prepared and delivered to your escrow officer or settlement agent. A lot was said and done since the time you first spoke with a loan officer and began asking a series of questions on qualifying, applying for […]
FAQs For First Time Home Buyers
Anytime someone does something for the very first time, there will be many questions. This is especially true when buying a first home. There are so many different people involved when buying a home and lots of new terms will be thrown around many buyers may never have heard before. At the same time, there’s […]
How Much Can Home Sellers Contribute Toward Your Closing Costs
Saving up enough money for a down payment is typically the single biggest obstacle first time home buyers face. For those who already own a home and are contemplating selling and buying another, the accrued equity in the home is usually enough to take care of a down payment for the subsequent home. First-time buyers […]