4 Reasons Why Your Mortgage Application Was Rejected

May 22, 2015

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It’s one thing to decide that you’re ready for homeownership, and another entirely when it comes to getting a loan. What the lender says is all that matters – it will make or break your chance at attaining the American Dream. There are many reasons why applicants may be turned down for a mortgage. Some [...]

How to Get a Mortgage Loan for a Fixer

April 17, 2015

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Here’s a clever real estate dictum for you: Don’t buy the best house in a bad neighborhood; buy the worst house in a good neighborhood. There are several reasons for this rule, but the main one has to do with property values, which are determined in large part by the surrounding homes. If you buy [...]

The Good Faith Estimate, Defined

March 13, 2015

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One of the most confusing aspects of the process for first-time homebuyers is the mortgage. Common homebuyer questions include: Where to get one, how to get one, and what does all that jargon mean? Advice abounds, especially on the Internet. One common tip is that you should compare offers from lenders before settling on one [...]

Buy a Fixer With an FHA Loan

April 4, 2014

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Most real estate agents have tales of clients who just can’t seem to look beyond a home’s minor flaws, be they ratty floors or sagging screens. Then, there are those clients who can envision the possibilities of a house that’s seemingly being held up by a prayer. If you fall into the latter category but [...]

Good Credit but No Down Payment? There’s a Loan for That!

March 14, 2014

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So, Warren Buffet spends more on dinner than you make in a month, and you’ve never required the services of an investment banker, but you have good credit and you long to own your own home. What if we told you that there is a mortgage loan program out there for people just like you [...]

Confused About VA Loans? Find Out What Veterans Should Know

February 28, 2014

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Fans of late-night TV will recall the infomercials of a few years ago, hawking zero-down loans. Those loans, along with loans requiring no documentation, were being handed out like candy to anyone who applied, and were largely blamed for the mortgage industry implosion. In the wake of that mess, mortgage lenders tightened standards. Lenders began [...]

Fannie Mae and Freddie Mac Conventional FHA Alternatives

January 31, 2014

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The changes in FHA-backed financing have many homebuyers seeking an alternative and, although it’s been around since 2006, Fannie Mae’s My Community Mortgage Program’s time has come. This is a conventional loan product, ideal for first-time homebuyers lacking a large down payment and with limited credit histories. With flexible underwriting and a 3 percent down [...]

Understanding FHA-Insured Loans

December 20, 2013

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One of the few blessings to come out of the Great Depression was the FHA-insured loan. Although, contrary to what many think, it wasn’t created to help low-income buyers get into homeownership. Just as during our recent Great Recession, during the Depression foreclosure rates skyrocketed, leaving lenders in the lurch. The FHA-insured loan was created [...]

Steps in the Mortgage Loan Process

November 8, 2013

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You walk into the local bank and ask to see a mortgage specialist. Palms sweating, heart leaping – you are about to apply for what may be the largest loan in your life. A lot is riding on an approval: the ability to purchase a home, a new start in life, or the first steps [...]

Applying for a Mortgage? Avoid These Common Mistakes

February 15, 2013

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If you’re a first-time buyer, an itch to start looking at homes typically starts just after you make the decision to buy. The feeling may be so overwhelming that it’s the very first thing you do. That’s mistake number one: Looking at homes without knowing how much you can spend on a home isn’t just [...]