Don’t Let BLACK FRIDAY Get in the Way of Buying a Home!
Black Friday is nearly upon us. Newspaper inserts, emails and TV commercials abound with information about the “BEST DEALS EVER!”. You get to the store before the sun even thinks about coming up only to find that you can get an even better deal if you open a line of credit! STOP RIGHT THERE. If you are in the process of buying a home, or considering doing so anytime soon, we urge you to stop and collect your thoughts for a moment. What the heck does Black Friday have to do with buying a home!? That additional percentage off for opening a line of credit could be a deal-breaker when it comes to purchasing a home. If you are in the midst of the mortgage process with a good lender, you already know that you should hold off on opening new credit...
Read MoreWhen Should You Consider Getting Your Indiana Mortgage Refinanced?
Sooner or later, many Indiana property owners will undergo the process of refinancing their home; or at least consider whether or not they should get their Indiana mortgage refinanced. They do this for a variety of reasons. Before approaching a lender about a home refinance loan,it is vital that the property owner determines if it is the right decision to refinance their house. A refinance can give help to troubled property owners (particularly individuals who took out ARMs a few years ago), but it is not the solution for everyone. Following are several great reasons to refinance: Mortgage refinancing is typically a great alternative for individuals confronting foreclosure. A number of individuals have discovered themselves on the verge of not being able to...
Read MoreOptions For A Low Down Payment On An Indiana Home
Many people who have reasonable, steady incomes hold off on the dream of owning a home because they are afraid they can’t come up with the down payment. Fortunately, there are still mortgage options for those with limited cash reserves. One of the biggest misconceptions in the post-housing bubble era is that you need to put 20 percent down to get a mortgage. While credit has become much tighter and no-money down loans have virtually disappeared from the mortgage market, it’s still quite possible to get a mortgage for 5 percent down or less. Here are some options for buying a home with a relatively small down payment: 1. Conventional Mortgage Technically, Fannie Mae and Freddie Mac will still allow mortgages with as little as 5 percent down. However,...
Read MoreImproving Your FICO Score May Be Easier Than You Think!
If you’ve been following mortgage news at all, you’ve probably noticed plenty of news on the lower rates. Mortgage rates today are low, but did you know you get your rate even lower? You can do this by boosting your credit score. Your credit score is based on a system. Typically, with higher scores come lower mortgage rates. Government-backed loans, such as the low down-payment FHA loan and the zero-money down USDA loan, allow for below-average scores; but in order to get the best conventional mortgage rates, you’ll want to have the highest credit scores possible. MORTGAGE LENDERS USE FICO SCORING MODEL There are many credit reporting companies. However, in the mortgage world, there are three companies which matter most — Equifax,...
Read MoreBuying a Home? Here are some Mistakes to Avoid:
Exciting and overwhelming These are two emotions often experienced when buying a home. Even more so if you are a first time home buyer. If you’ve already started the search process, make sure you’re not making some common mistakes. Your upcoming investment could end up being a bad decision if you overlook some important facts about home ownership and sign that contract before you’re really ready. Here are some key and common mistakes first time home buyers need to avoid: Mistake #1 – Searching for the dream home before getting pre-qualified for a loan Save yourself the disappointment of not being able to afford the home of your dreams by getting pre-qualified for your loan before you start house hunting. Instead of...
Read MoreWhat Will Mortgage Rates Do In 2013?
No one knows for certain what rates will do day to day. We can, however, make educated predictions based on the history of rates. We all know rates have been low; historically low, even! Not all good things last forever though. Don’t panic! While we expect these historically low rates to come up some; we do not expect to see the 7%+ rates to return any time soon. Whether you are a homeowner seeking to refinance, a home buyer or a renter, we should plan for slightly higher housing costs this winter. Certain mortgage fees are rising, especially for those with small down payments. Luckily for borrowers, low mortgage rates are still around, but they only have one way to go this year, and that’s up. This isn’t the time to wait for a better deal....
Read More
Follow Us!