Jul
28
What is a Mortgage Rate Lock? A mortgage rate lock is an agreement between a borrower and a lender to secure a specific mortgage interest rate for a set period of time — typically spanning between 10 to 60 days. It also sets a number of “mortgage points". Mortgage points...
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Jul
28
Can I Refinance From an FHA Loan to a Conventional Loan? In short, yes. If you currently have an FHA mortgage loan, you can refinance and convert it to a conventional mortgage. FHA loans are incredibly popular among first-time homebuyers, as their low down payments and lax credit requirements can...
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Jul
28
The mortgage process may seem like a daunting task, especially as a first time home buyer. However, when broken down into smaller steps, this process is quite simple. The Mortgage Application Process Pre-Approval Pre-approval is the first step in the home owner process. A mortgage pre-approval is presented by a...
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Jul
27
Every year, student loans help millions of people invest in a quality higher education. Without these loans, many would be unable to fulfill their dreams and pursue their interests. Although these loans offer great opportunities to many students, they can also block students from future opportunities, inflicting heavy debts over...
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Jul
27
Applying for a loan can be a difficult and strenuous process. Since its creation in 1949, the United States Department of Agriculture (USDA) has worked to assist low-to-moderate income households to find affordable housing. Using USDA Loans, qualified borrowers can live comfortably in safe and modern housing. Types of USDA loans: The...
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Jul
27
One of the most difficult challenges facing a first time homebuyer is deciding how much to put down at closing. A down payment is the amount of cash that the buyer puts towards the purchase of his or her home, typically defined as a percentage of the home's value, with...
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Jul
27
What is the Annual Percentage Rate (APR)? While considering a mortgage, there are many kinds of payments and costs, as well as definitions & terms, for you to review and be aware of. One such term is the Annual Percentage Rate or APR. APR refers to the total costs associated...
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Jul
27
Fannie Mae is a Government Sponsored Enterprise (GSE) offering a variety of loan options to help low-income and first-time homebuyers break into the housing market. One such program is the HomePath ReadyBuyer Program, which is available to first-time homebuyers with the intention of both educating them about the mortgage application...
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Jul
27
What is a Co-applicant? A co-applicant is any additional borrower whose name appears on the documents for a loan and who receives benefits from the loan. A co-applicant can hold the title to a property and is beholden to the loan's obligations. Additionally, they must sign all security documents. Who can...
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Jul
27
Need a space to call your own and spend time with your friends? Get inspired for your own man cave with these 5 unique designs. Cabin Themed Bring the rustic outdoor environment into your home, with a cabin inspired man-cave. Brick walls, wooden floors, and large windows create a welcoming...
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Jul
27
For those with low incomes and little savings, affording a down payment for a new home can be an overwhelming and stressful ordeal. It is the biggest expense in the home purchasing process. Many home mortgages require at least a 10-20% down payment, a sum potential home buyers may be...
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Jul
27
Of the approximately 310 million people living in the United States, greater than 22 million — a full 7% — are non-citizens. Owning a home is essential to the American Dream, but many non-citizens think that their citizenship status prevents them from receiving a mortgage. In fact, many lenders are...
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Jul
25
Buying a home for the first time is one of the most important financial decisions you will make in your life. Because of this, buying a home and taking out a mortgage also requires you to manage your finances effectively, in ways like setting aside emergency money and assuring that you...
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Jul
25
While applying for a home loan with future spouse on a home loan may be stressful, there are benefits to taking this step to home ownership. Mortgage Co-applicants Having a co-applicant on a home loan increases eligibility of approval for a loan. Additionally, two applicants are more likely to receive...
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Jul
24
What is the HMDA? The Home Mortgage Disclosure Act (HMDA) was passed into U.S. law in 1975 and mandates that mortgage lenders, brokers, and other financial institutions compile any and all data related to mortgage transactions and release it for public consumption. Banks and lenders submit the data directly to...
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Jul
24
The mortgage application process can be both a difficult and a confusing process, but it can also be an incredibly rewarding one. Consulting with a lender and receiving pre-approval for a mortgage loan is the first big step towards becoming a homeowner. What is Pre-Approval? To obtain pre-approval for a mortgage, borrowers must...
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Jul
24
Refinancing your mortgage is a great way to afford your home despite rising rates. This allows a borrower to pay off an existing loan and replace it with new loan. Reasons to refinance your mortgage: 1. Get a lower interest rate The most common reason for refinancing a mortgage is...
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Jul
24
Should I Refinance My Home Loan if I Only Plan on Living There for a Few Years? Many first time home owners consider refinancing their mortgage. Refinancing a mortgage consists of paying off the current mortgage and replacing it. Homeowners often take this route to lower their interest rates, shorten mortgage...
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Jul
24
Mortgage Brokers vs Lenders: The Differences Both mortgage brokers and mortgage bankers play a role in helping you get a mortgage, but what makes one different from the other? Let's break it down below: Mortgage Lenders: Mortgage (lenders) bankers work within a lending division or department of a larger bank...
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Jul
24
Mortgage rates are constantly changing, making it difficult to decide when it is best to lock in a rate and apply for a mortgage. There are many factors that affect the mortgage rates that are available to you, such as your credit score, loan and home value, state and city,...
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Jul
24
There are many ways to pay off your mortgage faster, from earning extra income to renegotiating loan terms with your lender. Are biweekly payment options, often touted as a way to "pay off your mortgage in 4 years less," in the same league as other payment methods? Banks and other...
