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Understanding Mortgage Guidelines for Attached and Detached Homes

Posted on June 17, 2016 by Scott Li

folders with the label regulations and guidelines

Detached homes are single dwelling homes, which is why they are usually classified as the ‘true American dream,’ while attached homes can come in the form of apartments ,condos, duplexes with a shared wall and many other options. In some cases, there may be differences between the types or availability of mortgages that are available for each of these types of homes.

Mortgages for Detached Homes

Other than having the finances on hand to cover down payments and closing costs, there are usually very few terms, conditions and stipulations surrounding obtaining a mortgage for a completely detached or freestanding home. Buyers will need to be able to prove that they will be able to afford the repayments over the long term and the down payment required will depend on the type of loan or mortgage they obtain. Some of the only times a mortgage may not be granted for a detached home is if it is located in an area where there is a high property vacancy rate or if the home is question is in exceptionally poor condition. read more

What’s the Difference between Pre-Qualified and Pre-Approved when it comes to Mortgages?

Posted on May 31, 2016 by Scott Li

When it comes to applying for and obtaining a mortgage, many people aren’t aware that there is a difference between obtaining mortgage pre-approval and being pre-qualified to purchase a home. However, there are a few differences between these two aspects, which will be discussed below.

A Closer Look at Pre-Qualification

If, like most people, you are going to finance the purchase of your home by means of a mortgage, you will need to obtain pre-qualification beforehand. This consists of a simple check that will help determine what you will be able to afford based on your current income, debt levels, assets, employment history and perceived credit score. Although obtaining pre-approval is normally a quick process, it doesn’t always carry much weight in the eyes of agents or sellers because it is merely a means of supplying an estimate of how much you will likely qualify for if you make an offer and apply for a mortgage. read more

You’ll want to Make Sure You Have These 5 Things Secure before Purchasing a Home

Posted on May 24, 2016 by Scott Li

If you think you are ready to purchase a home for your family, it can be difficult to resist the urge to make an offer on the first property you see. However, there are a few important things that you will need to have on hand before filling out the mortgage paperwork.

The Best Possible Credit Score

Although you may qualify to buy a home if your credit score is lurking between the 580 and 600 ranges, you will be paying the highest interest rates in the industry if you take this route. As a result, it is recommended that your credit score be no less than about 640 if you want to secure better interest and lending rates possible. However, to get the absolute best rates in the industry, your credit score will need to be 700 or above. read more

5 Philadelphia Loft Communities that are Ideal for a Young Professional Buying their First Home

Posted on May 18, 2016 by Scott Li

Nowadays, more and more young professionals are steering away from buying the biggest homes that they qualify for. Instead, they prefer to purchase smaller pieces of real estate – usually in the form of loft apartments. Below are 5 of the most popular loft communities that are ideal for younger buyers to settle in.

Fishtown

Not only are there a few great loft apartments in this area like Memphis Flats; entertainment for 20-somethings abounds here in the form of live music, art galleries, restaurants and bars, coffee shops and much more as well. An added advantage of living here is that most amenities and venues are within easy walking distances of each other, which means that eco-aware millennials and 20 somethings will not even need to own vehicles to live here – unless they want to, that is. read more

Mortgage Industry Loosening Guidelines to Make Getting a Mortgage Easier

Posted on May 10, 2016 by Scott Li

Numerous mortgage lenders have reduced their loan approval standards between October and December last year, which is why more home loans were approved during that period than during any other period in recent history. Feeling confident about the rising U.S. housing market has resulted in them making allowances for borrowers who have little to no home equity or who may have lower than average credit scores.

More Mortgage Approvals Issued by Banks

Each quarter, a survey is conducted by the Federal Reserve in which it asks its member banks about the current lending environment, and the survey covers multiple types of residential and commercial loans. The main purpose of this survey is to see what the demand is for bank loans and how willing the banks in question are to provide them to applicants. read more

Things to Know About Applying for a Mortgage Approval

Posted on May 9, 2016 by Scott Li

Many potential home buyers don’t realize just how much information is required from them and how much admin and paperwork will need to be filled out in order for them to quality for a mortgage of any sort. However, having as much of this information on hand as possible at the time you are applying will help the process go as smoothly as possible. Below are a few things you should know with regards to applying for mortgage approval of any sort.

