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Using Gift Money For Down Payments

To take advantage of low interest rates while home prices climb higher and higher, some homebuyers need help accumulating enough money for a down-payment. To satisfy secondary market loan package purchasers such as Fannie Mae and Freddie Mac and insurers like the Federal Housing Authority, lenders have strict rules about where down-payment money originates. Lenders prefer that borrowers supply their own down-payment funds. It shows they have “skin in the game” and that they are good with money and can meet their financial goals. But thanks to the Great Recession and the slow road b...

September 7th, 2017 Using Gift Money For Down Payments

The Weekly Mortgage Commentary

This week brings us the release of only two monthly or quarterly reports that have the potential to affect mortgage rates. The stock and bond markets are closed Monday in observance of the Labor Day holiday and will reopen for regular trading Tuesday morning. July’s Factory Orders data will start this week’s calendar late Tuesday morning. This report measures manufacturing sector strength and is similar to the Durable Goods Orders release the week before last, but includes orders for both durable and non-durable goods. It is expected to show a 3.2% decline in new orders. A larger ...

September 4th, 2017 The Weekly Mortgage Commentary

Maintain Good Credit After Your Home Purchase

You knows how important it is to have a strong credit score when you’re buying a house. Keeping your credit score good after you’ve purchased is just as critical because if you let your score drop after you close escrow, you will see a negative impact you in a few important ways. Refinancing If rates drop after you’ve moved in or you didn’t get the greatest rate to begin with, refinancing might be your answer since it can save you money every month and over the life of your loan. If your credit score has gone up since you purchased, which often happens after a mortgage ...

August 31st, 2017 Maintain Good Credit After Your Home Purchase

Mortgage Rate 101: Getting Down to Basics

Looking for a house can be exciting. Looking for the right mortgage and interest rate? Not so much.   There’s no argument: the financial considerations of a purchase can be confusing and stressful. Learning the basics can help you better understand your needs and give you a firm foundation on which you can build your search – but it’s always advisable to speak with a qualified lender before you decide.Mortgage rates – the basics Generally speaking, mortgages can be broken down into two main types: fixed rate and adjustable rate. The difference between the two...

August 31st, 2017 Mortgage Rate 101: Getting Down to Basics

Smart Home Technology: 6 Gadgets That Will Increase Home Efficiency

For bolstered efficiency and enhanced convenience, it’s worth it to equip your home with the newest technology. There are practical smart home devices that will help you save on utility costs, ensure the safety of your home and assist in home maintenance. There are also more personalized gadgets that will help you monitor health, ensure your pet's safety, and also provide multifaceted assistance in home management. Tailor your home with the right technology for you and your family. Here is a list of the best smart home gadgets you should invest in:Nest ThermostatThe Nest Thermostat p...

August 31st, 2017 Smart Home Technology: 6 Gadgets That Will Increase Home Efficiency

The Weekly Mortgage Commentary

This week brings us the release of seven pieces of economic data for the markets to digest, including a couple of extremely important reports. There is relevant data being posted each day of the week except Monday, with the most important things coming late in the week. Therefore, we can expect to see a pretty active week for bonds and mortgage rates. The Conference Board will post their Consumer Confidence Index (CCI) for August late Tuesday morning. This index measures consumer sentiment about their personal financial and employment situations, giving us a measurement of consumer willingness...

August 28th, 2017 The Weekly Mortgage Commentary

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