Refinance

Mortgage Appraisals

The Appraisal

One of the first steps in obtaining a mortgage loan is getting the appraisal. The appraisal is an independent report completed to determine the subject properties value. If you are applying for 100% financing and the purchase price is $150,000, in theory you should be able to borrow $150,000. One exception to this is of …

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Closing Costs Explained

When purchasing or refinancing a home, you will undoubtedly run into a complex list of closing costs. These costs can range from ten dollars to thousands of dollars. So how do you know if the closing costs are fair or necessary? This guide should help you amswer all of your questions. If you would like a …

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Conventional vs FHA Mortgages

FHA VS Conventional Mortgage

FHA vs Conventional Mortgage Loans FHA and Conventional mortgages have different advantages and disadvantages. Mortgage lenders have reduced minimum credit score requirements for the FHA’s popular 3.5% downpayment loan; and, Fannie Mae and Freddie Mac have re-introduced a popular 3% downpayment program, called the 97 program. Add to these two programs the 100% VA loan backed …

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The Cost of Waiting

Interest Rates Won’t be This Low for Long Waiting to buy a house could be costing you money. Homeownership has significant financial benefits, and yet, for the first time in 50 years, we have more renters than ever in the U.S. Almost half of renters say that their biggest regret is not buying a house. …

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Credit Scores Could Rise Next Month!

Starting next month, you might notice a boost to your credit score.Here’s what you need to know.Credit Score: What’s Changing?Beginning today, the three major credit bureaus – Experian, Equifax and TransUnion – will exclude tax liens from credit reports. Since tax liens can adversely impact your credit score, their removal could benefit your score.This follows …

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Mortgage “Advisors”

More and more loan officers are presenting themselves as “trusted mortgage advisor” and “mortgage planners.” Unfortunately, there are no standards in the industry for these terms. Disregarding titles, it is important for anyone making this important decision to make it with the best advice possible. To do this, an individual needs an understanding of the …

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