Getting a Gift? Handle With Care

Even with loans that do not require a down payment, such as the VA and USDA programs, buyers still need cash to address closing costs. There are lender fees and non-lender fees to contend with as well as recurring costs such as property insurance and taxes. Lenders need to make sure there are enough funds…

Financing a Home in a Rural Area? Here’s How

Homes that are located in rural or semi-rural areas can be more difficult to find financing for when researching conventional loans. Homes in these areas by nature are somewhat isolated as well as remote. This is important as it relates to identifying comparable sales in the area. When lenders evaluate a loan application there are…

Mortgage Rate Locks: What You Need to Know

Ask any loan officer what they hear from consumers more than any other question is, “What are your rates today?” And that makes perfect sense. Consumers are encouraged to shop around for the best deal and the interest rate is the main component of that. But what consumers may not know is that rates can…

Your VA Loan the Second Time Around

For those that are eligible, the VA home loan program is peerless when it comes to financing a primary residence when savings as much cash as possible is a priority. VA loans don’t require a down payment and the veteran is restricted from paying certain types of closing costs. When lenders review an application for…

Don’t Do This on Your Own

There are plenty of moving parts that get activated the moment you and the sellers agree to a price and both of you sign the sales contract. That’s when the wheels really begin to turn. By keeping in close contact with your loan officer during your home search you can make sure once your offer…

Financing a Vacation Home

Lenders assign various levels of risk based upon different factors such as the type of property being financed, credit scores of the borrowers and how much down payment is involved, for example. Another important element is whether or not the owners of a property occupy the home full time, part time as in a vacation…

3 Percent Down?

Government-backed mortgage loans, VA, FHA and USDA, require little to no down payment. FHA loans ask for a down payment of at least 3.5 percent of the sales price while the other two don’t require any down payment whatsoever. But did you know there are conventional loans that also accept a down payment of just…

Economic Reports and Mortgage Rates

Did you know that economic reports can impact mortgage rates? And that some economic reports have a greater impact than others? Each month and each quarter, various government agencies release data they’ve been tracking on a regular basis. Investors and analysts alike predict these numbers and then react to them once the numbers are ultimately…