WHY You Need a Pre-Approval If you've thought of buying a home, you've probably heard that one of the very first items on your 'to do' list needs to be obtaining a pre-approval from a lender. Not a pre-qualification. Some of the more common reasons on why a pre-approval is necessary involve making sure... Continue Reading →
What Mortgage Options Are Available With Less Than 20% Down? One of the biggest mortgage mysteries is how much money is needed as a down payment when purchasing a new home. This question is often misunderstood, but also involves a lot of misconceptions. One rumor that won't seem to die is that to buy a... Continue Reading →
Things to Know When Refinancing a HELOC (Home Equity Line of Credit) Hard to believe it's been almost 10 years since the real estate downturn and resulting recession. One of the most popular products on the market toward "the end" of the housing boom was the HELOC - a home equity line of credit that... Continue Reading →
In today's competitive housing market where many areas nationwide are seeing a far-leaning seller's market with limited inventory, it's important for buyers to put their very best foot forward and have all their t's crossed and i's dotted before they find "the one". Most buyers don't consider just how much their mortgage lender can help them land... Continue Reading →
Last week's economic reports included readings on new and existing home sales, a speech by Fed Chair Janet Yellen, and a report on consumer sentiment. Weekly reports on mortgage rates and new jobless claims were also released.
Savvy home buyers who are preparing to make a real estate purchase should do their research and understand that they need to save money for not only the down payment but the closing costs as well. The closing costs can account for as much as three to five percent of the sales price in some cases, so this can be a rather sizable amount of money. Some home buyers however, may not realize that the amount of closing costs can vary considerably based on the home that is purchased. With a closer look at why this is, home buyers can make a more educated decision when selecting a home to purchase.
Last week's economic news included the NAHB Housing Market Index, Commerce Department releases on housing starts and building permits issued. Weekly reports on mortgage rates and new jobless claims were also released.
What Is Prime? The Prime Lending Rate - sometimes just called "Prime" - is the interest rate that banks charge each other for overnight loans. Some consumer rates - like ARMs - are set in relation to Prime.
Who is NOT required to pay the VA funding fee? This video could save some veterans thousands. VA loan applicants pay a funding fee - as of 2014, 2.15% of the total loan amount - which can be thousands of dollars. Some veterans and spouses are eligible for exemption.