Tag Archive for: Closing Costs

Quick Tips on How to Finance a Rental Property

Learning how to finance a rental property is similar to financing a primary residence or vacation home. Most lenders follow the same general set of guidelines and funding often comes from the same sources. In general, mortgage financing for rental properties is often approved using standards set by Fannie Mae or Freddie Mac, although there […]

Can I Buy a House Without Paying Closing Costs?

Closing costs can be a heavy financial burden when you’re ready to buy a home or refinance your mortgage. With every home purchase or refinance, closing costs are part of the mix. For new homebuyers especially, deciding how to pay closing costs can be overwhelming and stressful. All that said, you definitely have options! An […]

How to Cancel PMI and Lower Your Monthly Mortgage Payment

Private mortgage insurance (PMI) is typically required for homeowners who put less than 20% down toward their home loan. In general, private mortgage insurance (PMI) is 0.5 – 1.5% of the total loan amount and is tacked onto the monthly mortgage payment. It can easily add a few hundred dollars to your mortgage payment every […]

Still Renting? You’re Paying a Mortgage, Just Someone Else’s

If you’re still renting, you might think that you’re not paying a mortgage. Technically that may be correct but in the end, you’re paying the property owners mortgage.  When real estate investors evaluate a potential purchase, one of the first things they’ll be looking for is whether or not the unit generates cash flow. Investors […]

How to (effectively) Buy a Fourplex and Live Mortgage Free

Understanding how to buy a fourplex is an interesting concept and at first glance it might seem a bit misleading. The obvious way to buy a fourplex and live mortgage free is to pay cash for it. But many don’t take that route because it can put a dent in a bank account and tie […]

VA Home Loan Advantages

The Department of Veteran’s Affairs was first established back in 1930. Implementing and overseeing multiple programs and benefits to those who have served in the Armed Forces. One of the more popular programs is the VA Home Loan Benefit. This financing option provides multiple benefits that other mortgage programs simply cannot provide. For those who […]

Refinancing: The Risks of Waiting

If you’ve been thinking of refinancing, the risks of waiting might not be worth it. Lately, it’s a good move to go ahead especially for those who have been on the fence over the past few months. The market has been relatively positive for interest rates as mortgage rates in general have been floating in […]

What Counts in Your Debt Ratios

Debt ratios are utilized by lenders during the loan approval process. It’s an important piece, just one of several. Other factors such as credit, employment and assets are also pieces of the approval puzzle. Debt ratios on the other hand are the primary tool to determine affordability. Today, most loan programs set the guidelines for […]

These 5 Things Can Stop Your Loan Application in Its Tracks

Once your loan application is submitted, the application is documented with some personal financial information from you such as paycheck stubs and/or tax returns, bank statements and W2 forms. In addition to your personal information, various third party services are ordered in preparation for submitting the application for an approval. The loan application is reviewed […]

Insider Tips for a Fast Close on Your Home

Want to close fast? There are certainly lots of things people can do to accelerate the closing process. A fast close can help with the negotiation process. Sellers who see that someone has already applied for a mortgage means the buyers are not only serious about an offer but have taken the extra step and […]