Should I go with a mortgage broker or a bank? One of the most common questions I get from home buyers is; “what do you recommend, should I go with a mortgage broker or should I go with a bank for my home loan?”
"Also, is a mortgage broker the same as a loan officer? " "Is one better than the other? " All good questions! Although yes, finding yourself a good Realtor is vital to ensuring a smooth home purchase, a great mortgage professional is equally important to ensuring a successful closing. During the home purchase process, you will spend way more time with your Realtor, driving around, looking at homes and a good personality fit helps.
For this article, I teamed up with mortgage expert Luke Skar of Inlanta Mortgage and MadisonMortgageGuys.com to help explain the difference between the two main sources for mortgages. I’ll cover things from the Realtor/home buyer perspective, while Luke will go over the different types of lenders and the pros and cons of each option. From the Realtor's perspective. Your Morgage source options: Top 100 Mortgage Blogs and Websites for Home Loan Borrowers & Lenders. Top 100 Mortgage blogs Best Mortgage Blogs List The Best Mortgage blogs from thousands of top Mortgage blogs in our index using search and social metrics.
3 Smart Tips For Improving Your Credit Score Prior To Applying For A Home Mortgage. Not everyone buys a home very often and in fact many might only own one to three homes over their life time.
As a result when buying a home, buyers should make sure they get the best pre-approval amount they can so that when they do buy they are getting the best home that meets their budget at the time. By striving for the best home you can afford now and will suit your needs for some time to come there will be less need to upgrade to another home because your current home was only a “starter home”. There is a caveat with that in just because a mortgage lender approves a mortgage for the highest amount of money that can be had that does not necessarily mean homebuyers should buy at the top of that range. Homebuyers need to analyze their current and future financial situation to make sure they can afford the home they buy today.
Four Steps to Put Your Financial House in Order - Article Display Page - Military OneSource. January 12, 2017 @ 1:31 PM | 3 Min Read | 818 Views With deployment, comes more money.
During your deployment, you may be eligible for military pay entitlements, such as a family separation allowance or combat pay. This is an ideal time to save money, pay off debt or just tidy up your finances. Here are four steps to get the most out of your money and help reach your family’s financial goals: First step: save Set and execute savings goals. What Are The PROs & CONs Of FHA Home Loans? Should I Buy A Home Using An FHA Home Loan?
What Are The PROs & CONs Of FHA Home Loans? One of the most popular mortgage products nowadays is the FHA home loan. FHA, which stands for the Federal Housing Administration, is a United States government agency which insures home loans for FHA approved lenders. 5 Things Every Home Buyer Should Know About Their Mortgage Rate Lock. When purchasing a home you are going to run into the term RATE LOCK.
You most likely wont be asked about locking a rate until you have gone through the mortgage pre-approval process, found a home and have submitted a complete application. Luxury Home Buyer’s Guide To Getting A Mortgage. Purchasing a luxury home requires a slightly different approach than if one were buying a non-luxury home.
Generally a luxury house is considered luxury because the price is higher than $500,000.00 and offers luxury amenities not commonly found in non-luxury homes. While the $500,000.00 is a general guideline that does not mean that amount applies the same to every area in classifying a home as luxury. In the Greater Cincinnati, Ohio and Northern Kentucky Real Estate Market homes $500,000.00 and above generally will be considered to be luxury homes.
Other areas may be different based on the real estate market in those locations since real estate is all about location. What is a Reverse Mortgage? A Quick Overview of Reverse Mortgages. There is a lot of talk about reverse mortgages and I get asked all the time what is a reverse mortgage?
Reverse mortgages have gained a lot of attention because they are “glamorized” as having many benefits to senior homeowner. So many retirees are left wondering “what is a reverse mortgage”? As folks near retirement or are into their retirement years, funding their retirement is a huge concern. Tips For Preparing To Get A Mortgage When Buying A Home. Top Mortgage Preparation Tips & Tricks Tips For Preparing To Get A Mortgage When Buying A Home One of the most important steps in the home buying process is the mortgage phase.
The Importance of Mortgage Overlays. Lender Overlays in a Nutshell A famous line from the old movie “The Wizard of Oz” involves the character Oz shouting out “pay no attention to the man behind the curtain!”
The little guy behind the curtain was trying to protect his image as a strong, powerful leader. From this movie scene spawned the expression “let’s pull back the curtains”, meaning, “let’s see what type of work REALLY goes on when people are not paying attention.” Today we are giving you a chance to peek behind the curtain of the mortgage world and get an idea of what happens at individual banks and mortgage companies in the form of mortgage overlays. Check Your Credit Score Before Buying a Home. When it comes time to buy a home, if you are like most people you will be looking for a mortgage. Getting a loan with an interest rate you can be happy with requires having a decent credit score, which is why it is so important to get your credit score before you go to buy.
