HomeLight

JANUARY 27, 2021

But there’s so much to keep track of along the way: hiring an agent, getting a mortgage, making offers, and closing the deal. Getting a mortgage can be a stressful and frustrating process. Here are a few tips to get ahead of the game and mortgage like a champ! Paying mortgage insurance isn’t that big a deal.

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Redfin

MARCH 3, 2022

It’s recommended to get pre-approved before house hunting to give yourself a realistic idea of how much home you can afford ; however, a mortgage pre-approval doesn’t guarantee that your loan application will be approved. By far, one of the biggest nightmares is that the mortgage falls through on the closing day.

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Realtor.com

NOVEMBER 11, 2022

Real estate agents agree that long before you peruse listings or check out open houses, you should talk to a lender about your credit score, so that you can secure a mortgage. Here are more step-by-step home-buying details, including information about down payments, closing costs, mortgage rates, pre-approved mortgages, and more.

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Realty Biz

JANUARY 19, 2024

Interviewing and selecting a buyer's agent and choosing a mortgage lender and real estate attorney are vital steps. From preparing your finances and exploring mortgage options to calculating your budget, these steps set you on the right path toward finding your dream home. Let's get started on your path to homeownership.

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Realtor.com

NOVEMBER 28, 2022

Getty Images With mortgage interest rates near 7% and home prices hovering at a national median of $425,000, many homebuyers might be wondering how they’ll be able to pay for a property, and searching for ways to reduce costs. Here’s everything you need to know about USDA loans, and whether they’re right for you.

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Realtor.com

APRIL 8, 2021

While these programs are geared toward home buyers with low or moderate income, many may qualify who might not realize they do—so it’s definitely worth checking out if you’re stressed about making those monthly mortgage payments. CalHFA VA Program: The CalHFA VA Program is a 30-year fixed-rate loan insured by the U.S.

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HomeLight

OCTOBER 15, 2020

For a USDA loan, you should have a minimum FICO score of 640. While the USDA does not designate a minimum credit score, lenders will have a minimum requirement of typically 640,” explains mortgage loan officer Jane Hammond. Many lenders are qualified to offer USDA loans. Talk to a few lenders. Get preapproved.

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HomeLight

OCTOBER 11, 2021

Borrowing limits for FHA loans aren’t the same across the country; they’re based on your county. This allows buyers who live in more expensive housing markets to still get a mortgage on a house. For most counties in the United States, the FHA loan limit is $356,362, but in more expensive areas, the limit can go as high as $822,375.

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HomeLight

SEPTEMBER 8, 2020

There are a lot of costs you have to worry about, such as the down payment , closing costs , your monthly mortgage amount , and more. If you expect to pay between 3% (the minimum for a down payment) to 6%, then some of your options include an FHA loan, a Fannie Mae HomeReady loan, or a conventional loan.

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Redfin

FEBRUARY 10, 2021

In early 2021, homebuyers will remain undeterred by the pandemic, eager to take advantage of sub-3% mortgage rates while they last. Unless you want to pay Private Mortgage Insurance (PMI), you want to save up for a sizable down payment. Money that is not going against the principal of your mortgage. Save Up For a Down Payment.

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HomeLight

JUNE 30, 2022

You will want to know where you stand so you can get ahead of any potential issues and create a plan for improvement before applying for a mortgage. For example, it may be worth strategically paying down some of your debt or disputing any errors on your credit report before purchasing a home. Line up financing.

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HomeLight

JULY 29, 2022

That’s because there’s still a lot that can go wrong at closing before you reach the finish line — from possibilities you’d considered (and feared) to surprises you never even imagined. These are decisions that can impact your credit history , a major factor in your mortgage. Talk to your agent and loan officer about these options.

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HomeLight

AUGUST 31, 2021

Instead, it insures mortgages made by lenders. The FHA backing lets lenders offer easier credit terms than non-FHA loans. FHA loans are especially important for first-time buyers. In 2020, only about 10% of all home loans were FHA-backed, according to the agency’s annual report. Adequate income. Forgivable loans.

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The Close

DECEMBER 29, 2022

After all, great communication leads to closed deals. Furthermore, in today’s market, understanding our complex mortgage industry could actually help you close more deals and maybe even save clients money. So we’ve included a handy download with questions your clients should ask their mortgage broker. Assumable mortgage.

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