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Blog Image: Buying a First Home in an Expensive Area

Buying a First Home in an Expensive Area

For Americans living and working in the nation’s most expensive real estate markets, homeownership can seem like the impossible dream. Prices are high and options can be limited. It may feel like home values rise faster than your ability to save up for a down payment. Although the process may look different than in other parts of the country, becoming a first-time homebuyer in a pricey area is possible. Here are some suggestions for making that dream a reality: Determine Your Budget First, you need to figure out how much home you can afford. That number needs to be determined by yo...

July 1st, 2020 | Purchasing a Home, Buying a First Home in an Expensive Area

Blog Image: What is an ARM loan?

What is an ARM loan?

While fixed-rate loans are one of the most popular choices for mortgage loans, there is another choice: the adjustable-rate mortgage or ARM loan. If you’ve ever wondered what an ARM loan is or why anyone would want one, here is what you need to know: ARMs Defined An adjustable-rate mortgage is a type of home loan with a short fixed-rate period, after which the interest rate is allowed to adjust periodically based on certain market indexes. How an ARM Works An ARM loan comes with an initial low-rate period of anywhere from one to ten years. During that time, your interest rate...

June 17th, 2020 | Adjustable Rate Mortgages, What is an ARM loan?

How Has the CORONAVIRUS Affected Mortgages?

Six ways the CORONAVIRUS Pandemic has affected the Mortgage Market: What Consumers Need to Know   The Coronavirus pandemic has had a profound effect on our society, with a tragic loss of human life and crippling of our economy. From retail to travel to housing, there is no industry that hasn’t felt the sting. But the mortgage market has experienced unique and sometimes contradictory manifestations of the pandemic, with both good and bad news for buyers and homeowners who wish to refinance. Rates remain low…and lower! First, the good news: Mortgage interest rates h...

June 9th, 2020 | mortgage, covid-19, How Has the CORONAVIRUS Affected Mortgages?

Blog Image: Understanding Mortgage-related Insurance

Understanding Mortgage-related Insurance

When you buy a home with a mortgage, you will be required to pay all sorts of insurance, including homeowner’s insurance, title insurance and private mortgage insurance. What are all these policies and why do you have to pay for them? Homeowner’s Insurance Homeowner’s insurance is a policy that protects you against loss if your property or any structures on it are damaged. This covers damage from fire, storms, and vandalism. If you are unable to live in your home because of one of these issues, the insurance will also cover the cost of temporary housing while your home ...

June 3rd, 2020 Understanding Mortgage-related Insurance

What is Mortgage Insurance?

If you’re buying a home but don’t have a sizable down payment to invest, your best option may be a loan that charges mortgage insurance, such as an FHA or VA loan. Since all lending is based on risk, there may be some cases where the lender wouldn’t want to approve a borrower for a mortgage without some guarantees or safeguards (or, they’d raise the rates/cost so high to account for that risk, it wouldn’t make sense). That’s where Mortgage Insurance (MI) or Private Mortgage Insurance (PMI) come in. Most common with Federal Housing Administration (FHA)-...

February 28th, 2020 | mortgage, What is Mortgage Insurance?

10 Things You Should Know About Credit Before Buying a Home

10 things you should know about credit before buying a home.   Homeownership is still the bedrock of a strong financial future, with more than 64% of Americans owning their own home now and many more to come thanks to record-low interest rates. But no matter who you are, how much money you’ve saved, and whether you’re buying your first home or downsizing in retirement, your credit score is fundamental to qualifying for a mortgage. Here are 10 things that you should know about credit before applying for a loan and buying a house! Start early. It is...

February 12th, 2020 | refinance, credit, buying, credit score, 10 Things You Should Know About Credit Before Buying a Home