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Short sales vs foreclosures? Both are often viable options made available to people behind on their mortgage payments, have a house worth less than the outstanding balance on the mortgage, or both. Though these are both the result of financial issues, they are different in their own ways. What is a short sale? Short sales are usually initiated by the homeowner, often times when the value of the house drops 20% or more. Before the process begins, the lender must sign off on the decision to put the house up for short sale. The lender also needs to provide documentation on...
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Rent-to-own vs Mortgages - what is the difference? Home ownership is an important step in everyone’s lives. When it’s finally time to take that step, you may question which route is right for you: signing a rent-to-own agreement or getting a mortgage and purchasing a home. As with any decision, there are pros and cons to each. Rent-to-own (RTO) The rent-to-own option describes a real estate property that is leased in exchange for a monthly payment, with the option to purchase the property during — or at the end of — the agreement. Landlords typically charge more for these types of leases, with...
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Are you using a local lender or one of those nationally advertised mortgage companies? We have all heard the term "shop local" but what about your Mortgage? Garden State Home Loans is a local company with roots in the communities we serve. 1. Local Lenders have local connections. When putting in an offer on a home, the listing agent will take your mortgage lender into consideration. Real estate agents often have preferred lenders that they’ve built strong relationships with, so going with a local lender boosts the chances of having your offer accepted! 2. A more personal experience. Local lenders...
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Buying a house can be a stressful experience that often throws unexpected curve balls. You'll likely come across numerous suggestions telling you what to do when buying a home, but what about the things you shouldn't be doing? Whether you're familiar with the home purchasing process or not, these 6 tips on what not to do can make a huge difference in your experience. Avoid other large purchases Making other big purchases such as a car or appliances for your new home can hurt your chances of getting approved for your desired loan. This is a common mistake when home buying...
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There have been a lot of calls and emails regarding the Federal Tax Cut and what the markets are doing. We understand that the topic can be confusing, which is why we tried to break it down into simpler terms. Here's what you need to know: First things first, Mortgage Rates are NOT 0%. Yes, the Federal Government cut the Federal Funds Rate, but that applies to loans with a term of up to one day. This does not apply to mortgage loans, because, as you know, your mortgage loan term is much (much) longer than 1 day. The Federal...
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The Mortgage Process Have you ever wondered about what steps your loan goes through before closing? Wonder no more! Here are the steps your loan goes through before you close. The loan coordinator Once you finish the application, the loan coordinator takes care of getting everything in order. They make sure that the following items are in order: Employment history Credit Minimum documentation Residential history Loan amounts Attorney, title, and HOA If everything is in order, the loan coordinator registers and locks the file and sends it to be disclosed. If not, the file will get sent back to the...
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Down Payment A down payment is a type of payment made in cash at the beginning of the purchase of an expensive good or service, such as a home. The payment typically represents a percentage of the full purchase price. Most homebuyers pay 5 to 25% of the total value of the home. A bank or other financial institution will cover the rest of the costs through a mortgage loan. How down payments affect interest A down payment instantly reduces the amount of interest you will pay over the life of the loan. Having a sizeable down payment can save...
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Jumbo Loan Myths A jumbo loan is a home loan that exceeds conforming loan limits. Jumbo loans are often used for larger homes. Not everyone who buys these large homes is wealthy and can afford a cash payment. Many need financing. However, there are many myths that surround jumbo loans that make people assume they are not viable options for them. Here are four myths about jumbo loans that need to be debunked. Single-family luxury homes Many people assume that jumbo loans are limited to single family luxury homes. However, many different types of properties can be purchased using a...
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FHA 203(k) Rehab Loan An FHA 203(k) rehab loan is also known as a renovation loan. It allows homebuyers to finance both the finance the purchase or refinance of a home along with a renovation through one mortgage. Requirements To qualify for this loan, a homeowner must meet certain requirements set by the Department of Housing and Urban Development (HUD). The requirements include: Finding a qualified lender Meeting all lender requirements, including minimum credit score, debt-to-income (DTI) ratios, and proof of income Once the loan is approved, a date is set for the closing. After closing on the property, a...
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The Tax Bill and Homeownership The House and the Senate have agreed on a compromise plan for the tax bill. This is how the compromise bill could change homeownership. Mortgage interest deduction The mortgage interest deduction is explained as a way to make homeownership more affordable. The compromise bill cuts the federal income tax that qualifying homeowners pay. This is done by reducing their taxable income by the amount of mortgage interest they pay. The deduction will be reduced to interest up to $750,000, instead of the $1 million for anyone who buys a home after December 15, 2017. Anyone...
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