Putting a larger down payment onto a home purchase helps lower the loan-to-value (low LTV) ratio. It also means the borrower is less likely to walk away from making mortgage payments if they already put down a large sum of money. Lenders like to see that borrowers have more skin Read more
Imagining where your home will be built by the developer does not have to be as difficult as it appears when choosing a square on a development map. Select the higher grounds away from the bottom of the hill to avoid flooding possibilities. Take the time to walk through the Read more
If a home has been on the market for longer than average, then a seller might be motivated to offer seller financing to entice a buyer who may not be interested in the house without the seller financing. In this particular situation, the seller financing acts as a motivation tool Read more
Interest rates fluctuate daily, and lenders will offer you a chance to lock-in rates for 30 or 60 days as you are completing the purchase of your new home. If it is something that you want to lock-in and are willing to pay a little extra for the peace of Read more
Fixed rate mortgages offer stability where your monthly payments are always the same for the full life of the loan. 30 year fixed rate mortgages are popular with home owners who want to borrow more and pay a smaller monthly payment. However, it usually comes with a higher interest payment, Read more
The fear is real, and the good thing is that you are not the only person who fears making the transition to home ownership. How do you eat an elephant? One bite at a time. There are hundreds of books from your local libraries that guides you step by step Read more
One of the biggest hurdles of buying a home is making the down payment. Besides cutting back on daily expenses and downsizing on living arrangements to save for a year or two, there are other options to consider. Secure a gift from family or friends. Loan officers prefer to see Read more
Mortgage lenders will use a standard mortgage application form developed by Fannie Mae that standardizes the loan application process. https://www.fanniemae.com/singlefamily/uniform-residential-loan-application As a borrower, you will generally get the Form 1003 (Uniform Residential Loan Application) pre-filled with the mortgage information of the loan product that you have selected. Then it may take Read more
Potential buyers are generally focused on new and active listings once it appears on the market while overlooking the properties that have been on the market for an extended period of time, including expired listings and price reductions. Expires and price reductions usually indicates there may be something wrong with Read more
Going to many open houses will open your eyes to the possibilities and realities of owning a house. It is a good opportunity to see if your image of a dream house matches up to the real houses available for sale. Browsing homes on the internet is never the same Read more