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High Income Households in Pennsylvania Are Increasing in Mortgages

Posted on April 22, 2018 by Scott Li

Recently revealed statistics show a trend of high income households holding a growing number of the current mortgages. What has not been revealed, however, is why the traditional middle class are owning less homes. Experts have yet to come to a solid conclusion, but an array of suggestions have been made. This impact could be a result of rising mortgage costs, the decline of our economy, a growing generation of people who wait longer to purchase homes, something else entirely, or a combination of any of the above. read more

Are Banks Being Unfair in Philadelphia?

Posted on April 19, 2018 by Scott Li

A city council meeting was held on Thursday in which banks were accused of redlining. Redlining is a practice by which loans are not given to individuals who live in areas deemed financial risks, or who pertain to a specific racial background.

The banks in attendance denied these claims, stating the recent data used to found these allegations are not fully representative of all their loan activities. Representatives stated in writing that many of the deciding factors involved in making loan decisions are not available to the public. Things like an applicant’s credit scores and history, debt, total income, and details of the loan being applied for in relation to these items. read more

Want to Buy a House in the Spring? Why you should get Preapproved for a Mortgage Now

Posted on April 1, 2018 by Scott Li

Warmer weather and longer days means there are more opportunities to view property than during the cold, dark season of winter. As such, the arrival of spring is often marked by an uptick in real estate sales. Perhaps you are one of those who are eagerly awaiting spring before becoming a homeowner. If so, you will want to obtain mortgage preapproval now-here’s why.

Reasons for Preapproval

Becoming preapproved for a mortgage may seem like an additional step, but it is actually the starting point for many real estate transactions. Mortgage preapproval has numerous advantages, including: read more

Top Reasons Why RateWinner is Your Trusted Partner for New Purchases and Refis

Posted on March 31, 2018 by Scott Li

Buying a home – or even refinancing your existing home – can be a complicated process. You need people on your side who can help you navigate the twists and turns that come along with homeownership. RateWinner exists to do just that. They will be your trusted partner, and they will work hard to provide you lower rates and fees than the big-name lenders but with even better, more personalized service.

Information at Your Fingertips

RateWinner goes above and beyond by providing you with access to everything you could ever need to know about getting your first mortgage, a second mortgage, or refinancing your home. With tons of informative content on their website, and more added regularly, you won’t need to shop around to get your questions answered. What’s more, friendly agents are only a phone call or a live chat away, and they can help to clarify things in a personal, meaningful way. read more

The Pros and Cons of a 30-Year Fixed Mortgage

Posted on March 30, 2018 by Scott Li

Many first-time home buyers are encouraged to shoot for a traditional, 30-year fixed-rate mortgage. While this is often a lofty goal, the truth is that there are some advantages and disadvantages that should be considered first. Before you decide to go with a 30-year fixed-rate mortgage, weigh the following pros and cons very carefully.

Calculating Monthly Expenses

One of the biggest advantages is the fact that your mortgage payment remains virtually unchanged over the life of your loan. There are only minor fluctuations to account for changes in insurance and property tax obligations. This makes it easy to calculate monthly expenses, and might even allow you to set aside additional money to put toward savings or retirement investments. read more

Rent vs. Own? An Ages Old Debate – Tips on Why Buying is Always Better

Posted on March 29, 2018 by Scott Li

For as long as mortgages have been in existence, people have argued the benefits and drawbacks of owning a home versus renting a home. There are good points to each one, and there are some pitfalls to each, as well. However, at the end of the day, if you’re keeping your financial future in mind, owning a home is the way to go.

Arguments for Renting

There are countless millions of Americans who have never owned a home and who believe renting is the best way to enjoy life. There are certainly plenty of perks when it comes to renting a home. You don’t have to pay the insurance on the house, though you should always purchase renter’s insurance. You are not responsible for any major repairs, either, so if the foundation cracks or if the furnace goes out, the properly owner is responsible for it. Perhaps the biggest argument for renting a home, particular in some of the biggest, nicest neighborhoods in the country, is the fact that the renter doesn’t pay property taxes. That’s all on the owner. All the renter has to do is pay the rent and enjoy. read more

How to Ensure Your Loan Officer and Realtor Communicate Properly

Posted on March 23, 2018 by Scott Li

When it comes to buying a new home, you will work with many different people along the way. Your loan officer should be your financial advocate, and your realtor should help you find a home that fits your needs and budget. It is important for your loan officer and realtor to stay in communication, and they should communicate properly in order to benefit you the most. Here’s what you need to know to get the best results.

The Relationship between Lenders & Realtors

A study compiled by LendingPatterns.com via the Home Mortgage Disclosure Act, in 2014, less than 10% of all home buyers that year had preapprovals from their lenders. However, realtors prefer when their clients have these preapprovals. It means they can actually buy the homes they see, and the realtors are not wasting their clients’ time by showing them homes that are out of their budgets. These days, more and more real estate agents refer their clients to trusted lenders, and these agents know which lenders are most likely to help clients in various financial situations. read more

How First-Time Homebuyers Can Prepare Themselves for the Mortgage Process

Posted on March 22, 2018 by Scott Li

Buying a house is part of the American dream, and because of this, millions of people attempt to get their first mortgages without truly understanding the process. By going into the lending process prepared, and by having some solid knowledge of the process and your finances, you are far more likely to not only get approval for your loan, but get a good interest rate, as well.

When to Start Planning

Applying for a mortgage loan should never be a snap decision. In fact, most lenders recommend you start preparing 12 to 18 months in advance. There’s much to do in this time. You will need to scrutinize your credit history with a fine-toothed comb, pay off any outstanding debts you might have, gather and maintain accurate records, keep spending to a minimum, and keep working at your job or your business venture to boost your income as much as you possibly can. It sounds like a lot because it is a lot, but if you’re willing to focus, it can be done. read more

Great Philadelphia Neighborhoods to Raise a Family In

Posted on March 21, 2018 by Scott Li

Philadelphia has long been recognized as one of the best cities in America to live in. The “City of Brotherly Love” was named the “Best City for Millenials” by Forbes, as well as the “Best City for Trick-or-Treating” by Zillow. Aside from being one of Lonely Planet’s “Best Places to Visit in the United States”, Philadelphia is also an excellent place to work and raise a family in. These neighborhoods in particular are some of the best for parents and their children.

#1. Mount Airy read more

Great Mortgage Options for First-Time Homebuyers

Posted on March 20, 2018 by Scott Li

Buying your first home is often challenging, but that does not mean it is impossible. In fact, there are quite a few options that will make it easier to achieve your dream. Here are a few first-time home buyer programs we think are worth considering.

#1. Good Neighbor Next Door

Sponsored by The United States Department of Housing and Urban Development (HUD), the Good Neighbor Next Door (GNND) program allows teachers, firefighters, police officers, and first responders to purchase homes in revitalization areas at half price. The only catch is that you must commit to living in the home for at least 36 months. After that time, you are free to sell your home and keep the profits. In addition, you only need $100 down if you already qualify for any FHA-insured mortgage. read more

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