A good down payment can save you money in the long run. The traditional rule of thumb has been 20% down on a house. Putting at least 20% down can help you in several ways: 1. Private Mortgage Insurance (PMI) Any borrower who puts down less than 20% is required by the lender to carry…
DetailsThe process of securing a mortgage for your new home is not as intimidating as it may seem. Though there are many things that happen behind the scenes, there is no reason to fear the mortgaging process. Here is a step by step guide to what happens on the way to buying your dream home:…
DetailsMany of our customers ask us, “what do you look at to determine if I qualify for a mortgage?”. Well, we actually look at three things. 1) Your credit history – have you built sufficient credit and developed a habit of paying on-time every month. 2) Your income – do you have sufficient monthly income…
DetailsIf an open house is the equivalent of a test drive when shopping for a home, then a home inspection is like taking a look under the hood. Once you’ve found a home you’d like to purchase, you will need to sit down at the negotiating table. In your agreement with the sellers, one of…
DetailsSaving for a down payment can be one of the biggest barriers to home ownership, and with lenders tightening credit over the past few years, a substantial down payment is even more crucial to securing a home loan. However, that’s not to say you cannot secure financing without a large upfront investment. Many mortgage lenders…
DetailsThis will be a great year for first-time homebuyers. With so many houses on the market, and mortgage rates so low, buyers can find great deals. Here are a couple of tips for those looking to buy their first house: 1) Talk with a loan officer from a local mortgage company (such as Keystone Mortgage)…
DetailsI read a statistic the other day that nearly 75 percent of consumers research products and services online before making a purchase. That got me thinking about researching mortgages online. It’s a great way to “shop smart,” but I recommend you keep a couple things in mind as you go cyber sleuthing for a loan.…
DetailsDebt—nearly all of us have it, and we all want to get rid of it. The problem is lots of people don’t know they are paying too much for their debt when they could easily pay less. Here are a few tips that will help you not only pay less on what you owe, but…
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DetailsOver the past few years, I’m sure you’ve heard about how mortgage rates are at historic lows, and truth is, they are. This chart, from the Federal Reserve Bank in St. Louis, clearly shows that the rate on a 30-year fixed-rate mortgage is the lowest (or at least near the lowest) it has been in…
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