Home Purchase Loan

Welcome to the 2018 home-buying market. Rising demand and an extremely tight supply of homes, especially in the critical starter-home market, make it difficult to realize your goal of home ownership. In this buyer’s market, you’ll need two important things to land your dream home – more money and a higher credit score. Data from
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We know the stereotype of the unmotivated millennial, living at home with their parents without any long-term plan or concern about their situation. Is that a fair representation? Do millennials disproportionately live with their parents? If so, is this from necessity, lack of motivation, or part of a grander strategy? It’s logical that younger generations
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Home ownership is a fulfilling but difficult goal. The challenges of being single can make it even more difficult to find an affordable home to buy – especially for single women. According to data provided by Zillow, the typical single American requires almost eleven years to save up a suitable down payment for a home
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Subprime Loans are Back Since the housing crisis began over a decade ago, subprime mortgage loans basically disappeared – thanks to regulatory actions from government and self-preservation for both lenders and borrowers. The effects of borrowing more than you could safely afford to repay became obvious to all parties. Subprime mortgage loans have been making
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If it sounds too good to be true, it probably is. That’s sound advice for almost all aspects of life, including the search for mortgage relief services. Distressed homeowners don’t have to resort to third-party mortgage services. Free counseling is available at the Department of Housing and Urban Development (HUD). HUD programs such as the
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Help the Renters, Too For years, cities have struggled to help lower-income Americans find affordable housing. Many housing assistance programs approach this problem through making home mortgages more affordable. However, a new test program in Montana addresses an underserved area of the housing market – affordable rental homes – by making loans to help people
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In the wake of the housing crisis, it became significantly harder to get a jumbo mortgage due to the risk factors involved. Jumbo mortgages have been making a comeback since then, but they now face a different style of threat – disincentives for high-end homeownership created by the recently enacted Tax Cuts and Jobs Act.
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Are you preparing to enter the housing market in 2018? Whether you’re a buyer or a seller, 2018 is likely to be a year of both challenges and opportunities. Our crystal ball is just as cloudy as everyone else’s these days, but based on recent trends and events, we can make a few predictions for
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Going over the fine print of a mortgage offer is about as enjoyable as a poke in the eye – or maybe both eyes. Even so, it’s important to ensure that any contractual offer that you make on a home has just the right terms you need before proceeding through the home-buying process. Consider these
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There’s no shortage of data on America’s housing market. Analysts constantly review new and existing home sales, building permits, available housing units, and other metrics to gauge the health of the market and to assess its likely direction. ATTOM Data Solutions, a national property data warehouse with information on 150 million U.S. properties, adds another
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For the unprepared, the mortgage process can be a whirlwind of unfamiliar terms and procedures followed by stacks of confusing paperwork. Were you truly ready for the process when you bought your first home – or, if you are a prospective first-time homebuyer, are you ready now? A recent survey by FREEandCLEAR suggests that while
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What is the best day of the month to close on your mortgage? Not everyone will have the same answer to that question, as it depends on your specific mortgage situation. Many homebuyers consider the end of the month to be the best time to close. Data released by the National Association of Realtors (NAR)
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Stocks Outpace Housing Few can argue that the stock market has experienced great growth under President Trump. The “Trump Bump” consists of an approximate 20% increase in both the Dow Jones and S&P 500 during the President’s first year in office. Does the same Trump Bump translate to the housing market? A recent study by
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If you are attempting to buy a home on a low or intermediate income, you need every bit of help that you can get. Mortgage credit certificates are one of the lesser-known ways that the federal government can help. A mortgage credit certificate (MCC) is essentially a form of tax savings. The mortgage interest that
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Home sellers and their agents may be limiting their potential base of buyers by ignoring a growing pool of them. Inside Mortgage Finance recently noted that loans acquired through the Veterans Affairs (VA) Department are rapidly increasing, reaching a holding level of one-quarter of primary insured home loans. This tops the number of loans backed
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Veteran’s Administration (VA) loans are invaluable for homebuyers. Their advantages include little or no money down, qualifying with a lower credit score, competitive interest rates, potentially lower closing and auxiliary costs, and no private mortgage insurance requirements. VA loans are administered through approved lending institutions, and backed through an entitlement of up to $36,000. This
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An Unexpected Increase The housing market received an unexpected surprise as new home sales rose to an annually adjusted rate of 667,000 homes in September 2017, far exceeding the slight decline predicted by experts. September’s new home sales value was the highest in ten years, and the 18.9% jump was the largest monthly increase since
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E-mail scams can take many forms, but did you realize that an e-mail scam could scuttle your home purchase? The Federal Trade Commission (FTC) recently issued a blog warning homebuyers of a housing-related e-mail fraud that can drain your housing funds. Thieves initiate the swindle by hacking into the e-mail accounts of homebuyers, real estate
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Electronic closing of a mortgage loan has been around for years – in a manner of speaking. Generally, some element of the transaction still requires traditional methods such as the physical presence of a notary public or signing of original documents in ink. Most, if not all, of the parties involved are still in the
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When you are shopping for a home mortgage, you will probably be given the opportunity to “lock in” an interest rate when you are initially approved for your loan. This enables you to fix the interest rate you’re quoted upon loan approval for a limited period of time. Mortgage interest rates can be volatile, changing
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Student loan debt has made it difficult for many young Americans to enter the housing market. A recent survey from the National Association of Realtors found that 71% of student loan borrowers cited their student loan burden as a reason to delay buying a home. The student loan plight may be a major factor in
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Treasury Report Targets Dodd-Frank In February of 2017, President Trump issued Executive Order 13772, which gave the Secretary of the Treasury 120 days to create a report reviewing financial laws and regulations with respect to seven “Core Principles”. Those principles are generally related to streamlining the financial markets and, in the President’s opinion, reducing constraints
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America Breaks the Debt Record According to the New York Fed’s recent Quarterly Report on Household Debt and Credit, America has more debt than ever before. Do you? Should you be concerned in either case? The report shows that American household debt reached $12.73 trillion in the first quarter of 2017. That tops the previous
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If you are a first-time homebuyer, you may be aware of mortgage insurance but you may not know that there are two different types. Mortgage Insurance Premiums (MIP) and Private Mortgage Insurance (PMI) both have the same general purpose: to offset the default risk to lenders when borrowers have purchased homes with low down payments
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April is National Financial Literacy Month. Why do we dedicate this calendar page to highlighting financial skills and education? The tax deadline? Sound financial decisions are important all year long, but most Americans never learned how to manage money or save for goals, so financial security is a bigger challenge than it needs to be.
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