A gift can put homeownership in reach for plenty of aspiring homeowners. When you speak with your lender about which loan program is best for you, be sure to let them know up front that you plan on using gift funds for the down payment. Some loan programs have strict guidelines about how much gift money you can use for a down payment and who can gift you the money.
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VA loan have exploded in popularity in recent years, yet many borrowers, home sellers and real estate agents remain skeptical of mortgages backed by the Department of Veterans Affairs. The knocks on VA loans include long closing times, thickets of red tape and strict rules around home inspections. While the Department of Veterans Affairs largely …
Continue reading “5 Myths About VA Loans”
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As mortgage rates keep plunging to new lows, homeowners are seizing on opportunities to reduce their monthly payments and total interest costs. The unprecedented rate drop has doubled the number of mortgage refinance applications compared to a year ago. When you refinance, you get a new home loan with new terms, and you pay off your existing …
Continue reading “How to know if it is time for you to refinance?”
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Are you thinking about purchasing your first piece of real estate? Investing in property is one of the best assets you can acquire. There’s a reason why every successful investor has real estate in their portfolio – it’s a tangible way to accumulate wealth in a fixed asset. There are numerous methods for investing in …
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Your required down payment will mainly depend on the type of mortgage chosen and your finances. Coming up with adequate cash for a down payment is by far the biggest roadblock to home ownership. Down Payment Explained A down payment will be the cash you pay upfront to purchase your home, and is typically expressed …
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Home buyers, especially first time home buyers, say the biggest obstacle when buying a home is saving up enough money for a down payment and closing costs. And even though there are a few popular loan choices for first-timers, they still typically need to come up with a down payment of at least 3% of …
Continue reading “Getting a Financial Gift? Here Are the Rules”
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Private mortgage insurance, or PMI, has been around in some form for decades. Back in the late 1950s, the first private mortgage insurance policy was introduced, giving a boost to the real estate industry. Prior to the introduction of PMI, buyers wanting a conventional mortgage would have to come to the closing table with a …
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As you shop for a loan, you may notice you have many options. Conventional loans are the most commonly known, but there are plenty of government-backed loans too. Understanding your options can help you make the right choice. Government-Backed Loans Let’s start with government-backed loans because they have the most flexibility. The VA and FHA …
Continue reading “What is the Difference Between a VA, FHA, and Conventional Home Loan?”
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Mortgage rates change often, even several times a day. While you go through the underwriting process, rates can easily go up or down enough that your payment could change drastically one way or the other. This occurs until you lock in an interest rate. Just what does that mean and how do you do it? …
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Many borrowers automatically choose the fixed rate mortgage, but it’s not the only option. What if you could get a lower initial interest rate and save money for a few years? That’s what an adjustable rate mortgage does for you. No mortgage rate is a one-size-fits-all approach, though. Learn the differences between the fixed and …
Continue reading “The Difference Between a Fixed Rate Mortgage and Adjustable Rate Mortgage”
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