July 2019

Found 4 blog entries for July 2019.


Down payments are one of the biggest hurdles most homebuyers face. Unless you can pay cash for your home, you will need financing. Unfortunately, banks want you to put some "skin in the game" with money upfront. However, it is not as hard as many people think to buy a house with a small down payment. Unfortunately, you will probably need to put some money down, but the hurdle may not be that high.

Down Payment Requirements

There is a common misconception among homebuyers that you need to make a down payment of at least 20 percent of the purchase price before you can get financing. Fortunately, this is not the case. You can qualify for a mortgage with less than 20 percent down. In some cases, you can get financing with as little as 3 percent

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The home buying process can be stressful. To make it a little easier on borrowers, it pays to get pre-approved for a mortgage before looking for a house to buy. Getting pre-approved will allow you a better chance of getting the home of your dreams and not losing it to other buyers before you get your loan situated.

Mortgage pre-approvals are basically a lender promising a borrower that they are qualified to borrow a mortgage loan up to a specific amount and for a certain interest rate. This promise is subject to certain requirements such as a property appraisal and no change in income. With a pre-approval promise from a mortgage lender, you will be able to secure financing for the home of your dreams. 

What Is Pre-Approval?

When a mortgage

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Your credit score is a testament to your creditworthiness. Decades ago, there was a time when people in small towns knew each other and could get loans and credit based on simple understandings and the fact that people knew and trusted one another. For most of western civilization, those days are long gone. Credit scores have been implemented to give lenders and banks an idea of who you are as a person and how likely you are to keep your financial promises. So, when you walk into a financial institution to get a mortgage rate, it doesn't matter how you dress, what you say, or how friendly you are. Your credit score is going to tell the lender everything he or she needs to know to qualify or deny you for a loan.

Your credit score is going to be

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When you are in the market to purchase a home, the many different things that warrant consideration can be staggering. In addition to finding the home that will best suit your needs, you need to choose the mortgage that is best for your situation — narrow down which mortgages to research further with the following list of mortgage types and brief descriptions. 

Fixed-Rate - These loans will have an interest rate that stays the same over the entire course of your loan. Fixed rates mean you can expect to pay the same payment month after month, even if your loan is as long as 30 years. The interest rate of a fixed-rate loan will often be higher than the starting point of an adjustable rate.

Adjustable-Rate - When an interest rate can be changed,

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