Neighborhoods such as subdivisions, planned communities, or condominiums can organize a homeowners association (HOA) to govern the community. HOAs have recently increased in popularity, and Americans have a one in five chance of living in an HOA property. The HOA creates and enforces rules, called Covenants, Conditions, and Restrictions (CC&Rs), that address the maintenance of […]
Hoping to buy a house while still carrying student loan debt might seem like a dead end – as in, why even try to get a mortgage? The typical amount of education debt outstanding in 2018 per person was between $20,000 and $25,000, according to the Federal Reserve Bank. On average, that’s a payment of […]
In just a few short weeks, the COVID-19 outbreak has changed our lives and raised serious questions about the future. The Federal Reserve Bank has slashed interest rates to zero (among other actions) to try to lessen the economic damage of business and job loss. A zero interest rate also can result in mortgage rates […]
Figuring out the financial aspect of buying a home is more than a mortgage calculator would have you believe. Loan interest rate and monthly payments are just a snapshot of the costs of buying a home. The bigger picture is the type of home loan (or loans) that fit your finances and the effect on […]
If you’re reading advice online about buying a home (and who isn’t!), you’re likely to come across a question that many homebuyers ask: Should I work with the mortgage lender my real estate agent recommends, or find one myself? That’s a really important question to answer. Choosing Your Own Home Lender Vs. Realtor Recommendations Experienced […]
If you are a veteran, thank you for your service! VA home loans are a terrific benefit that can help you get into your dream home. Here is a complete VA Loans Guidelines to help you. What is a VA loan? VA loans are administered through the United States Department of Veterans Affairs but are […]
When shopping for a mortgage, lenders will typically provide two different numbers to show the cost of borrowing the money. The mortgage interest rate, which is related to the cost of borrowing the principal amount of the loan. It is the cost you will pay each year to borrow the money, expressed as a percentage […]
Are you wondering how to get pre approved for a mortgage? It’s one step in the home buying process you shouldn’t overlook. Mortgage pre-approval means that a lender has conditionally approved you for a set home loan amount, based on your credit and finances. Having a mortgage pre-approval letter in your pocket can streamline the […]
Most people Googling “how to buy a home” soon find out that credit score plays a big role in getting a mortgage. Your credit score shows lenders how to rate you as a borrower. Lenders want evidence that you pay bills and repay loans. A history of using credit plus a good credit score give […]
If you’re researching the finances of buying your first home, you are learning there are a lot of costs associated with buying a home. In fact the term “closing costs” likely keeps popping up. Closing costs are the charges and fees related to buying a house in your state and county and getting a home […]
Quick quiz: You’re thinking of buying a home – What’s the first thing you do? A. Look online for open houses you can tour B. Find a real estate agent C. Talk to a loan officer The answer is “C” – and not just because we’re a bank. A loan officer helps pin down your […]
