Category: News

Looking to buy a home but short on cash? With our national DPA (Down Payment Assistance) program, you could be eligible for a grant of either 2% or 3.5% of the purchase price that can be used toward your down payment. Our DPA program provides a wide variety of eligible borrowers with down payment assistance in the form of a grant equal to 2% or 3.5% of the purchase price on eligible FHA home purchases. Our program can also be used with the FHA 203(b) program or many FHA renovation programs, as well as the FHA OneTime Close Construction-to-Permanent program (excluding 3.5% grant). Our program has no income limits for any borrower on the loan application who is a current, retired, volunteer, non-paid, or plans to become No Income Limits…

You may have heard that in the most recent meeting of the Federal Reserve Board, they voted to increase the federal funds rate by half a percentage point. While fixed rate mortgages are not directly connected to the Fed's rate (rather the 10 year Treasury rate, the fed rate is directly tied to short term loans such as credit card borrowing and adjustable rate mortgages) mortgage rates are influenced by the rate as well as other Fed monetary policies. The Fed is focused on lowering inflation and has indicated there may be more rate increases in the next year, other factors such as the war in the Ukraine affecting oil prices as well as lock downs in China affecting the supply chain will be closely watched. If you are looking…

Published Date 4/11/2022 Cause and effect: interest rates go up and those holding off on listing their homes sit up and finally pay attention. Fear of missing out (FOMO) regarding getting the prices they want for their homes is now being tempered by the idea that fewer and fewer buyers can afford them as rates continue to rise to curb inflation. According to Mansionglobal’s Ayce Kelce, more sellers have been listing their homes, providing a breath of fresh air to the U.S. real estate market that has been struggling with low inventory levels since the beginning of the pandemic. “The number of homes listed in the week through Saturday increased by 8% compared to the same time in 2021 after decreasing in the prior four weeks, according to a Realtor.com…

With today’s hot real estate market, many people are moving to new areas – sometimes across the country, sometimes across town, either way here are ten things to look for when considering a new neighborhood. 1. Property Taxes – you should look at property taxes and also how much they’ve increased in the last five years and if any increases are planned. It’s a good idea to build this into your budget too. 2. Amenities – check what’s nearby based on your interests, restaurants, groceries stores, houses of worship etc. 3. Future development – it’s a good idea to check and see what future development is planned – it might be a good or bad thing but either way its worth checking. 4. Crime rates – you can check local…

Last week the Federal Reserve announced it was raising the Federal Fund rate by a quarter percentage point rate, the first rate increase in three years. You are probably wondering what that actually means for homeowners. Although not officially connected this normally means mortgage rates go up, and rates have increased recently. The Fed has also indicated that it will increase rates even more in the coming months as inflation is one of their top priorities. If you are currently on a fixed interest rate mortgage, this won’t affect your rate or your mortgage payments. If you have an ARM variable rate mortgage, then it will be affected and you may want to consider locking into a fixed rate mortgage before rates go higher. If you are under contract on a…

There are a lot of mortgage terms that we have heard a lot, but we don't always 100% know what they mean. Today we'll explain what home equity really is and how you could use it. To put it simply home equity is the amount of your house that you own. So for example if you have a mortgage loan balance of $100,000 and your home's value is $300,000 then you have $200,000 in home equity. You calculate home equity by subtracting your mortgage balance from the appraised value of the home. Your home equity is an asset and you can use it for things like cash-out refinancing, home equity lines of credit (HELOC) perhaps if you have paid your mortgage off you can also get a reverse mortgage. If…

If you are considering refinancing before rates go up to pay off other debts like credit cards, here is a quick overview. The average American has nearly $40,000 in debt not including home loans so today we ask if you consider a cash-out refinance to pay off other debts like credit card debt. Credit card interest rates are normally much higher than mortgage interest rates and if you are carrying high credit card debt while making minimum payments, there is an opportunity to save a lot in monthly credit card payments that are primarily going to pay high interest rates on the debt. First you will need enough equity in your home to get a cash-out refinance. With real estate values rising many people have seen their home value rise…

In today's market of rising home prices, many people are considering buying a fixer-upper. We’ve all seen the home make-over shows with amazing before and afters but should you do it? Here are a few things to consider: 1. Know Your Limits How much of the work can you do. How much time do you have to put into renovations. Are you prepared to live in a work zone for a while 2. Work Out Costs In Advance Have a contractor walk through the inspection with you and get a written estimate for work he would do. If you are doing the work yourself price the costs of supplies, either way add 15% to the costs because surprises are likely. 3. Check Permitting Costs and Procedures Check with local officials…

Happy New Year 2022! 🎉 We wish you and your family a peaceful, prosperous, and healthy new year! A New Year and New Beginnings!

The 30 year mortgage is the default standard for home owners, but many ask about 15 year mortgages as well. You may have noticed rates on a 15 year mortgage are amazingly low. A lower rate is better right? Well its not quite that simple. Most people of course get a 30 year mortgage. Lets review the pros and cons. The main pros of a 15 year mortgage are the aforementioned lower rate. You are also paying less in interest over the lifetime of the loan. For example a $200,000 mortgage at 15 years with today’s current rates you’d be looking at less than $45,000 in interest. While the same loan at 30 years you’d pay over double that, over $100,000 in interest over the life of the loan. You…