Whether you are buying or selling a home, you’ll hear two values thrown around - the assessed value and the market value. While they are both values, they have two different meanings and uses. Confusing them could make your purchase or sale rather confusing. Get Matched with a Lender, Click Here. Below we help you understand the meaning of both terms. What is the Assessed Value? Your county has an assessor or person in charge of … [Read more...]
Taxes and Mortgage Interest Deduction: Is Itemizing Necessary?
Taxpayers have long been able to deduct mortgage interest on their taxes. And then came the Tax Cuts and Jobs Act. While the Act did change the type and amount of deductions, it didn’t entirely eliminate the mortgage interest deduction. Looking for Current Mortgage Interest Rates? Click Here. Taxpayers may still be eligible to deduct mortgage interest paid. It depends on a variety of factors, including whether or not you will be … [Read more...]
Setting up Bi-Weekly Mortgage Payments Yourself
Bi-weekly mortgage payments can save you thousands of dollars in interest. Many lenders/finance companies offer this service, but at a cost. Did you know you can do it yourself? Check with your lender first, but using the steps below, you can make bi-weekly payments. Looking for Current Mortgage Interest Rates? Click Here. What are Bi-Weekly Payments? Don’t let the name scare you. You don’t pay double the mortgage payments. … [Read more...]
How Fast Can You Increase Your Credit Score?
Lenders use your credit score to determine your eligibility for a loan. If you have a ‘bad’ credit score, you may not qualify. Fortunately, credit scores aren’t stagnant. They change many times throughout the month. Get Matched with a Lender, Click Here. Because they aren’t stagnant, there are ways you can increase your score. Just how fast can you make it happen? Keep reading to find out. It Takes Time to Increase Your Credit … [Read more...]
Mortgage Prequalification: Do They Damage your Credit?
Getting prequalified before shopping for a home is smart. It’s the first step in getting a loan approval. There’s a big difference between prequalification and preapproval, but everyone has to start somewhere. Get Matched with a Lender, Click Here. It all sounds like it could damage your credit, though. After all, lenders mark your credit report with an inquiry every time you apply for new credit, right? The prequalification works … [Read more...]
Making Sense of the TRID Guidelines
After the housing crisis, the government worked hard to make sure borrowers were more informed about a potential mortgage. A part of the new guidelines is the TILA-RESPA Integrated Disclosure Rule, otherwise known as TRID. It has been in effect since 2015, and helps borrowers feel empowered when taking out a mortgage. Get Matched with a Lender, Click Here. Keep reading to learn how TRID affects you. The Know Before you Owe … [Read more...]
How to Tell if a Home is USDA Eligible
USDA loans have flexible guidelines and don’t require a down payment, but not everyone qualifies. Sometimes it’s not you that doesn’t qualify, though, sometimes it’s your house that doesn’t qualify. Get Matched with a Lender, Click Here. The USDA has specific requirements for any home bought with a USDA loan. Keep reading to learn if your home qualifies. It Must be Rural First, the home must be located in a rural area. You … [Read more...]
USDA First Time Homebuyer Education: Things You Need to Know
USDA financing provides first-time homebuyers with a great way to buy a home with little money out of their pocket upfront. While the USDA does offer flexible underwriting guidelines for households that meet the income restrictions, they have a hard and fast rule that all first-time homebuyers must complete homebuyer education. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to learn how this process … [Read more...]
How to Create an Attractive USDA Loan Application
USDA loans offer attractive financing terms for low to moderate-income families. With no down payment, borrowers that don’t have adequate housing and are within the USDA’s income guidelines may qualify for this great financing option. Looking for Current Mortgage Interest Rates? Click Here. Keep reading to learn how to make your USDA loan application as attractive as possible. Meeting the Income Eligibility Guidelines Before you … [Read more...]
What USDA Home Repair Loans and Grants are Available?
The USDA Home Repair Loans and Grants, or Section 504 Home Repair Program, helps low-income families repair or even improve their home. You can use the funds to make the home safer, more sanitary, or to remove a hazard. Borrowers over the age of 62 that cannot repay the loan may receive grant funds rather than a loan on this program. Compare Offers from Several Mortgage Lenders. Keep reading to learn how the program works and how … [Read more...]
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