Home Loans

Resolve to Save For Your Down Payment In The New Year

These days, many Americans dream of buying a home but find themselves feeling overwhelmed or defeated by the struggle to save enough for a down payment. Under current economic conditions, the days of a 20 percent down payment are long gone, and many Americans struggle to save even 5 percent of their dream home’s purchase price. Many find ... More

Mortgage Loans 101: Understanding Your ‘PMI’ Payment

There are plenty of fees and monthly payments to contend with when you’re purchasing a home. One common fee you may have heard of is Private Mortgage Insurance, commonly called PMI. When taking out a conventional mortgage loan and making a down payment of less than 20 percent of your new home’s purchase price, you will be required to ... More

Anxious First-Time Buyers May Find Comfort in a Rent-To-Own Home Purchase

A home purchase is always stressful. If it’s your first time, the process can easily bring on anxiety about the new responsibilities, financial and otherwise. In fact, many first-time prospective buyers struggle with making the commitment. After all, a home is likely the most meaningful – and most expensive – purchase you’ll ever ... More

You Can Still Refinance If You Owe More Than Your Home Is Worth

Since the housing market rises and falls over time, many homeowners find themselves in a position of owing more on their mortgage loan than their home is actually worth. Luckily, there is help for folks in this situation – and the program has been extended through September 2017. The Home Affordable Refinance Program (HARP) allows ... More

expense to income ratio

Know Your Expense to Income Ratio Before Applying For a Loan

Cost-to-Income for Home Loans and Business Loans The expense-to-income ratio is a financial statistic that compares the cost of living expenses to your monthly income. It's a valuable metric for determining your capability to maintain mortgage payments. A company's current financial health can be calculated using several methods and ... More

Getting Mortgage Approval: Your 5-Year Plan

If a home purchase isn’t in your immediate future, you may not be thinking about what it takes to get approved for a mortgage. However, if you know you’d like to become a homeowner in the future, the following tips will help you avoid bumps in the road when the time comes. Address errors in your credit report This is important even ... More

Private Lenders Offer A Second Chance For Mortgage Applicants Rejected By Banks

Since the 2007 financial crisis, many traditional mortgage lenders have revised their mortgage applicant acceptance policies in an effort to retreat from financing borrowers who appear risky, due to poor credit scores, a troubling debt-to-credit ratio or less than a 20 percent down payment. As this new “hole” in the mortgage market has ... More

Everything You Need To Know About the Classic Reverse Mortgage

If you find yourself confused by the concept of a "reverse” mortgage, you’re not alone. This loan product, which is reserved for seniors aged 62 or older, allows a qualifying homeowner to borrow against their existing home equity. Reverse mortgagees are not required to make monthly payments on the loan as long as the property remains ... More

Be Savvy When Purchasing Your First Home

Making the decision to purchase your first home is, at once, exciting and daunting. To help you through the process, the below steps provide a guide to first-time buyer success by providing a useful framework for where to begin, as well as an ideal path to follow in the search for your dream home. 1. Calculate your monthly budget – before ... More

Is An Investment Property In Your Future?

Under the right circumstances, an investment property can be a great opportunity to earn rental income, especially since property values have been rising steadily since 2007 and are expected to continue to be a solid investment. If you’re considering this type of investment, however, you’ll want to consider the following: Excellent ... More