Category: Resource
-
Things Buyers Want Most in a Home
When it’s time to sell your home, you might hesitate to make improvements, thinking they won’t pay off. However, skipping these upgrades can sometimes cost you more in the long run. Making the right improvements can mean the difference between getting no serious offers and receiving multiple ones. If you move out before selling, the… Read more
-
First-time Homebuyer Programs in Texas
Embarking on the journey of purchasing your first home is exciting but can also be daunting, especially from a financial perspective. Texas offers several programs designed to assist first-time homebuyers, making homeownership more accessible and affordable. Texas First-Time Homebuyer Programs Texas is home to multiple programs that benefit first-time buyers by offering down payment assistance,… Read more
-
Understanding the Nevada Housing Market Trends
Navigating the Nevada housing market can be a complex endeavor, especially with its ever-changing dynamics. This blog post will delve into the current trends shaping the Nevada housing landscape, offering both new and seasoned home buyers valuable insights to make informed decisions. The Dynamics of the Nevada Housing Market Nevada’s housing market, particularly in hotspots… Read more
-
Navigating the Mortgage Lending Process
Managing Your Expectations Like a Pro Diving into the mortgage lending process is much like embarking on a grand voyage across uncharted waters. It can be full of surprises and, sometimes, challenges that test the resolve of even the most seasoned homebuyers. From application to closing, understanding and managing your expectations is crucial for a… Read more
-
The Critical Role of Credit Scores in Your Home Buying Journey
Introduction: Embarking on the quest to purchase your dream home can be thrilling yet daunting, and the role your credit score plays in this adventure is monumental. If buying a home were akin to sailing the seas, then your credit score would be the compass guiding your voyage. This guide will explore why a robust… Read more
-
ARM (Adjustable Rate Mortgage)
Description An Adjustable Rate Mortgage (ARM) features an interest rate that may change periodically depending on changes in a corresponding financial index that’s associated with the loan. Generally, your monthly payment will increase or decrease if the index rate goes up or down. Benefits Requirements Loan Options ARMs are available in several varieties including 3/1,… Read more
-
Interest Only Mortgage
Description An interest-only mortgage allows the borrower to pay only the interest on the loan for a specified time, typically 5-10 years. After the interest-only period, the payment will increase to include both principal and interest. Benefits Requirements Loan Options Most interest-only loans are structured as adjustable-rate mortgages, adding a level of risk due to… Read more
-
Reverse Mortgage
Description A reverse mortgage is a loan available to homeowners who are 62 years or older that allows them to convert part of the equity in their home into cash. The loan is called “reverse” because the lender makes payments to the borrower. Benefits Requirements Loan Options Options include lump-sum payments, monthly payments, or a… Read more
-
USDA Loan
USDA loans are zero-down payment mortgages for eligible rural and suburban homebuyers. They are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, to promote accessibility to homeownership in less densely populated areas. Benefits Requirements Loan Options Fixed-rate loans with terms of 30 years are the standard… Read more
-
Glossary of Mortgage Terms
A Acceleration Clause A common provision of a mortgage that allows the holder to demand the entire outstanding mortgage balance due and payable in the event of a breach of the mortgage contract. Adjustable-Rate Mortgage (ARM) A mortgage that allows the lender to adjust the interest rate in accordance with a specified index periodically and… Read more