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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