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Blog Image: How Often Can I Refinance?

How Often Can I Refinance?

You refinanced your home mortgage a few months ago, but interest rates have dropped dramatically since that time. Or perhaps you have had a financial emergency pop up and it would be really helpful to tap some of your home equity with a cash-out refi. Is it possible to refinance again? And should you? Specific Loan Requirements While borrowers can refinance as many times as they want, there may be specific waiting periods based on your particular loan. For example, a “seasoning” period of six months is the standard wait for most conventional lenders. If you refinance with ano...

October 14th, 2020 | Refinancing a Home, How Often Can I Refinance?

Blog Image: How Often Do Credit Scores Update?

How Often Do Credit Scores Update?

Courtesy of Mindy Leisure, Advantage Credit The question is often asked, “should I pull my borrower’s credit report after the first of the month to see the most updated credit scores?”  The assumption being that credit reports update during the first part of the month…actually this is far from accurate. Credit reports are constantly changing. Every time a creditor reports to the bureaus the report, and thus the scores, can change. There is no set time of the month that a creditor has to report. While some do report at the beginning of each month, not all rep...

October 5th, 2020 How Often Do Credit Scores Update?

Blog Image: Why This Fall Might Be the Best Time to Buy a House

Why This Fall Might Be the Best Time to Buy a House

The U.S. housing market has been in overdrive for the past several months, as buyers play catch up after the coronavirus pandemic shut down most home-shopping in the spring. Existing home sales in June and July both grew by more than 20% while inventory fell almost 33% in July. As we turn the corner into fall, you may be wondering if the market is too hot to buy. While it's impossible to predict exactly what the housing scene will look like, there are still several reasons why this 2020 autumn might be the best time to buy a home. Competition Could Decrease Fall is traditionally the ...

September 30th, 2020 | Interest Rates, Purchasing a Home, Why This Fall Might Be the Best Time to Buy a House

Blog Image: Is Now the Right Time to Buy Your First Home?

Is Now the Right Time to Buy Your First Home?

There are millions of potential U.S. homebuyers sitting on the sidelines wondering if it is smart to buy their first house in the midst of a global pandemic. Unemployment is the highest it's ever been, COVID-19 cases are still rising in many places, and home prices remain steep. And yet, great opportunities can often arise in the middle of economic turmoil. This may be a great time to become a first-time homebuyer. Timeframe One of the biggest concerns right now for many first-timers is whether the housing market will hold its value or if we’re in for a big crash as the coronav...

September 23rd, 2020 | Purchasing a Home, First-time Homebuyers, Is Now the Right Time to Buy Your First Home?

Blog Image: How the New Fed Policy Will Affect Your Mortgage Rates

How the New Fed Policy Will Affect Your Mortgage Rates

The U.S. Federal Reserve recently announced its new approach to monetary policy, setting the markets abuzz with rumors. Will mortgage interest rates remain low? Will they jump? Here’s what the Fed’s policy means for mortgage loans. Fed Policy: More Job Focus, Less Inflation Concern Historically, the Fed has had two main goals. The first has been to encourage strong employment rates while the second has been to keep the national inflation rate around 2%. On average, the Fed has been fairly successful in its aims. Of course, there have been exceptions, like the recession of 200...

September 16th, 2020 | Interest Rates, Fixed Rate Mortgages, How the New Fed Policy Will Affect Your Mortgage Rates

Blog Image: The Little-known Mortgage That Doesn’t Require a Down Payment

The Little-known Mortgage That Doesn’t Require a Down Payment

USDA Loan Defined These are mortgages backed by the U.S. Department of Agriculture. They are designed to help low- or middle-income borrowers buy homes in non-urban areas. USDA loans are not actually made by the government; they are made by traditional mortgage lenders but receive a guarantee from the USDA that makes them less risky for lenders. Loan Features Beyond offering 100% financing on a home, USDA loans also allow borrowers better interest rates than other low-down payment programs. This is because the USDA subsidizes rates to encourage homeownership in more rural areas. In mo...

September 9th, 2020 | Government Loans, USDA Loans, The Little-known Mortgage That Doesn’t Require a Down Payment