What happens when a home lender checks your credit?
One of the first steps in applying for a loan is having a home loan lender check your credit to see what you’d qualify for. What does that mean and what impact will it have on your credit score? Your lender will see your credit reportYou begin building your credit history with your first credit […]
Answers to common construction loan questions
What’s unique about a construction loan?It’s a short-term (usually 12 to 18 months) loan used for the materials and labor needed to construct a home. Sometimes, the funds are also used to purchase the lot the house will be built upon. The interest rate for a construction loan is typically around 1% higher than mortgage […]
Renovation and construction loans shine in a sellers’ market
All across the country, home buyers are struggling to purchase a new house. When we see what’s happening in the market, it’s easy to see why: Average changes in February 2020 vs February 2021Inventory is down – 48.6% fewer homes on the marketHomes are selling faster – 12 days less on the marketHome prices are […]
Now is a great time for a renovation loan
If you’re looking to purchase a new home but are struggling to find one you can afford, you’re not alone. Across the country, inventory is low and bidding wars are the norm. In the hottest markets (Austin, Phoenix, Nashville), homes are listed for a week or less before they have more than a dozen offers […]
How much will your down payment on a house be?
What is a down payment on a house? A down payment is a minimum cash payment a buyer makes during the closing process to secure a loan on a home purchase. Down payment requirements vary for different types of loans, and can range from as low as 0% of the total purchase with a VA […]
Buying a second house using a home equity loan
Purchasing a second or a vacation home is a dream for many people. But saving enough for a down payment may be a considerable barrier. A home equity loan could be the solution. If you own a home and you’ve built equity in it, it may make sense to use that equity as the down […]
What is a cash-out refinance?
So What is a cash-out refinance? A cash-out refinance is a type of loan where a borrower has a mortgage they are currently paying off and they replace it with a new mortgage for more than their remaining principal. The difference between the principal balance of the first mortgage and the new one is given […]
Mann Mortgage Named one of America’s Best Place to Work by Outside Magazine
Each year, Outside magazine accepts submissions from companies around the U.S. to be included in their prestigious list of Best Places to Work. Outside vets each company’s workplace culture, demographics, work-life balance, and perks of the job. In addition, they do an extensive anonymous survey with current employees to get their take on the work […]
Buying a house when you have student loan debt
More than half of all college students have taken on some form of debt in order to pay for their education – mostly through student loans. The average outstanding amount owed? Between $20,000 and $24,999. If you’re among those that have student loan debt, what are your options for getting a home loan? Do lenders look at debt? When issuing credit, lenders biggest concern is […]
Buying a home during a pandemic
There’s no doubt that Covid-19 has impacted how Americans are buying and selling their homes. Social distancing rules, historically low interest rates, and more people working from home have all changed, but certainly not stopped, home sales. What homebuying trends can we expect to continue through 2021? Virtual home tours Don’t assume you’ll be able to attend open houses or leisurely tour homes on […]
