A refinance replaces your current loan with a new loan; that new loan pays off the debt of the old loan. So, you are trading your loan in for one with better terms. For example, if there is something that you don’t like about your current loan, you may qualify for a loan with different terms and by refinancing eliminate the terms you dislike. Refinancing, as with anything, has benefits and detriments.
If you were to ask the question, “how much should I save for a down payment?”, you will likely get a range of answers. Some may say, “20%” while others say, “you shouldn’t need much” but the real answer is, “it depends on what loan you want and qualify for”. Keep in mind, that the minimum down payment is just a minimum requirement; the more money you put down the less you have to borrow and will thereby lower your monthly mortgage payment.
Credit is an essential part of the economy. Without credit, lenders would have no scale by which to create lending standards that determine who should receive credit and who should not. Your credit score is based on your debt repayment history; so, if someone is consistently late on making payments their credit score will be impacted negatively.
We have worked hard to make those in our community aware that there are options for 100% financing (meaning a down payment is not required) available. However, you may choose to include a down payment to reduce your mortgage amount, or you may qualify for a loan which requires a down payment, or you may simply want to take care of the closing costs instead of rolling them into your loan. No matter the reasoning, saving up money when buying a home can feel overwhelming at first but there’s no reason to become overwhelmed let’s look at some easy ways to save.
You have closed on the purchase of your home. You have moved all your belongings into the new house. You are sifting through the dozens of pieces of mail you’ve received from local companies then you see a notice of transfer. Meaning your loan has been sold.
When shopping for a new home you take everyone in your family into consideration—hence the need to have multiple bathrooms. Many buyers include their pets needs when making a list of wants and needs in their new home. In fact, I’ve heard it said that millennials (who make up a good portion of home shoppers) are more likely to buy a home with a pet in mind, where as in the past, many home shoppers would buy with the intent to have children. Let’s look at some ways to make your home more marketable to these pet friendly home buyers!
There is a lot that goes into the purchase of a home. While it is incredibly exciting; it is not likely something that you will do frequently throughout your life to where it seems to be “old hat” or familiar and dull. The process of getting a mortgage takes time, energy and can be an emotional one. (Read more about the process here.) But is it all worth it? I certainly feel like it is. I love pulling up to my house on a Friday night with a weekend full of plans which all involve this home—a place where I’ve created lasting memories and am eager to form more. I found that when it comes to cleaning, I enjoy it more at my house than I did at my apartment.
It goes without saying that you have already told Bella, Sadie, Max, Buddy and Bear all about their new home! About that window that lets in the warmest afternoon sun. About the backyard that gives plenty of room to chase a tennis ball. About the squirrels that come right up on the porch, so they can watch them all day. Is that enough to prepare your dog, cat or other pet for a move? Unless you have a gold fish or hamster, there may be more to it!
Online shopping is on the rise and that goes for houses too! You can even get alerts that tell you when a house that matches your criteria comes on the market, but does that mean that you don’t need a Realtor? Not necessarily. A Realtor can save you time, money and head ache. Navigating the legal transaction of purchasing a home can be tricky and it helps to have an experienced, trained professional on your side.
For years, the Department of Veteran Administration (VA) has offered veterans and their families a home loan program full of great benefits like no down payment requirement, no mortgage insurance required, and fewer limiting qualifications that can be found in other loan programs. For a home to qualify it must meet minimum property requirements. These requirements were put into place to protect the buyer from unexpected, and usually expensive, repairs. VA’s minimum property requirements centered around safety, sanitation, and structural stability; features such as mechanical systems (HVAC), a reliable potable water supply, and sewage disposal. Also, included in the requirements were roofs in good shape and no presence of lead paint.