You want to know where your score is at to anticipate if you can actually purchase a house. Even if your score isn’t great, there are ways to improve it. How to Sell a Home With a Reverse Mortgage. 1 Reverse mortgages have become a popular option for older home owners who want to take advantage of the equity they have built up in their investments. Everything You Need to Know About Mortgage Pre-Approvals. What Are Real Estate Capital Gains. If you are about to sell your primary residence, you need to know what the real estate capital gains are to determine how much cash you will actually walk away with, if any, after the sale of your home.
Thanks to the Taxpayer Relief Act of 1997, the process has been simplified to help homeowners by utilizing a per-sale exclusion formula instead of the older once-in-a-lifetime provision. Even if you took the earlier provision, you may now qualify to take the new exclusion. In simple terms, real estate capital gains are the difference between the price you paid for your property and the price you sell it for. The capital gains tax is based on that difference (minus deductions and tax breaks). This is a stand-alone tax that can be different than your income tax rate. To help homeowners calculate their net profit (if applicable), let us examine how homeowner tax benefits and real estate capital gains actually work. Tax Benefits for Primary Residence Owners. Pros and Cons of a Reverse Mortgage. What is a Reverse Mortgage 2 Reverse mortgages are a financial tool that has been pushed aggressively over the past decade or so, leading to difficulties for many people – especially seniors – who utilized the tool without understanding the risks.
How to Transfer a Mortgage to Your Spouse. If you have ever tried to transfer a mortgage to your spouse you know the process can be cumbersome. It is often a major life event that can involve substantial amounts of money, so it is critical that it is done right. One seemingly minor overlooked detail can lead to unfortunate surprises down the line, so do not cut any corners. Speak to a lawyer or other financial professional before you proceed, and make sure that both spouses are 100 percent clear on the terms before signing any paperwork. Why Would You Transfer a Mortgage to Your Spouse? The most common reason why spouses would exchange ownership of a mortgage is due to a divorce. Jumbo Mortgage Myths That Are Holding You Back.
Luxury Home Buying Myths Debunked! Behance. How FHA Loans Can Be Problematic For Home Sellers. 130 When you go to sell your home, you hope to get lots of offers on your home from well-qualified buyers. But as you go into the sale, you will need to determine if you are interested in receiving all types of offers, including those backed by FHA loans.
For those that are not familiar with the term – FHA stands for Federal Housing Administration. FHA is an agency with The US Department of Housing and Urban Development. Northcliff Real Estate » 10 Biggest Mortgage Mistakes First-Time Home Buyers Make. 14 Shares Does the mortgage application process take up quite some time? Are the many steps involved in the application process likely for people to make more mistakes? Top Real Estate Blogs On FHA Loans. What You Should Know About FHA Loans Some of the most effective ways to purchase real estate include cash, conventional loan, VA Loan, FHA loan, and more. How to Get Rid of Private Mortgage Insurance. One of the things that many homeowners want to know is how to get rid of private mortgage insurance.
6 Experts Predict 2016 Real Estate Trends. 10 FHA Guidelines EVERY Home Buyer Should Know. 10 FHA Guidelines EVERY Home Buyer Should Know Unlike a conventional loan, an FHA mortgage is backed by the federal government. Simply stated, lenders have some protection offered by the government in the event the homeowners stop making payments. With this protection, FHA approved lenders are able to offer mortgages with enticing rates for people that might not qualify for a Fannie Mae or Freddie Mac home loan.
With that in mind, there are some specific FHA guidelines that must be followed. Top Frequently Asked Questions Regarding Mortgages. TOP 5 REASONS TO GET PRE-APPROVED FOR A MORTGAGE - New Paltz Real Estate Listings. What is Mortgage Insuarance and Why do You Have to Pay It? - Invest Four More. 3 Tips to Select a Mortgage Lender. The process for selecting real estate agents and mortgage lenders is often similar, with the main difference being your search will turn up several non-local lenders that may be a good fit for your particular lending needs. Whatever your methodology is, these tips to select a mortgage lender can make the process seem less scary and non-evasive.
It is critical that you have a local real estate agent who knows street-level and regional pricing dynamics in your target neighborhoods intimately. But since mortgage lenders can lend anywhere and mortgage rates and fees are generally the same nationally, non-local lenders claim they can handle your transaction as well as local lenders. To examine which lender will work best for you, look at 3 of the top ways consumers find their mortgage lenders, according to a recent survey by the Consumer Financial Protection Bureau (CFPB) – the Federal agency that regulates the mortgage industry.
Top 34 Mortgage Experts Give Away Their Best Mortgage Tips. The Difference Between Pre-Approval and Pre-Qualification. Home Loan Insider News and Rates. Insane but True Facts About the USDA Mortgage. What Is A Good Faith Estimate In Real Estate? Untitled. When to Pay Points on a Mortgage Loan. Is It Time To Invest in Residential Real Estate? Mortgage News, Analysis, Trends. Devastating Mortgage Mistakes - My Mortgage PDX. 100% VA REFINANCE: Cash-out Rate & Term in WI IL MN FL. Nationwide Mortgage Licensing System.
What to Consider when Investing in Real Estate and The Big WHY.