30
Jun
By Todd Grey
Home Mortgage Tips, ,

A Breakdown – The Difference Between FHA, VA and USDA Mortgages

Are you thinking about using mortgage financing to buy a new home? If so, you've likely heard about mortgage insurance policies requirements and you may be wondering how they will affect you. In today's blog post we'll explore mortgage insurance and explain the difference between conventional, FHA, VA and USDA mortgage insurance policies. How Does Private Mortgage Insurance or "PMI" Work? While there are a number of reasons that your lender may require mortgage insurance, in general you'll be required to purchase a conventional PMI policy if you are putting less than 20 percent of the home's value in as…
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05
Mar
By support
Home Mortgage Tips, ,

5 Key Tips To Prepare For A Quick Mortgage Approval

Whether you're finally prepared to get into the real estate market or you want to know how you can make a deal quick, there are a few necessary documents you'll need to prove your reliability to a mortgage lender. Here are the documents you'll want to have on hand when the time comes. Previous Tax Returns In order to ensure the earnings information you've provided to the lender, you'll need to have your tax returns for the two years prior to your mortgage application. In addition, you may also be required to provide your W-2s as backup documentation. Bank Statements…
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07
Jun
By support
Home Mortgage Tips, ,

Thinking About Investing in Real Estate? Here’s What You’ll Need to Get a Second Mortgage

The decision to invest in a home is a big one for many people, but if you're making the foray into real estate the second time around, it's even more important to be financially aware and prepared. If you're wondering what you'll need in order to get approved for an investment property, here are some things that you'll want to consider before deciding a second property is in your future. A Larger Down Payment Due to the risk factor involved in taking on more than one loan, acquiring a second mortgage for an investment property will likely require you to…
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24
Jul
By support
Home Mortgage Tips, ,

Can One Missed Mortgage Payment Affect Your Credit Rating? Yes! Here’s What to Do if You Miss One

Most people don't know whether or not a single missed mortgage payment can have serious consequences for their credit score. The good news is that there are things that can be done to mitigate the damage and help anyone who has missed a payment repair their credit. What are some options to help homeowners get back in the good graces of their creditors? Own Up To The Mistake The best thing to do is to admit that the payment was missed and immediately make amends for it. For the most part, mortgage lenders are sympathetic to the fact that people…
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22
Jul
By support
Home Mortgage Tips, ,

Is Now the Time to Consider a 15-Year Mortgage? Five Reasons to Give the 15Y Another Look

A 15-year fixed mortgage is, as its name suggests, a mortgage that's paid off after 15 years. Since it amortizes fully, after that amount of time you won't have to pay anything else. This type of mortgage has a lot of benefits, and below we'll share just a few of them. 1) No Need For Payments After Retirement Here it highly depends on when in life you choose to take on the mortgage. However, most people decide to take on a mortgage at around 30 years of age. If this is the case for you, then it means you'll be…
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