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Why Federally Backed Mortgages Are Important for Minorities

Posted on June 30, 2018 by Scott Li

The Consumer Financial Protection Bureau recent released a report of the previous year’s mortgages. What it showed was that minorities held very few of the overall mortgages, and those who did manage to get loans almost exclusively got them through non-conventional loans.

Non-conventional loans are those who are insured by the federal government, like FHA, Farm Service Agency, Rural Housing Service, or VA. If it were not for these alternative mortgage options, minorities would make up little to none of the total loans given in the previous year. read more

Tips on How to Get Pre-Approved for A Mortgage

Posted on June 28, 2018 by Scott Li

Getting a pre-approval for a mortgage is important. Many real estate agents will not even provide home viewings without a letter stating the prospective buyers are pre-approved. But how does one obtain one of these vital first steps in the home purchasing process?

It is harder than ever to get a traditional mortgage, thanks to rising home costs and an economy which, while on the mend, has not fully recovered from the recent fiscal crisis. For this reason, you should be sure to put your best foot forward from the very beginning – and that begins with the pre-approval. read more

How to Get the Mortgage You Need – Expert Tips

Posted on June 27, 2018 by Scott Li

It can be daunting applying for your first mortgage, and the idea of sharing so much personal information with a real estate agency isn’t the easiest thing in the world. The situation becomes even scarier when faced with the prospects of being denied the ability to purchase your dream home.

To best fight the fear of obtaining your first loan, you should head to your appointment armed with as much knowledge as possible. This knowledge, consequently, will also allow you the best chance at being approved. If your ready to begin, check out these expert tips below. read more

How Mortgage Technology Is Changing

Posted on June 26, 2018 by Scott Li

Technology is an incredible thing, and there are things which our electronic devices can do now which our grandparents – or even parents – would have never fathomed to be possible in their lifetimes. For example, if you want to go somewhere – even if that place is across the country – your phone can get you there. It knows where you’re heading before you ever leave the driveway and can navigate you around traffic accidents in real time from Florida to California. It will even let you know an estimated time as to when you will arrive. read more

What Are the Advantages & Disadvantages of an FHA Loan?

Posted on May 31, 2018 by Scott Li

If your considering an FHA loan for your new home, you should be aware of the advantages and disadvantages associated with these loans.

What Is an FHA Loan?

FHA stands for Federal Housing Administration. An FHA loan is insured by this associated, which is part of the United States Department of Housing and Urban Development – better known as simply HUD.

During the Great Depression, the government enacted the National Housing Act of 1934, which created FHA and began the road to modern times, when these loans are insured by the government. What this means for the borrower is that those who would otherwise not be approved for a mortgage because of credit or other issues are more likely to qualify, since lenders are given a lower risk. read more

Smart Ways to use Your Cash out Refinance

Posted on May 29, 2018 by Scott Li

A cash-out refinance means you replace your home loan with a new one of larger amounts. You are then able to receive a cash payment for the difference in loans, which can be used for anything you wish.

The way this works is that by paying off your loan in previous years, you have created something called ‘home equity.’ This term refers to the amount of your homes value versus the amount left on your loan. For example, if you purchased a home valued at $200,000, and you currently owe your lending institution $125,000, then you have an estimated $75,000 in home equity. read more

Is Real Estate Inventory an Issue in Philadelphia?

Posted on May 26, 2018 by Scott Li

The demand for homes has soared in recent years, while the supply of those homes has hit a record low. This real estate inventory issue causes several distinct issues. Among those, the biggest issue is that too many homes are being sent into bidding wars. This sends home prices skyrocketing, and many young families simply can’t afford to purchase a home at these new rates.

It’s a tough market to begin with. To even think about seeing or bidding on a home, a buyer must obtain mortgage preapproval, and have a mortgage commitment already in place. People are often stretching themselves – and their budgets – thin, just to give their families a place to live. read more

Is Fannie Mae Considering Getting Rid of Appraisers?

Posted on May 24, 2018 by Scott Li

Fannie Mae is a government-sponsored program that assists users who may not otherwise qualify for home mortgages to secure a family home for themselves. Lately there has been a buzz about the enterprise potentially getting rid of appraisers as part of their applications. Many wonder if this is true. The answer is not as straightforward as many would like, being both a yes and a no.

The government-sponsored program has been testing whether appraisers are able to effectively decide a home’s worth without an in-person visit. The idea is this will cut both time and costs from the mortgage process – this would benefit both the program itself, and mortgage applicants. read more

Mortgage Refinancing Bouncing Back – Is It A Good Idea?

Posted on April 29, 2018 by Scott Li

During periods when mortgage interest rates are high or steadily rising, many homeowners decide against refinancing. If they do opt for it, it is done differently than those which occur during times when interest rates are low.

During the low periods, people refinance to decrease their monthly payment to save a little money presently, and sometimes considerable amounts over the long term. When they are high, the primary reason for refinancing is to acquire a larger loan which will offer extra cash. This cash can be used for other purchases and is often a resort for those in monetary crisis with other bills. read more

Is Blockchain Technology Getting into The Mortgage Game?

Posted on April 27, 2018 by Scott Li

Blockchain technology has infiltrated several large industries. The most surprising of these has been the financial services niche. Also surprising is that mortgages – a major player in that very same niche – has largely avoided any change or disruption in the way they function. It looks, however, as though this is about to change.

Currently new platforms and a variety of products are being introduced that threaten the way things have been done in the real estate business. If these incremental changes continue, there is a high chance the mortgage loan process will look very different in a few years. read more

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