Author: demodmin

What is a guaranteed mortgage? Well as you might have guessed, it’s a guarantee that your loan will be paid in case of default (fine print sometimes this is actually insurance), by a third party. In most cases the third party is the government. Guaranteed mortgages are used when a borrower does not have the traditional required 20% of the purchase price to put down. In these cases the programs guarantee (or insure) the loan. In fact first-time home buyers often do not have the full 20% to put down, so these programs are very helpful in getting funding. FHA, VA and USDA are the most common guarantors. FHA loans allow first time home buyers to put as little as 3.5% down (with a credit score of at least 580).…

If you’re buying or selling (but especially buying) a home inspection is a crucial part of the process that too often is seen as just another step. So here are the 3 keys to make sure you come out on top and avoid surprises after you move in! 1. Inspect the Inspector First! Make sure your inspector is certified, qualified and experienced. You want someone who is going to check things thoroughly and not just check the boxes. Find a good inspector early as the good ones can often be like a popular restaurant – hard to get a reservation. 2. Be Present for the Inspection If at all possible make sure you attend the inspection too! It may take a few hours so block out the morning or afternoon…

We wish you and your family a safe and happy Thanksgiving 2020! We know its been a difficult year but there is still much to be grateful for, including our friendship with you!

Thanksgiving has always been on of our favorite holidays. Seeing loved ones, sharing delicious food, taking a break from our hectic lifestyles for some old fashioned good times. This year has been different to say the least and Thanksgiving is no different. Here are some tips to help safely enjoy Thanksgiving. Keep Your Guest List Low Make next year the Thanksgiving to invite old co-workers but keep this years gathering smaller. And if you have at risk family members strongly consider doing a zoom Thanksgiving with them. Try For A Fresh Air Meal If weather is permitting try to have your Thanksgiving outside, just like the original meals. If you can’t do it outside open a window and make sure you have good ventilation Keep Families Together If there are…

A big thank you this Veteran's Day for all who have served as well as their families that supported them!

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 scores but can put down as little as three percent. 5. Good Neighbor Next Door Loan - this HUD program provide…

We know 2020 has already been spooky! So we are wishing you and your family a safe and happy Halloween! No tricks - all treats! 👻

We are often asked about whether borrowers should take out a 15 or 30 year mortgage. You may have noticed rates on a 15 year mortgage are amazingly low. Lower rate is better right? Well its not quite that simple. Most people actually 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 also have the benefit of paying…

You've probably heard that interest rates are currently at record lows. You've probably also heard 2020 is a year like no other. Many people are asking about cash out refinancing or getting a home equity line of credit. Here are is quick breakdown of the similarities and differences between the two loan types. Both allow you to get cash out immediately and in both cases you are borrowing against the equity in your home. The major differences is with a cash out refinance, you are replacing your first loan with a new one and the home equity loan is a second loan to your existing first mortgage and an additional payment. Cash out refinancing generally has a lower interest rate, as it replaces the existing first loan and is seen…

If you’re self employed getting a mortgage secured is a slightly different process than traditional mortgages. It often comes with additional requirements and red tape. Here are some tips to help you get organized and approved if you’re self employed! Apply For A Mortgage When Your Income is Up We know this is easier said than done but lenders will look at your last two years income most closely, and if you’re income fluctuates its best to apply on an up year. This can help you qualify for a greater loan amount and lower interest rate. Get That DTI Lower Your debt-to-income ratio is one of the key factors in getting approved. So you’ll want to try to pay down debts (both business and personal) as well as avoid opening…