Are Lenders Getting Picky with Smaller Dollar Amounts?

Posted on August 19, 2018 by Scott Li

You would think smaller loans would be easier to get considering there is less money you would owe the bank, right? It would make sense to believe with less possible loss lenders would be more willing to help. If you believe this sentiment, however, you would be wrong.

Smaller Purchases with Less Mortgages

A recent analysis done by the Urban Institute has found that lending institutions are denying mortgages with smaller dollar amounts at a much higher rate than those with larger amounts. This is specifically for single-family purchases, and apparently it has nothing to do with the credit history of the applicants. read more

Now Is A Good Time for A Mortgage – Rates Are Dropping!

Posted on July 30, 2018 by Scott Li

The rates of long-term mortgages in the United States fell once again this week. This follows a trend which has encompassed five of the previous six fiscal weeks. While the drop may not be jaw dropping, it does bring a modicum of relief to those who are currently in the market to purchase a new home.

Although interest rates are dropping, they are still higher than they were at this time in the previous year when they sat at 3.96 percent. Currently, even with the downward trend, rates are sitting at just over four and a half percent. Shorter, 15-year fix rate loans are lower than the previous year – if just barely. Today they sit at 3.99 percent, whereas last year they sat at just over four percent. read more

Is 100% Financing the Way to Go? It All Depends…

Posted on July 28, 2018 by Scott Li

What is 100% Financing?

Getting a home loan with 100% financing is exactly what it sounds like. You do not have to make a down payment on your home, but instead receive the full purchase price of the home in way of a mortgage. This full amount is reflective in your loan payments, which will be significantly larger than were you to put a 20% or more down payment.

Those who have heard of these loans often wonder whether they are the right way to go. Keeping more of your own money while still purchasing a house sounds like an extremely good idea. Then again, if you speak with those who have obtained these types of loans you will hear just as many (if not more) people tell you that a fully financed loan is a terrible idea. read more

How Do You Know If It is a Good Time to Refinance?

Posted on July 27, 2018 by Scott Li

While a constantly fluctuating economy is rarely beneficial, it does every great once in a while offer a time where it is good to refinance your current mortgage. You might have heard of someone else refinancing and getting a great deal, but keep in mind that each person has a different situation. Sometimes what worked great for one person is not such a great idea for another. So how do you know when it is an appropriate time to refinance? Check out our useful tips below.

Pull out your mortgage and look over them with a fine-tooth comb. Check the interest rate, special terms, and any other pertinent information – such as if it is adjustable or fixed rate, and if adjustable, when does it transfer to a fixed rate term.

7 Important Financing Tips for First Time Home Buyers

Posted on July 26, 2018 by Scott Li

Purchasing your first home is an exciting – albeit anxiety ridden – experience. The most important thing you can do on your journey to becoming a first-time home owner is become well-informed about each step in the process, and reading this article is a great start. Today we discuss seven important financing tips you need to know.

1: Know Your Credit

Your credit score will be a crucial factor in determining whether you qualify for a mortgage. Check your credit score ahead of time and get a copy of your report. Scan for any errors. If your credit score is not up to par, consider taking half a year to give it a little boost prior to applying for a loan. You can obtain a secured credit card and make payments on any negative accounts. read more

← Older posts

Newer posts →