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Jul
24
How Can a Home Loan Save You on Income Taxes? Tax deductions are a great way to save money on federal income taxes. Mortgage interest loan deductions reduce outgoing taxes as well as manage cash flows. What are Income Tax Deductions? Income tax deductions such as a charitable gift, medical expenses,...
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Jul
24
A mortgage is one of the most important investments of a lifetime. It is critical that you work with a high quality, trusted professional throughout your mortgage application process. By working with someone you can trust, your mortgage application will be an informed journey, rather than a confused gamble. There is...
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Jul
24
Decorating your home can be an overwhelming, stressful, and expensive process. Here's a few tips for decorating your home on a budget: Multipurpose Furniture Multipurpose furniture is the perfect option to save space and money. Furniture with many functions allows you to utilize your space efficiently, while also getting more...
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Jul
24
How to Obtain a Mortgage with Low Income and Good Credit Purchasing a home is a considerable investment. While purchasing a home may seem out of reach, there are a variety of programs working with low-to-moderate income buyers to turn homeownership into a reality. Saving Money When looking to buy...
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Jul
19
As a key step in the mortgage loan process, mortgage underwriting can make or break your chances of obtaining a loan. Mortgage underwriting is the process that helps a lender assess the risk of offering a mortgage loan to a particular borrower. Performed by a person called an underwriter, this task can...
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Jul
19
Bugs are all over the place! They sneak in from the backyard and take refuge in your kitchen, bedroom, bathroom, and more. Getting rid of bugs can be tough, but as with most things, the best strategy is to educate yourself. Common House Bugs: 1. Bed Bugs Bed bugs are...
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Jul
19
Looking for a home in Florida? There are many great towns and cities in the Sunshine State where you can find somewhere to live. These places have great job offerings and vibrant communities, and truly represent a slice of the Floridian lifestyle. The Best Places to Live in Florida: 1....
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Jul
19
Protecting Your Home From Hurricanes The Atlantic hurricane season began on June 1st. While this season typically lasts six months, most hurricane activity occurs during late summer months. Hurricanes tend to increase in August, leading all the way through mid-late October. According to National Oceanic and Atmospheric Administration (NOAA), the...
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Jul
18
Tips for Childproofing Your Home If you have a newborn child or toddler, you'll want to make sure that your home is a safe place. At first glance, the rooms in your home probably seem relatively safe, but upon closer scrutiny you may begin to notice things that could put...
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Jul
18
Most Expensive Homes in NJ When people want to find huge mansions, they usually look to states like California, Florida, or Texas. But, if you're doing very well for yourself and would like to find your dream home, consider settling in the Garden State, where there are plenty of high...
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Jul
18
Don't want to go through foreclosure? Consider a short sale. A short sale describes a transaction in which you sell your property for less than what you owe on it. This option is available both to those behind on mortgage payments and to those with a home worth less than...
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Jul
18
Freddie Mac recently increased the income limits for its Home Possible mortgage program. The Home Possible program is intended to give flexible loan options for low-to-moderate income earners for all of their property financing needs. The Home Possible Program This program offers mortgage loans with at least 3% down, fixed...
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Jul
18
During the summer, bugs are more likely to emerge and enjoy the nice weather. However, they can disturb your summer fun and create major health problems. While most bugs are not considered dangerous, they could still pose medical risks. Create Physical Barriers To keep bugs out of your home, seal...
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Jul
18
Colors can evoke our moods, our vitality, and thinking. If you are considering decorating your living room or bedroom with a specific color, avoid just following the most recent trends. Instead, follow your heart. Consider the psychological effects of color and their role in your life. This article explores meanings...
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Jul
18
In-Ground Pools vs Above-Ground Pools What better way to battle the heat than with your very own pool? Having a pool is an all around great investment, but should your pool be in-ground or above-ground? In-Ground Pools Pros of an in-ground pool: In-ground pools greatly alter the landscape of your...
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Jul
17
The condition of your driveway might not top your list of concerns, but it is important. Your driveway is the first thing neighbors and guests will see if they visit your home. A well-maintained driveway can boost your home's value by quite a lot, by capitalizing on something called curb...
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Jul
17
How to Make Your Own Headboard Furniture shopping can be extremely stressful. Going from store to store with little success may led to browsing the internet for furniture options. However furniture shopping on the internet may also be a challenge. Instead of constant shopping, try making your own furniture. No...
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Jul
17
Unlike some other assets, like your car or furniture, your home's value can appreciate, or increase, over time. By taking key actions and understanding the important factors at play, you can increase the value of your home exponentially. Below is an outline of some of these steps. Home Appreciation Factors...
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Jul
17
Define: credit utilization Definition: Credit utilization is the comparison between the amount of credit available and the amount currently used.
Jul
17
Define: appraisal Definition: An appraisal is an estimation of a property's value.
Jul
17
Define: quitclaim (deed) Definition: A quitclaim deed can be used to transfer property rights. It releases a person's interest in a property and are typically used as property transfers between family members.
Jul
17
Define: decree Definition: A decree of foreclosure and sale is a declaration made by the court stating that a piece of property must be sold in order to cover outstanding debt, typically used on a mortgaged property.
Jul
17
Define: median Definition: The median number is the middle number in a set of numbers. The area median income is produced by the US Department of Housing and Urban Development (HUD) to determine the eligibility of applicants for certain housing programs.
Jul
17
Define: secondary residence Definition: A secondary residence is a property in which the owner(s) lives in part of the time.
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