Maximizing Your Home Appraisal Value: A Strategic Guide to Elevate Property Worth When preparing your home for sale, the importance of a comprehensive home appraisal cannot be overstated. The appraised value not only influences potential buyers’ financing decisions but also plays a crucial role in determining the overall success of your sale. In this detailed […]
Investing in Rental Properties: The Pros & Cons You Need to Know! Hey there, fellow money-makers and future landlords! Welcome to another fun, chatty, and enlightening blog post. Today, we’re diving deep into the rollercoaster world of investing in rental properties. If you’ve ever wondered whether it’s a worthwhile endeavor, buckle up! We’re about to […]
Mortgage interest rates are at a twenty-year high. Combine that with the recent run-up in home prices and the result is that many would-be home buyers have been forced to the sidelines because the homes they want are no longer affordable. Waiting for mortgage rates to come down is an option, but it’s likely that […]
In mortgage underwriting, there are three primary considerations – the “three C’s”. Credit, Capacity to repay, and Collateral. Of these, credit is the one people think of most often. The credit category encompasses several different components, but credit scores may be the most meaningful and the most misunderstood. Why are Credit Scores used? Credit scores […]
Mortgage points are fees paid in conjunction with getting a mortgage loan. Each mortgage point is equal to one percent of the mortgage loan amount. As an example, if you take a mortgage loan of $250,ooo, one point would equal $2500. Mortgage points can occur in two forms: origination points and discount points. In both […]
One of the biggest hurdles to attaining home ownership is accumulating funds for a down payment. There are not many loan programs that allow a home purchase without a down payment, but in the right situation, a USDA loan can be just the ticket for home buyers without a stockpile of cash. What is a […]
If you’ve recently purchased a home (or are thinking about purchasing a home) using an FHA loan, you may be asking how soon you can refinance if today’s high interest rates move back down. It’s important to know that there is a restriction on how soon you could refinance a mortgage from one FHA loan […]
The impact of closing costs is a key factor in deciding whether a mortgage refinance is in your best interest. Let’s examine the impact of mortgage refinance closing costs and ways to “minimize the damage” if refinancing is in your future! What are the typical closing costs that apply to refinancing a mortgage? Closing costs […]
Jumbo loans, also known as non conforming loans, are defined as any mortgage with a loan amount greater than the conforming loan limit set annually by the Federal Housing Finance Agency, or FHFA. To most consumers, that doesn’t mean much, so let’s start this post with a quick review of the most common loan types […]
What is Delayed Mortgage Financing? Delayed financing (or more technically, a “delayed financing exception”) is the term used when a homeowner arranges conventional mortgage financing after having acquired property within the prior six months without any mortgage financing initially in place. The most common example of delayed financing is an all-cash purchase transaction where the […]