MORTGAGE BLOG
Will you need an appraisal?
Last November, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve released a proposal that would increase the appraisal requirement for home sales from $250,000 to $400,000, meaning that certain home purchases of $400,000 and less would
What questions will a mortgage lender ask?
Millions of mortgage applications are completed and sent to lenders each year. Part of the steps required include the lender gathering information about you—and sometimes those questions can seem invasive. Most of the questions are required as part of your approval. Let’s take a look at the things a mortgage
Getting a great mortgage rate
The mortgage industry examines a number of factors to determine not only if you qualify for a mortgage, but also what interest rate you’ll pay. An excellent rate on a mortgage is about a lot more than comparison shopping. It’s also about much more than just your credit score. Mortgage
All about home appraisals
A property appraisal is different from a property inspection. The home appraiser’s job is to determine the current value of a house or other property. The appraiser, of all the people you encounter during a home purchase, is the one you’ll probably interact with least. Looking for issues in the
Rent or Buy? What’s Right for You?
For many Americans, purchasing a home was a measure of financial success for decades. After the subprime mortgage crisis, people realized buying isn’t always smart but now it seems like we’re taking it to the other extreme. You need to understand the reasons for both to make the proper decision.
How to use your 401(k) for a down payment
Setting aside funds for a down payment for a home loan isn’t easy. Buyers obtaining a traditional loan need at least 20 percent as a down payment; otherwise, private mortgage insurance (PMI) will be required. That can add a significant amount to pay on top your mortgage payment. Today, the
Home Inspection Red Flags
If you’re in the process of buying a home, you likely experienced a home inspection. Home inspections occur to protect both buyer and seller. Buyers want to know they are making a sound investment and a thorough home inspection can provide assurance. For sellers, an inspection verifies the condition of
Home Improvements That Really Pay Off
You can enjoy the benefits and updates of many projects that add value to your home and improve your family’s quality of life. Renew the Kitchen Kitchen updates pay off. You can usually recover 60% – 120% of your investment on a kitchen remodel—as long as you keep it balanced
Credit: The Basics
Many consumers are confused about credit. A 2016 survey from the Consumer Federation of America (CFA) and VantageScore Solutions, LLC, found more than 80% of consumers know the basics of credit scores. But they’re still lost when it comes to some important details. To alleviate some of the confusion, here’s
