Are your dreams of owning a home overshadowed by fear—fear of not qualifying for a loan – fear of not having a sufficient down payment, or fear you’ll be house-poor once you purchase the home? If you allow your fears to run wild, you could think of a gazillion reasons to be afraid of home ownership, but none of them would be valid. The truth of the matter is with the right guidance, tools, and
Impact Of Fed’s Rates Increase On Mortgage Rates So you want to know what happens to mortgage rates when the Feds increase rates? Since mortgage rates respond to market forces, you need to know that the Federal Reserve influence mortgage rates indirectly. Sometimes, mortgage rates increase when the Fed increases short-term rates. This happens because the central bank’s operation set the tone for most other interest rates in the economy. However, mortgage rates don’t always
There is still good news despite currently being in a higher interest rate market. And that is that we’re still at levels that are historically low overall. Therefore, if you’re not buying a home with cash, you probably want to know if you can afford a home when interest rates are rising. Without a doubt, there is a lot more than interest rates to factor in when buying a home – location, structural condition, and
So you have decided to buy your first home, right? Congratulations. Just like so many other people, you have reached the point in your life at which buying your own home becomes one of the most reasonable decision to make. So what do you do next after deciding to buy your dream home? There are steps to be taken before you do anything else. These are boxes you should tick if you’re really ready to
Your credit score is one of the most important factors when it comes to being approved by a lender for a mortgage. If it’s too low, you’ll be flat-out rejected, but if it’s not high enough you won’t have access to the lowest rates and best terms. But there are multiple types of credit scores: which one are lenders looking at when looking at your mortgage loan application? Your scores will be pulled from all
If you’re shopping for a home in Orange County, there’s a good chance you find yourself in an area with a Homeowner’s Association (HOA). Essentially, an HOA is the governing body for a local residential area – whether that includes one building or 100. The HOA will be responsible for making and enforcing rules on everything from exterior paint colors to what you can keep on your front lawn. An HOA helps protect the feel
When it comes time to buy a home, your first major hurdle to overcome is securing financing through a mortgage. But if you’ve never had a mortgage or similar loan before, you may find the process intimidating – and even more so if your loan application is denied. Whether you’re a first-time borrower or you’ve been through the process before, these four easy steps can help you improve your chances of qualifying for a mortgage,
One of the chief concerns of borrowers taking out a mortgage is interest rate changes. Depending on the circumstances locally, nationally, and internationally, interest rates can change over the course of a day. There’s no reason for you to worry about your rate increasing while you wait for your closing date – instead, speak to your lender about a mortgage rate lock. Your lender will come up with an agreement that makes sure that rate
When you’re looking for cash to pay off bills, debt, or even fund a renovation, your largest asset – your house – can often be the easiest way to get help. For veterans, this help comes in the form of a VA Cash-Out Refinance loan, which allows you to access additional cash for any other needs, and can even lower your mortgage interest rates. However, an added benefit of the VA Cash-Out loan is that
If you think the cost of buying a home is merely paying the agreed-upon price, you’re wrong. In fact, there are numerous additional fees and expenses that you’ll be responsible for, typically on the day of the closing. But if you’re looking to avoid some of these additional fees, one of the biggest ones is private mortgage insurance (PMI). You’re required to take out insurance on your conventional loan, typically if you’ve made a down
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