Mortgage

Explaining Some Common Mortgage Programs
Posted Saturday January 9, 2021 in Mortgage

When you get a mortgage in [city], there are several options you can choose from, including FHA, VA, and USDA mortgages. The one you select will determine how big a down payment you’ll need, what credit score you should have and all the other requirements you’ll need to meet. But choosing the right mortgage product…

Fannie Mae & Freddie Mac Increase Conforming Loan Limits For 2021
Posted Wednesday December 23, 2020 in Mortgage

The Federal Housing Finance Agency announced a new baseline conforming loan limit for Fannie Mae and Freddie Mac in 2021: $548,250. This is a 7.5% increase from 2020’s limit of $510,400 and marks the fifth consecutive year of increases from the FHFA. In 2016, the FHFA increased the Fannie and Freddie conforming loan limits for…

Thinking About Selling This Winter?
Posted Wednesday December 2, 2020 in Mortgage, Real Estate

If you’re thinking about moving, selling your [city] house this winter might be the way to go. Here are four market trends that you should take note of when making your decision. Buyers Are Active It’s clear that buyers are ready, willing, and able to purchase – and they’re in the market right now. In…

Is It Time To Refi?
Posted Wednesday October 28, 2020 in Mortgage

A new study shows that forty-three percent of 30-year mortgage holders are eligible for a refinance that would lower their mortgage rates. That means their credit rating is at least 720, they have at least 20% equity in their homes, and they can reduce their mortgage rate by at least 0.75% through refinancing, according to…

Why Getting Pre-Approved Is So Important
Posted Tuesday October 13, 2020 in Mortgage, Real Estate

Getting a pre-approval from a mortgage lender in [city] is a great first step in the homebuying process. When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable…

Steps You Can Take To Prepare For Buying A Home In [city]
Posted Tuesday September 8, 2020 in Mortgage, Real Estate

With national inventory down almost 30%, the [city] housing market has become more competitive. That’s especially true when it comes to mid-priced, affordable houses. So how do you get ahead in a hot market? The key is preparation. The sooner you start preparing to buy a house, the easier it’ll be to beat the competition.…

How to Improve Your Homeowners Insurance Coverage
Posted Tuesday June 30, 2020 in Mortgage

If you own a home in [city], you need to have adequate homeowners insurance coverage. Nearly all mortgage lenders require it as part of the conditions for issuing a home loan anyway. However, as time goes on, you may find that you want to make certain changes to your homeowners insurance to create a better…

Why Does My Mortgage Keep Getting Sold?
Posted Tuesday June 23, 2020 in Mortgage

A letter arrives in the mail and tells you your mortgage has been sold. It also informs you to send your monthly payments to a new address. Don’t panic! This happens all the time, and you shouldn’t see many (if any) changes. So why does your mortgage get sold—and why can it happen multiple times?…

Mortgage Payments Are Getting Relatively Cheaper
Posted Monday February 17, 2020 in Mortgage

The average mortgage payment is about $1,500 per month, according to the U.S. Census Bureau, coming in at about the same amount as the cost of renting (the average cost to rent was $1,476 in October). Mortgage payments have decreased about 3% since mid-2018. They’re expected to get even lower this year, possibly 3.3% to…

A Whole New Credit Score Is Coming
Posted Monday March 11, 2019 in Mortgage

Chances are good you know all about  your credit score. Also called a FICO score, this magical number is a major factor in many financial transactions, including qualifying for a mortgage and renting apartments in [city]. In October 2018, the Fair Isaac Corp. (the creators of FICO) announced a whole new scoring method called the UltraFICO.…