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As you make the decision to move forward on your homeownership journey, you may be wondering about all of the costs involved in purchasing a home. In addition to your down payment, you will also need to plan for closing costs.
Getting your ducks in a row when applying for a mortgage can seem daunting, but it doesn’t have to be! Lenders, underwriters and APM are here to help you determine what type of loan, including size, duration and other terms, are right for you.
It’s not feasible for most people to snap their fingers and – poof! – a 20 percent down payment appears. For some, saving for a down payment can be a long-term process. While there are many down payment assistance programs and loan options that can make the down payment a little easier to swallow, there are also a few habits you can implement to quickly save for a down payment.
Budgets are like diets…they’re difficult to stick to! Much like diets, however, putting in the hard work and short-term sacrifices can yield amazing results. Every penny counts when you’re working toward a home purchase – and that doesn’t stop once your budget is created.
Have you been thinking about purchasing a home sometime this year? As you prepare for that exciting journey, you’ll want to check your credit score. Your credit score, often referred to as your FICO® score, is calculated using your credit history on file with the credit reporting agencies. No matter what your score is, you can work on boosting it by following a few simple tips.
Buying a home can be exciting. You know you want to buy a house, but where should you begin? The ideal place to begin the home buying process is with getting a pre-approval for a home loan.
The Federal Housing Finance Agency (FHFA) announced an increase in the baseline conforming loan limits for Fannie Mae and Freddie Mac loans in 2020. For most of the U.S. the limits have been increased to $510,400, up from the 2019 limit of $484,350 for one-unit properties.
For some higher cost areas, the limit has been increased further, to a maximum of $765,600. This varies by county, and a full list of counties with corresponding limits can be accessed on the FHFA website here.
Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. In these areas, the baseline loan limit will be $765,600 for one-unit properties.
One of the most important factors which determines your home loan qualifications and rate is your credit score. If you are at the beginning of the home buying process, it’s important to understand how your credit score can impact your ability to get a mortgage loan, as well as the interest rates you may be offered. Understanding your credit is one of the first steps you will take to becoming a home buyer, so let’s get started.
Student loans can pose problems for many first-time home buyers trying to qualify for a home loan. This isn’t a news flash for most of us with student loan debt, but it also doesn’t have to mean the end of the road for the dream of homeownership.
The Tax Cuts and Jobs Act was signed into law in December, 2017. This new bill amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals as well as businesses. Some of the changes have already taken place and will continue through 2018. As a homeowner or home buyer, here is what you can expect from the bill and ways it may impact you.
You finally own that home you always wanted. You’re benefiting from the financial perks, but with a new home comes a new monthly mortgage payment … and perhaps a new interest rate to consider.
You may not know this, but at the beginning of your mortgage, a lot of that monthly mortgage payment goes toward interest. That’s because your loan balance is still at or near the original amount you borrowed, since you’ve just started paying it off.
So, here you are. You decided to take a dive into homeownership. First of all, we want to say, congratulations. We know that being a homeowner will give you a sense of pride and security, both to you and your family. Like they say, there's truly no place like home.
