Category: Mortgage Information Center

3 Positive Reasons To Get A 15-Year Mortgage

3 Positive Reasons To Get A 15-Year Mortgage

November 6, 2019 |

Most people can’t pay for a home outright, so they finance it with a mortgage loan. 30-year mortgages are more conventional, but they also come with a significant interest price tag.

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How Does My Existing Debt Affect Getting A New Mortgage?

How Does My Existing Debt Affect Getting A New Mortgage?

November 5, 2019 |

Carrying debt is a common problem that people have. Some of the most common types of debt include student loans, credit cards, and motor vehicles. When you are interested in buying a new home, you often think about whether or not your debt is going to hurt your chances of qualifying for a new mortgage.

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What is Owner Financing When Buying A Home?

What is Owner Financing When Buying A Home?

October 30, 2019 |

There are many options when it comes to taking out a loan on a new home. One of the options that people might have heard about is called owner financing. In general, the property owner takes the place of a traditional lender.

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Common Reasons Why Buyers Are Denied A Mortgage

Common Reasons Why Buyers Are Denied A Mortgage

October 29, 2019 |

When you are buying a new home, it is an exciting process. You have spent months searching and have found the home you want to purchase. You are ready to move into the home of your dreams.

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3 Ways To Avoid Mortgage Insurance

3 Ways To Avoid Mortgage Insurance

October 25, 2019 |

When you are buying a home, you may run into a number of hurdles to complete the purchase. One of the items that you may be asked to purchase is called private mortgage insurance, often shortened to PMI. This is a unique insurance policy that your lender, such as the credit union or bank, may ask you to buy in order to protect themselves. In this insurance policy, the bank protects themselves against losing money if you end up defaulting on your loan.

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How To Get Your Free Annual Credit Report And Why You Need It

How To Get Your Free Annual Credit Report And Why You Need It

October 18, 2019 |

Your credit report influences whether or not you’ll qualify for a mortgage and what kind of interest you’ll pay on that loan. This isn’t something you can safely ignore. Smart homebuyers understand the importance of monitoring credit scores and credit reports. Here is some information about how to get your credit report.

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What Exactly Is Private Mortgage Insurance (PMI)?

What Exactly Is Private Mortgage Insurance (PMI)?

October 16, 2019 |

PMI, which is also called private mortgage insurance, is protect that the lender may ask the buyer to purchase. In the event that the buyer defaults on their home loan and the home enters foreclosure, the lender has a way to recoup their losses.

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New FHA Financing Available For Condo Buyers That Has A Low Down Payment

New FHA Financing Available For Condo Buyers That Has A Low Down Payment

October 8, 2019 |

Condominium owners and buyers have previously been at a disadvantage when trying to use the Federal Housing Authority (FHA) support to get a home mortgage. Single-family homes could get better FHA mortgage deals than condominiums. In October 2019, this changes.

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More Home Loan Options Now Available For Borrowers With Bad Credit

More Home Loan Options Now Available For Borrowers With Bad Credit

October 3, 2019 |

For a long time after the real estate housing crisis in 2008, buyers with a poor credit history had a difficult time finding mortgage financing. It was a problem that trapped those seeking to buy a home because so many lost their homes from the inability to pay their mortgages.

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Fed Policymakers Cut Key Rate Range by .25 Percent

Fed Policymakers Cut Key Rate Range by .25 Percent

September 19, 2019 |

The Federal Reserve’s Federal Open Market Committee reduced its key short-term interest rate range one-quarter percent to 1.75 to 2.00 percent during it’s September meeting. While FOMC members had mixed opinions on reducing the benchmark rate range for short term loans, the post-meeting statement suggested that reducing the federal funds rate was a hedge against inflation. The federal funds rate impacts short-term consumer loan rates for autos and adjustable rate mortgages, but does not impact fixed mortgage rates. FOMC monetary policy decisions are governed by the Federal Reserve’s dual mandate of maintaining price stability and an inflation rate of 2.00 percent.

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