Author: super_admin

If you were recently denied for a mortgage application, it doesn’t mean you can’t get approved somewhere else. There are some application issues that are fixable. The first thing you’ll want to know is why you were denied. We can take a look and shop for other loans options. Credit issues are a common reason for getting denied. The first thing to do is to examine your credit report to see if there are any errors that can be fixed. There are also other loan programs if your score doesn’t fit conventional loans. Debt to income ration or DTI that is too high is another common reason to be denied. The first thing if possible, would be to pay down debt. Another common source of debt is student loans -…

As the Federal Reserve has indicated lowering inflation is a top priority and raising short term interest rates as its primary tool to do this, we have seen mortgage markets react with higher rates (mortgage rates are not directly tied to the Fed rate, but they often move in the same direction). The 30 year rate moved up to 5.89% this week accord B ing to Freddie Mac. While these rates are higher than pandemic lows, the still fall into the historic “normal” range. While the Fed is taking a strong position against inflation, we are seeing market conditions improve in some areas. As Dawit Kebede, an economist for the Credit Union National Association noted recently, “there are signs that some of the main drivers of inflation are easing, such…

If you are thinking about selling your home and want to maximize your value without taking on major renovations here are some quick and (relatively) easy things you can do. 1. Update the hardware – if you have dated or weathered knobs, mirrors, handles, faucets switching them out with more modern ones can make things look a lot fresher. 2. Paint – this is one of the most obvious ones but a fresh coat of paint (or two) can work wonders. 3. Go Green – adding plants can make things look a lot livelier. 4. Deep clean the bathrooms – if you have grout or stains they can be a big eye sore. 5. Deep clean the outdoors – a power washer can make a huge difference on a dirty…

Today we are going to discuss two common mortgage loan products, and the pros and cons of both: FHA versus Conventional Loans. Many people are familiar with the 20% down, good credit 30 year fixed conventional loan scenario. FHA loans are designed for people who have difficulty qualifying for a conventional loan to buy a house. FHA Loans offer down payments as low as 3.5% and are more lenient on credit scores and past financial issues. Borrowers can qualify for FHA loans with as low as 580 credit scores. One of the downsides of FHA loans are mortgage insurance requirements, if you put down less than 10% you will be required to pay monthly insurance for the duration of the loan, as well paying Upfront Mortgage Insurance Premium. The best…