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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…

If you’re looking for a new house, many realtors want a pre-approval in advance. Plus its good for you to know how much you can afford and if there are any issues, you will know in advanced instead of an unexpected last minute surprise! 1. Proof of Income This is usually W-2 statements but also includes any other sources of income like bonuses or alimony. 2. Proof of Assets This will include bank and investment account statements. If you are receiving a money from a relative or friend you may also need a gift letter from them. 3. Credit Score Your credit score will be an important factor on the down payment and interest rate on the loan. 4. Employment Verification Lenders may call your employer to verify employment, or…

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…

Many first-time home buyers are looking for ways to get into a house - here are ten programs that can help! 1. FHA Loan - This is most common assistance loan and you may already be familiar with FHA loans, these are widespread and help buyers with lower credit scores and less money saved for a down payment. 2. USDA Loan - are for lower-income borrowers in rural areas (but check with us you may not realize you are in a rural area :) 3. VA Loan - this is a great option for those who have service in the military and their families as it allows no down payment! 4. Fannie Mae/Freddie Mac Loan - these are conventional loans that are a good option for those with good credit…

As we enter a new year our mortgage outlook sees pressure on rates to increase. The Mortgage Bankers Association expects an increase from records lows but rates should still remain historically lower. The fed is likely to raise rates as it faces inflationary pressure for the first time in decades. Of course things are extremely fluid and subject to change. For those looking to refinance, we recommend acting now to lock in low rates. Cash-out refinances will still be attractive for some with moderate rises in interest rates as many have seen a large rise in equity. Purchase loans will likely be an increasing portion of mortgages overall. Check with us to see how all this affects you and we will recommend the best course of action based on your…

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

From everyone at our team, we wish you and your family a safe and happy holiday with plenty of good food and cheer.

Getting a good credit score is part of getting approved for a mortgage as well as a lower interest. Here are some quick things to do to check and possibly improve your score. Before we get started though, the first thing you should do is get your credit report! You can order it free here - https://www.annualcreditreport.com Now that you have your report lets get to those tips! 🤓 1. Check for Errors! You want the report to be clean and mistake free. Check if there are misspellings of your name or addresses. Other things might be duplicate accounts, incorrect account information, closed accounts that are still listed as open, fraud etc! 2. Clean up the Errors! If you found something wrong the next step is to get the errors…

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…

There’s some good news for home buyers looking to get a loan through Fannie Mae and Freddie Mac, for the sixth year in a row, the loan limit will increase for almost all counties in 2022. The Federal House Finance Agency (FHFA) said conforming loan limits will increase for most from $548,250 to $647,000 in 2022. That is almost a $100,000 increase in one year and reflects the increase in home prices nationwide. In “high-cost” areas with even higher home prices like coastal California and the NYC area the maximums are even higher, the limits will got up to $970,000 in some of those areas. The limits are based on local real estate prices but as prices went up nearly everywhere the limits almost certainly increased in your county as…