Finances are Crucial

Your personal financial situation is the most important factor that will be considered when applying for a mortgage – in other words, will you be able to afford paying for a home each month? Something else your potential lender will scrutinize is your credit score, as this will not only affect whether you qualify for a mortgage or not; it will determine whether you are a low or high credit risk as well. If you credit score is lower than average, you will find yourself paying slightly higher interest rates, whereas if your score is above the magical 750 mark, you could enjoy rates that are as much as 1% to 2% lower than everyone else. read more

5 Great Home Improvements to Do With Your Refinance Cash

Posted on May 3, 2016 by Scott Li

One of the best ways to put your mortgage refinancing equity cash to good use is by investing in home renovation. The right home improvements can increase the property’s resale value significantly in addition to bettering the quality of life for your family. We look at 5 interesting home improvement ideas you could implement with the refinancing money.

Kitchen

The kitchen is often considered the heart of the home. That’s why any improvements to the kitchen are almost guaranteed to raise the value of the home. The cost of a kitchen remodel can range anywhere from $1,000 to $100,000; or more. It all depends on how far you want to go. At the minimum, the kitchen should get a fresh coat of paint. Replace older or outdated appliances with preferably energy-efficient, environment-friendly models. read more

5 Best Philadelphia School Districts When Shopping For a New Home

Posted on April 28, 2016 by Scott Li

The quality of your child’s education will play an important part in determining the breadth of options they will have later in life. The better the education, the more successful they are likely to be. That is why the availability of good schools should be one of the most decisive criteria for identifying the home you will buy. So which are the best school districts in Philadelphia when looking for a home?

Tredyffrin-Easttown School District

Located in Chester County, Tredyffrin-Easttown School District serves Easttown and Tredyffrin townships. This includes the communities of Radnor, Wayne, Strafford, Paoli, Devon, Daylesford, Chesterbrook, Malvern and Berwyn. The school district is regularly ranked as one of the best in greater Philadelphia. It has a high graduation rate and a large majority of its high school graduates eventually pursue higher education. Schools receive raving reviews at all levels – from kindergarten to high school. read more

Why Staying Local with your Mortgage is a Good Practice

Posted on April 18, 2016 by Scott Li

Regardless of whether you are buying your first home, upgrading to one that is a little larger or even downsizing, the current housing market has numerous opportunities on offer. This is thanks to the recent changes and relaxing of some mortgage requirements in the last quarter. However, even though the opportunities are plentiful in this regard, it will be highly beneficial for you to make use of a local lender when applying for a mortgage of any type.

Your Biggest Investment

When shopping around for mortgages, it makes sense to stay local for a few reasons. Your home will probably be the biggest investment purchase that you will ever make, which means that you will need to work with someone you trust from start to finish. Although there may be many internet-based lenders available, they will not normally be able to provide you with advice such as local market expertise such as where the best neighborhoods are, which amenities are close to where you want to live and whether the crime rates in the area are anything to be concerned about. In addition, a local mortgage provider will be able to provide you with any much needed face to face support. read more

5 Reasons why an FHA Loan is Ideal

Posted on March 30, 2016 by Scott Li

Purchasing a home is the single biggest investment most people will make in their lifetime. It is an expensive undertaking and any means through which you can minimize your cost should be welcomed. The FHA loan is a home loan ideal for low income first time buyers and is insured by the FHA (Federal Housing Administration). The loans are popular because the terms and conditions are not as strict as those of a conventional mortgage. Here are the 5 main reasons to go for an FHA loan.

3.5% Down Payment

Usually, banks will require you to pay a 20% deposit in order to qualify for the mortgage. If you have a very good credit score and agree to pay the loan’s insurance premiums, you could get by with a 5% deposit. However, for young adults who have just entered the job market, even raising a 5% deposit can be difficult. For an FHA loan, your mortgage will be approved with a deposit of as little as 3.5% of the mortgage. read more

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