Home Financing

Found 12 blog entries about Home Financing.

Your Guide to Understanding PMIFirst-time home buyers (or buyers who haven't been in the market for quite some time) may be shocked to learn just how much it costs to buy a home. For a conventional loan, the magic down payment is 20 percent of the total purchase price. In an economy with ever-dwindling savings accounts, many people can't come up with this type of cash for the home of their dreams. It's why Private Mortgage Insurance (PMI) is available to buyers who don't want to delay their homeownership dreams.

Who It Protects

Even though a homeowner is paying for PMI, it's technically the lender's insurance policy and not the buyers. A lender wants to see as much equity in a home as possible. In the case of a 20 percent down payment, the buyer has already secured a fifth

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What to Know About the USDA Rural LoanDecisions are a crucial part of the home buying process and choosing the right home mortgage option is one of the most important of those decisions. While most buyers today are familiar with the more common home loans, such as the conventional, FHA, and VA mortgage options, many are likely to be less familiar with the USDA Rural Development Home Loan, even though it may be a good loan option for their buying situation, whether you want to live in Jupiter Harbour or elsewhere in Florida.

What is the USDA Rural Development Home Loan?

A program offered through the United States Department of Agriculture, Rural Development Home Loans are available in two forms. The first is the Single Family Housing Guaranteed Loan Program, which is available

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Credit Requirements for Mortgage The home mortgage process has a lot of elements to it, but one of the crucial hurdles to jump over is having an acceptable credit score to actually be able to obtain a loan. Different lenders require different minimum scores, and depending on your financial situation, there might be multiple factors that go into an approval.

In general, the higher one’s credit score is, the easier the process will be to navigate. Considerations like interest rate or down payments will typically be favorable toward applicants who demonstrate a solid credit history. However, a lower score doesn’t exclude individuals from being able to purchase a home.

Every situation is unique, so it is helpful to speak with a lender and/or financial advisor to see what all

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Choosing a Lender for Mortgage The purchase of a home is likely to be the largest single purchase that most Americans make these days. In order to start off on good financial footing, as well as remain that way, it's important to avoid some common financial pitfalls that can besiege many potential homeowners. 

1. Not Shopping Around

Consumers tend to do a great deal of research when it comes to items such as purchasing the latest electronic gadgets, finding a place to eat dinner and the ratings of the movies they want to see. For many new homeowners, though, that same careful shopping around and comparison isn't extended to their mortgage. According to study results compiled by the Consumer Financial Protection Bureau (CFPB), almost half of the people who finance their

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Adding to Downpayment Savings Saving up for a mortgage down payment can take quite a bit of time and planning. You may be wondering if there are any ways you can help add to these savings beyond following your budgeting plan.

You should speak with your mortgage lender or a financial advisor to see what actions make the most sense for your personal situation.

Here are a few ways you should consider to increase the amount of money for a down-payment:

1. Look Into Special Down-payment Programs

An expert on buyer assistance programs recently told Realtor.com that over 68 million single-family homes and condos throughout the US might be qualifying properties for at least one down payment program. Every county in the country has some sort of program for down payment

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Financing Investment Properties Getting a mortgage to buy a home you intend to live in is one thing. However, if you want to buy a home to rent or sell quickly afterward, you may have additional financial and mortgage requirements to meet.

Whether you want to buy an investment property to maintain for years, or a house to flip it as quickly as possible, you must be financially prepared to apply for funding and shoulder the responsibilities of those properties.

If you have questions, ask your lender or financial advisor what actions make sense for your specific situation.

Down Payments

Typically, lending money to a homebuyer to purchase an investment property is a greater risk than it is to loan money for a primary residence in the eyes of most lenders. With investment

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Mortgage Lenders Gone are the days where the only options for obtaining a mortgage involved visiting the nearest branch of the bank or savings and loan.

Even a credit union, while providing more options, is now only one of several different choices these days when it comes to choosing a lending institution.

Learn about the different mortgage lender options available and discover which type of lending institution best matches your needs. 

Mortgage Lenders and Brokers

Today, there are many types of mortgage lenders, though they can be broken down as either a mortgage lender or a mortgage broker.

  • A mortgage lender is an entity or person that actually draws up the loan and provides the funding to purchase a home. They have certain financial and credit
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Multi Family & Rental Home Financing & Purchasing Tips Rental markets in many cities are booming. If you are a prospective investor who likes the idea of some real estate income, multi-family or rental income property can be a great investment.

However, getting financing for a multi-family property is often different from a personal residence single-family home or Jupiter condominium for a few different reasons. If rental property is something you plan on pursuing, knowing some of these tips might be helpful:

1. Live in one of the units

Investors purchasing rental properties purely as an investment typically need a larger down payment and pay higher interest than those who plan to live in their own homes. In general, lenders usually feel that homes where the owner is not living in the home

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Homebuying Credit Myths Hopeful home buyers worry about a variety of obstacles that may hinder their purchasing plans. Unfortunately, along with these valid worries, there are also some common recommendations concerning your credit score that can range from somewhat untrue to completely false.

Consumers who fall for these misconceptions can end up hurting their credit scores instead of helping them, and derailing their purchasing process.

Don't let it happen to you.

Perk up your ears, sit back, and increase your home buying savviness by understanding these common credit scoring myths, and knowing how to finesse your way around and over them. As always, consulting with a professional is always recommended to find exactly what will work for your specific situation.

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Lowering Monthly Mortgage Payment Tips Whether you are buying your first home in West Palm Beach, refinancing, or buying a second home, you want to secure a reasonable monthly payment.

The more you have to pay each month, the less you have available to pay for home maintenance, repairs and upgrades.

Remember to talk with your lender to get their professional opinion on what works best for your individual situation.

Here are six practical ways to lower your monthly payment.

1. Shop Around

You already know that the price of homes could vary quite widely depending on the neighborhood you select. This standard also applies to property taxes, homeowner's association (HOA) fees and the loan itself.

The Consumer Finance Protection Bureau notes that 47 percent of borrowers

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