Interest rates are at all time lows, I’m sure you’ve heard. But what exactly is an interest rate? Why does it matter if they’re low? How can you get an interest rate even lower? In this edition of Open House, I’ll address all these common questions and more as you prepare to buy or refinance a home. Read More “Open House: Guide to Interest Rates”
Category: Finance and Credit
Down Payment Assistance for Law Enforcement | Unlocking Homeownership
Grants, home buying programs and down payment assistance for law enforcement can provide an opportunity to save some money on the purchase of a new home. If you’re exploring down payment assistance (DPA) and money saving options, this post sheds light on various down payment assistance, loan types, grants and exclusive home buying programs to assist law enforcement personnel in saving money when purchasing a house.
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Physician Mortgage Refinance | Save on Closing Costs
When you bought your home, you took out a mortgage loan for the cost of your house. If it was your first home, maybe your credit score was lower, and you had a higher interest rate. If it was a few years ago, you almost surely had a higher interest rate, as current rates are at or near historic lows. Maybe you’ve put a lot of work into renovating your house, and it will appraise for more money. All of these are good reasons to refinance your mortgage as a physician. You’ve heard it can save you money, but what does refinancing your mortgage even mean? Read More “Physician Mortgage Refinance | Save on Closing Costs”
Down Payment Assistance for Healthcare Workers | Unlocking Homeownership
Down payment assistance for healthcare workers can provide a way to save some money on the purchase of a new home. If you’re exploring down payment assistance (DPA) options, this post provides valuable insight on money saving loan types, grants and home buying programs to assist with purchasing a home.
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Is It Possible to Buy a House with Bad Credit?
It IS possible to buy a house with bad credit! But under the current housing market conditions, it is much tougher. There is a chance you may need to improve some things before it can happen. Here we will provide you with what you need to know about buying a home with bad credit, what it will take to qualify for a home loan and what you can do to improve your credit to make your home buying experience a reality.
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What You Need to Know About Escrow: The Do’s and Don’ts of How Escrow Works
Buying a home can sometimes be a long and difficult process. But when you find a home you love and your offer is accepted, the finish line is near. This period is commonly referred to as “being in escrow” and there are a number of things you need to do — and not do — before closing. To help you achieve your dream of home ownership, here’s what you need to know about escrow to ensure you can close on your new home.
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Why Rent-to-Own Homes May Not Be the Best Option
Home ownership is still a major part of the American dream for most people, and many can’t wait for the day when they stop renting and finally own their own home. But making that transition from renting to owning can be difficult financially, which is why some people take it quite literally, choosing to live in a rent-to-own home.
A rent-to-own home offers a unique opportunity for many prospective home buyers. But that doesn’t always mean it’s a good idea. Rent-to-own agreements come with a lot of risk for both renters and sellers. Here’s a look at how rent-to-own homes work and why you may want to consider other options.
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Credit Score vs Credit Report | What’s the Difference?
Credit score vs credit report, seriously, what is the difference? A credit report is a historical tracking system of how you use credit. A credit score essentially summarizes your credit history into one number. The information and data contained in a credit report is used to calculate your 3-digit credit score. If you are planning to apply for a car loan, mortgage, or credit card, lenders will look at two things to help determine how risky it is to lend you money and your ability to pay back borrowed money, and they are your credit score and credit reports.
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4 Main Types of Home Loans
Before you study up on the types of home loans available, we always recommend determining how much house you can afford first. Once you know what you can afford to pay for a house, then you can focus on which loan type is best for you. This mortgage calculator is also a great tool to estimate your monthly mortgage payment. If you know what you can afford, the following will cover the four main types of home loans: Conventional loan, FHA loan, VA loan and USDA loans. Chances are you qualify for more than one type so spend a little time getting to know the pros and cons of each.
What Is a Good Credit Score to Buy a House or Refinance?
Wondering what is a good credit score to buy a house or refinance your mortgage? This article covers essential credit score requirements and offers valuable tips on how to manage your credit score and credit history to purchase a new home and finance it with a mortgage, or if you are looking to refinance your current mortgage.
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