VA loans have long offered the best mortgage solutions for eligible Veterans, especially those putting little to no money down. The VA mortgage, along with UDSA Rural Housing remains the last government-insured loans that offer 100% financing. Low fix interest rates, no private mortgage insurance, and reduced closing costs are just a few of the […]
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First Time Home Buyers and IRA Accounts
There are several first-time buyer programs. Many are state or locally sponsored in the form of grants or no-interest loans. A grant is essentially free money. For someone who qualifies for a grant, the funds are issued and as long as the borrowers keep the property for a specific period of time, say for at […]
Divorce, Separation and Real Estate
No one gets married with thoughts of ending the marriage at some stage later on. It’s a lifelong commitment to live happily ever after, for better or worse. But sometimes things get so bad it’s beyond “worse” and the couple decides to make some changes. When a married couple buys real estate together but later […]
Installment Debt, Revolving Debt and Qualifying for a Mortgage
One of the primary tasks a lender must perform is to determine affordability. A mortgage company must make a reasonable determination that the applicants will be able to afford the new mortgage payment along with associated property taxes and insurance. The mortgage includes both an amount to principal and interest. These four payments are referred […]
Using Zillow or Similar Site to Value Your Home? You May Be Selling Yourself Short
Zillow was introduced years ago and since then has become a major force in the real estate industry. Zillow isn’t a real estate company although the site shows millions of homes for sale and rent in all parts of the country. Instead, Zillow is a database and draws listings from multiple sources and works with […]
Mortgage Protection Insurance: Is It Worth It?
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 […]
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 […]