Category: Mortgage and Refinance

Low Mortgage Interest Rates Call for Refinancing

/ in Mortgage and Refinance / Maggie Looker

In 2020, mortgage interest rates dropped to an all-time low and went under three percent for the first time ever. In fact, the mortgage interest rate dropped 14 times in 2020. This was in response to the global coronavirus pandemic, after rates had been declining for years prior. The Federal Reserve, who is responsible for influencing interest rates, has said that rates will remain low, potentially for several years. With these historic low rates, now is an excellent time to consider buying or refinancing your home.

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How to Submit a Winning Offer with an FHA Loan

/ in Buying a House / Luke Feldbrugge

Many first-time home buyers use FHA loans because of the significant benefits they provide. But there are some unique considerations you have to keep in mind, particularly when it comes to actually writing an offer. Here’s a quick introduction to FHA loans as well as some tips on how to submit a winning offer using one of these loans.

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Submit a Winning VA Loan Offer

/ in Buying a House / Homes for Heroes

When presented with an offer on a home that involve government-backed loans like VA loans, sellers can be hesitant. This is mostly because some people believe that VA loans make a deal harder to close. That may have been true at one point, but is far from the truth now. Still, these beliefs persist. So, if you’re an active duty military member or veteran using a VA loan to buy a house, you’ll need to make sure your offer is as strong as possible to be accepted. Here are some tips on purchasing a house with a VA loan and crafting a winning offer.

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Cost to Refinance a Mortgage | Planning on it and Ways to Save

/ in Mortgage and Refinance / Luke Feldbrugge

The cost to refinance a mortgage is not cheap. The process comes with a price, but refinancing your mortgage can be a great way to save money over the long haul. As they say, “No pain, no gain.” That pain largely comes in the form of closing costs and processing fees. Here’s a detailed look at the cost to refinance a mortgage and how you can save money at closing and after.

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How to Refinance Your Home and Save

/ in Mortgage and Refinance / Maggie Looker

There are many reasons why you’d want to refinance your home. Maybe you want to pay off your home faster. Or use part of the equity you’ve built up to fund some home improvement projects. Maybe interest rates have gone down since you bought your home and you’re just looking to lower your monthly mortgage payment and save some money. Whatever the case may be, you’re going to need a solid plan to accomplish your goal. Here’s how to refinance your home and save money in the process.

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What Does a Mortgage Loan Officer Do to Help Me Buy a Home or Refinance?

/ in Buying a House / Homes for Heroes

What does a mortgage loan officer do? Simply put, a mortgage loan officer will gather and review their clients’ financial information and documentation to determine if their client is eligible for a mortgage home loan. They are required to follow all federal and state lending regulations during their evaluation process in determining eligibility. Do they take mortgage loan officer training? Is it required to have a mortgage loan officer license? More importantly, what does a mortgage loan officer do for me? Let’s unwrap this for you.

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FHA Loans for Teachers | Ways to Save on a Home Purchase

/ in Buying a House / Bob Filipczak

FHA loans for teachers are a good solution for first-time homebuyer educators, but only if you’re not perfect. If you are in perfect shape for the house hunt — your credit score, your budget, your savings and your energy level — then you probably don’t need an FHA loan. The FHA loan system is a national program built to help first-time homebuyers, and everyone, overcome some of the hurdles that stand between you and affording a home. If you are looking at the real estate market and the financial hoops you need to jump through, you might be ready to give up before you start. Before you do, may we suggest taking a look at these loan guarantees and take a deep breath. There is help out there.

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FHA Home Loans for Healthcare Professionals

/ in Buying a House / Maggie Looker

Owning a home is very important to many Americans. Homeownership gives you privacy and strong community ties. As medical professionals, strong community ties are important to you whether you run a private practice or work at a local hospital. One way to achieve your dream of owning your home is by using an FHA loan for Healthcare Professionals. FHA home loans are available to all healthcare professionals around the country. These loans are excellent for people who do not have very good credit but wish to purchase a home in their local area.

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Credit Score vs Credit Report | What’s the Difference?

/ in Finance and Credit / Maggie Looker

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

/ in Buying a House / Maggie Looker

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.

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