Are Mortgage Misconceptions Keeping You from Buying a Home?

Posted by Laine Smith on 8/7/15 2:50 PM

Most consumers want to own a home, according to a new Wells Fargo survey, but their incorrect ideas about what is necessary to obtain home financing may be keeping them from purchasing.

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Buying a Home with Little to No Money Down

Posted by Laine Smith on 7/18/15 11:28 AM

A major hurdle for some first-time homebuyers is coming up with the funds for a down payment or closing costs on their home purchase. Luckily, there are loan options and down payment assistance programs that give qualified homebuyers the ability to purchase a home with no to little money down.

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Memorial Day 2015: What You Should Know About VA Loans

Posted by Laine Smith on 5/25/15 10:24 AM

Service men and women and their families make many sacrifices to keep our country safe. As a token of appreciation, the United States Department of Veterans Affairs has provided a program with a mission to help servicemen, servicewomen, veterans, and eligible surviving spouses become homeowners.

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Mortgage Goals: How Much Do I Need for a Down Payment to Buy a House?

Posted by Laine Smith on 12/4/14 5:13 PM

A large amount of homebuyers cite saving funds for a down payment as their biggest hurdle in the home buying process. Contrary to popular belief, the need for a 20 percent down payment to purchase a home is no longer the status quo. 

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Mortgage 101: What is a VA Loan?

Posted by Laine Smith on 10/21/14 10:00 AM

Service men and women and their families make many sacrifices to keep our country safe. As a token of appreciation, the United States Department of Veterans Affairs has provided a program with a mission to help servicemen, servicewomen, veterans, and eligible surviving spouses become homeowners.

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VA Loan Basics

Posted by Laine Smith on 7/3/14 3:16 PM

As you celebrate Independence Day this weekend, remember the men and women who have served our country in the armed forces, fighting for our freedoms.

The VA Loan was established in 1944 when the GI Bill was signed into law by Franklin D. Roosevelt. The program was built to help servicemen who had missed an opportunity to build credit and a financial nest egg while away at war.

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Loan Options

Posted by Laine Smith on 6/6/14 10:04 AM

There are an infinite amount of loan types and options for today’s borrowers, which brings up the age-old question: “Which mortgage is right for me?” Fixed or adjustable rate? 30-year or 15-year term? Government-backed or conventional? Buying a home is a huge financial commitment, and you should explore what option will fit your budget and future plans.

When looking for the right mortgage loan, you will essentially be choosing loan options within two different types of financing: government-backed or conventional financing.

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What is Private Mortgage Insurance?

Posted by Laine Smith on 5/9/14 3:26 PM

When determining what your monthly mortgage payment will be, lenders use the acronym, PITI, to describe the elements of your monthly payment. PITI stands for principal, interest, taxes and insurance. The insurance portion stands for two different types of insurance, homeowner’s or hazard insurance and private mortgage insurance (PMI).

PMI protects lenders in the case that borrowers default on their mortgage and also benefits homebuyers, as it allows buyers to purchase a home with a low down payment.

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What is a VA Loan?

Posted by Laine Smith on 11/15/13 10:57 AM

Veterans and military families make many sacrifices to keep our country safe. Veterans are still able to benefit from a loan program created almost 70 years ago to honor their service and help them achieve a large part of the American dream: homeownership.

The VA Loan was established in 1944 when the GI Bill was signed into law by Franklin D. Roosevelt. The program was built to help servicemen who had missed an opportunity to build credit and a financial reserve while away at war.

The VA’s mission to level the playing field in the housing market for veterans is still at the heart of the program today. According to the Department of Veterans Affairs, in the 2012 fiscal year, the VA backed approximately 540,000 loans, averaging $220,000 per transaction and amounting to more than $119 billion nationwide.

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