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Financial benefits of owning a home

Family sitting on their house porch

Buying a home has long been considered part of the American dream. But when you consider a home as a financial investment, is it a good choice? Below is a review of some big financial benefits of homeownership. Build equity Equity is the value of the property you actually own. As example, if your home […]

Tips for first-time home buyers

Father and young child playing with blocks on the floor

Whether it’s your first time buying a home or it’s been a few years since you last bought one, knowing where to start is your first step towards finding a home that fits your needs. Save for a down paymentThe amount of money you’ll need for a down payment depends on the type of loan […]

5 tax deductions homeowners can use

Ben Franklin on 100 dollar bill looking at a calculator

One of the perks of being a homeowner is getting to use your home for tax deductions. Tax deductions reduce how much you pay in taxes by lowering your taxable income. When filing your annual taxes, you can use standard or itemized deductions. Standard deductions are a set amount deducted from your adjusted gross income […]

The difference between a 30 and 15-year fixed mortgage

Happy couple holding keys to their new home

A mortgage term is how long it will take you to repay the loan in full. There are a few term options, but most common are 15 or 30-year terms. Both mortgage options are fixed rate meaning the interest rate and monthly payment is set when the loan is taken. A fixed-rate makes it much […]

Conforming loan limits for 2021

Row of new houses for sale

When applying for a mortgage, one of the most popular options is a conforming loan. These loans are called “conforming” because they conform to the guidelines set by Fannie Mae and Freddie Mac, federally backed home mortgage companies created by the U.S. Congress to boost homeownership. What do Fannie Mae and Freddie Mac Do?These entities […]

Buying a Home with Challenged Credit

Borrower at table getting mortgage with bad credit

Buying a home with poor credit can be a challenge, but it’s not impossible. Your credit score – whether it’s good or bad – is just one of the factors your home lender will use to decide whether you’re eligible for a loan.  What is a Bad Credit? Bad or “low credit” typically means your FICO score is under 600. FICO credit scores range from 300 to 850 and […]

6 things you shouldn’t do when you’re pre-approved for a mortgage

Couple shopping after quick mortgage pre-approval

Just because you’re pre-approved for a loan doesn’t mean you’re guaranteed to get final approval on your loan. When your offer has been accepted and it’s time to begin closing on your loan, your mortgage lender is going to take another detailed look at your credit history, assets, income, and FICO score. You want to make sure you look just as good as […]

Closing on a home – how to prepare

First-time homebuyers learning about closing on a home

You’re getting ready to close on a new home – congratulations! You’ve completed your house hunt, you negotiated the price, and your offer was accepted. Before you get handed the keys to your new house, there’s one final step you’ll have to complete – closing on your home. What is closing? It’s the final step […]

How much will your down payment on a house be?

Low down payment on a house graphic

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 […]

What is a cash-out refinance?

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 […]

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