When buying a home, some individuals are unable to avoid paying private mortgage insurance or PMI. This type of mortgage insurance protects lenders in case the homebuyer defaults on their mortgage. Unfortunately, PMI can add hundreds of dollars to your monthly payments. Consequently, the lender benefits should you default. However, there is a silver lining. […]
The 5 Most Important Factors That Impact Your Credit
There are 3 types of lenders who check your credit score before loaning you money and giving you a particular interest rate – auto dealers, credit card companies, and mortgage lenders. Insurance companies and landlords or property management companies may also do this to determine how responsible you are from a financial perspective when issuing […]
Working With H.O.M.E. Lending
So you have decided to buy a home–Congratulations! Chances are you’re wondering about your financing options. Our mortgage experts at H.O.M.E. Lending are ready to assist and make the lending process convenient, streamlined and personalized. How Do We Differ From Our Competitors? With interest rates still hovering around historical lows, today’s housing market has gotten extremely […]
The 5 Most Common Types of Home Mortgage Loans
If you are looking to invest in a house, the time is perfect. However, many home buyers are unaware of the mortgage options that may be available to them, especially if they’re a first-time home buyer. Choosing the right mortgage for your home buying needs isn’t that difficult if you know how each one works. […]
6 Questions Mortgage Lenders Commonly Ask When Looking at Your Bank Statements
Whenever you’re buying a home, it always helps to be prepared when interacting with the mortgage lender during the closing process. One segment of the process involves reviewing your bank statements and finding any transactions that might raise questions. So, before you apply for a home loan, we recommend that you ask yourself the same […]
Identifying Foreclosure Rescue Scams
Last year (2020) will best be remembered as the year of “If it could’ve happened, it probably did.” The COVID-19 pandemic flipped our economy upside-down while millions of homeowners struggled to make their mortgage payments. Even worse was the fact that scammers saw this as an opportunity to take advantage of homeowners who were struggling […]
What are Government-backed Loans and How Do They Work?
When it comes to home loans and mortgages, there is no one-size-fits-all option. Not only are there different types of loans, there are two primary categories of loans – conventional and those that are backed by the Federal Government or government-backed loans. In most cases, government-backed loans are easier to qualify for and have lower […]
Coping with First-Time Home Buying Stress
As a first-timer, the home buying process can be intimidating. Furthermore, the uncertainty of legal procedures that you must comply with when purchasing a home further complicates matters. Then there’s the issue of being emotional about such a huge investment. This can be overwhelming, but it can also be dangerous in that your emotions might […]
How Is Your Mortgage Affected By The Annual Percentage Rate?
When it comes to getting a home loan, it’s important to understand what your APR or annual percentage rate is and how it can affect your mortgage. This will impact the type of loan you choose and how much you’re going to spend throughout the life of the loan. That is why the cost of […]
FAQs About How the Federal Reserve and Other Factors Can Impact Your Mortgage Rates
Over the past several months, you may have heard that the Federal Reserve lowered its interest rate and that mortgage lending rates have dropped to historic lows. How are mortgage rates affected by the Fed and what other factors can interest them? These and other questions can help you determine the best time to finance […]
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