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Category: Mortgage Tips

Pros & Cons of Owning a House | What Homeowners Need to Know

For the first time in a year, homeowners with adjusting mortgages are facing rising mortgage rates.
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Home Down Payment Gifts – Rules for Giving and Receiving

Buying a house can be difficult, particularly if you have to pay a down payment toward the value of the house. For first-time homebuyers, home affordability is even more challenging
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How to Buy a House with Bad Credit and Get Your Mortgage

Your credit score matters a lot when you’re trying to get a mortgage to buy a home. However, you still have plenty of mortgage options even with a below-average credit
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HomeReady® Mortgage Income Limit and Requirements for 2023

Buying a home in the current property market can be challenging. The Fannie Mae HomeReady® program is geared towards buyers who might be struggling to enter the property ladder. The
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How Long Does a Home Appraisal Take in 2023?

A home appraisal timeline ranges between one and three weeks. In a hot licensed real estate market, you get an appraisal on the higher end of the range.  A home
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Red Flags When Buying a Condo: What to Keep an Eye For

Purchasing a condo is a great way to own a new property. Condo estates are usually located in central areas with lots of amenities and opportunities. City centers, schools, shopping
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Freddie Mac’s Home Possible® Loan Limits: 2024 Requirements

The Home Possible® Program from Freddie Mac helps low-income borrowers achieve homeownership on favorable terms. The program comes with a low down payment, which helps first-time home buyers climb on
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How Long is the Process To Buy a House (Timeline)

You typically need a few months for the whole first-time home-buying process. It often takes between 6 and 8 months of research in the local market on average to find
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When Are You Considered A First-time Home Buyer Again?

You are typically considered first-time homebuyers when you haven’t owned a home before. However, the definition of a first-time principal residence buyer is not as straightforward as it may seem.
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I Make $40,000 A Year How Much House Can I Afford?

You will assess how large and expensive a house you can afford depending on how much you make. The price of a home you can realistically afford depends on your
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Do Lenders Look at Bank Statements Before Closing?

Underwriters want to check that you are a responsible borrower who’s financially able to repay the mortgage. They also need to make sure the money you use for your down
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Are Condos Safe From Hurricanes?

During hurricane season, the safety of high-rise condos becomes a top priority. There are many misconceptions about hurricane damage and prospective apartment and condo buyers should have valuable insight about
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Questions To Ask When Buying A Condo? Fees and Restrictions

Are you thinking of buying a condo as your new home? Condos mix convenience and community living, which sets them apart from traditional single-family homes. They can make life easy
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How To Get A Lower Interest Rate On Mortgage?

As mortgage rates continue to rise, they have reached their highest point since 2009. Whether you are buying a home or have already bought a home, the interest rate on
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What Is A Home Equity Loan? Pros and Cons

Home equity is a topic that may sound more complicated than it actually is. Due to questions we’ve had, we’ve decided to make a blog post talking about what equity
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Buying A House In Winter: Best Time Of Year To Buy A House

So you’ve heard that buying a house after the Fall months is a terrible idea, right? However, the best time where you can find your dream home at the best
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How Do IRA Accounts Work? How To Use Them for Buying A Home

For this blog update, we’ll discuss the other types of IRAs, SEP IRAs and Simple IRAs. We’ll also go into detail what your mortgage lender will require from you if
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How To Withdraw Money From 401k Before Retirement

Asset documentation is one of the most stressful parts of the mortgage loan process. Having to supply the most recent 2 months of bank statements, and also having to keep
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How to Get a USDA Loan With Bad Credit? (Eligibility for 2024)

We live in an age now where it can be easy to think that you cannot do anything without a credit history. From buying cars, buying homes, to having a
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Buying A New Construction Home: Step-by-step Process

When it comes to buying a new home, there are plenty of options for borrowers. Buying an existing home is the most common practice currently. However, it newly built home
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