Conforming loan limits for 2021
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 […]
5 tax deductions homeowners can use
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 […]
Tips for first-time home buyers
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 […]
Financial benefits of owning a home
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 […]
Closing on a home – how to prepare
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 […]
What is a home equity line of credit?
A home equity line of credit (HELOC) uses the equity you’ve built in your home as collateral to get an additional loan. Since you’re using your home as collateral, lending institutions generally are able to offer much more favorable interest rates than you would get from an unsecure borrowing source (like a credit card company). How much money can […]
Buying a Home with Challenged 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
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 […]
Financial benefits of owning a home
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
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 […]
