Category: News

Being self-employed is great - you're your own boss but when it comes to getting a mortgage secured, its a slightly different process than traditional mortgages. It often comes with additional requirements and red tape. Here are some tips to help you get organized and approved if you’re self employed. Apply for a mortgage when your income is up (we know this is easier said than done) but lenders will look at your last two years income most closely, and if you’re income fluctuates its best to apply on an up year. This can help you qualify for a greater loan amount and lower interest rate. Get That DTI lower, your debt-to-income ratio is one of the key factors in getting approved. So you’ll want to try to pay down…

If you haven’t heard interest rates are still near record lows. So if you have a mortgage and haven't refinanced in the last year, there’s a good chance you can refinance into a lower rate (generally a good idea :) and may consider getting cash out, so here are five things to consider. First we will start with the pros…. Low Rates and Lower Rates. As we said rates are low now – like really low. And if you’re considering a HELOC or home equity line of credit, rates on a mortgage refi are often lower. So you can lock in a low rate and have lower payments – sounds good right? Debt Consolidation If you have a lot of high interest debt (i.e. credit cards), you can pay that…

We all know the housing market has been on a tear and some people take might want to take a pause, but here are five reasons why it’s a good time to buy! 1. Increases in inventory – one of the reasons housing prices have been surging is a lack of inventory but we are seeing increased inventory nationally over the summer according to national association of Realtors. 2. Price increases maybe moderating – forecasts expect prices to continue to go up but at a more moderate level. 3. Rates are expected to stay low – forecasts for rates to stay low through the end of the year and perhaps into next year 4. Rates are near record lows – we are still at record low interest rates so borrowing…

Should you refinance for less than half a percent difference on your current loan? You’ve probably heard that interest rate are at record lows and if you’re current rate is one percent higher than today’s rates then we would usually say refinancing is a no-brainer. But what if you already have a low rate and its less than half a percentage point less than your current rate, should you refinance then? There are a few key factors to consider. 1. Do have an Adjust Rate (ARM) Mortgage? Getting into a lower fixed rate mortgage can definitely make sense in this case as you’ll lock in a lower rate, as the ARM rate may rise in the future. 2. Do you have a high loan balance? If your loan balance is…

If you are thinking about selling your home and want to maximize your value without taking on major renovations here are some quick and (relatively) easy things you can do. 1. Update the hardware – if you have dated or weathered knobs, mirrors, handles, faucets switching them out with more modern ones can make things look a lot fresher. 2. Paint – this is one of the most obvious ones but a fresh coat of paint (or two) can work wonders. 3. Go Green – adding plants can make things look a lot livelier. 4. Deep clean the bathrooms – if you have grout or stains they can be a big eye sore. 5. Deep clean the outdoors – a power washer can make a huge difference on a dirty…

Are we entering the optimal time to buy a home? Obviously the market has risen a lot this year, so that may sound irrational. However if you are looking at the time of year, spring and summer are seen as most competitive but traditionally according to Realtor. com between now and October 17 is when buyers will see less competition and can get better prices. Of course every listing and market is unique and these past two years have been unusual to say the least but typically homes sell at discount and as the days get shorter houses actually linger on the market longer.

You can lock in a mortgage rate after you’ve made an offer on a house and have a signed purchase agreement. The mortgage rate lock, means that you have a specific mortgage rate “locked in” for a period of time (typically 30 or 60 days). This rate lock means you’ll get that rate even if rates move higher or lower during the time your loan is being processed. Rate locks do expire and can cost a fee (basis points) depending on the rate and period. With today’s rates near historic lows, a rate lock can be a good idea but a keen eye on closing dates is important as well. Give us a call or schedule a meeting on our site and we can review your situation and see what…

If you haven’t refinanced and maybe have been procrastinating here are five quick tips to help see if a refinance is right for you. 1. Check Your Rate – Rates are still near historic lows so even half a point can mean substantial monthly savings. 2. Check Your Equity – many home values have increased in equity in the past year so you may be eligible to refinance with cash out. 3. Check Your Debt – if you have a other high interest debt, you may consider consolidating that debt with a lower rate refi. Of course beware the revolving the debt cycle! 4. Check Your Calendar – if you want to pay of your home faster, you can refinance into a 15 year mortgage with extremely low rates. 5.…

You may not be familiar with a joint mortgage – this is where there are two or more parties on a mortgage. Commonly friends, family or a partner will combine their incomes and assets to buy a house. This is often done when one party cannot qualify or can’t afford a property on their own. Unlike a typical mortgage all parties are on the mortgage and all assume responsibility for paying it. The main benefit of a joint mortgage is being able to afford or qualify for more of home than one party is able to on their own. As you may have guessed this creates a more complicated situation where you can have co-ownership, and may be dependent on multiple parties making payments. Further you could have one party…

PMI is private mortgage insurance. If you’re getting a conventional loan and are making of down payment of less than 20% of the purchase price, you generally need to purchase PMI. This insurance is designed to protect the lender in case of default on the loan and it also allows the borrower to buy a house when they can’t afford to make the traditional 20% down payment. PMI is provided by a third party, requirements and rates will be provided before the closing. Once you reach 20% equity in the home – either through mortgage payments or rising home values, the PMI will be terminated. PMI rates are generally between 0.5 percent and 1.8 percent of the original loan amount. According to Freddie Mac, it estimates that most borrowers pay…