Category: Mortgage

21 Mar 2019

Ten tips to maintain a good credit score

maintain a good credit score
Do you suffer from FOMO, or Fear of Missing Out? It's that nagging feeling that someone, somewhere, is having fun without you, and it can be crazy making. Whether your Fear of Missing Out is mild or severe, there's one area where FOMO is completely justified, and may even make your life better: credit scores. People with good credit scores get access to all kinds of perks, including: low interest rates on houses, cars, and credit accountsapproval for higher loan amounts with lower interest rateslow to no security deposits on phones and utilitiesmore apartment or home choicesreward credit cards that earn airline miles, cash back, or hotel pointsbetter auto insurance rates The common denominator on all these perks? More money. When your...
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28 Feb 2019

What is a mortgage?

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It's a good idea to know the ins and outs of a mortgage before you sign one, so let's dive into what it is, what it's made of, and how to pay it off. Simply put, a mortgage is a real estate loan. You get a mortgage from a bank or lender that allows you to purchase a home, and that new home serves as collateral for the loan. This means the bank or lender can take your house back if you fail to pay off the loan according to the terms of the mortgage. A monthly mortgage payment has four pieces: principal, interest, insurance and taxes. What is principal? The principal is the total amount you borrowed, less any payments you've made toward that amount....
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12 Feb 2019

Down payment gift guidelines

down-payment-gift
Remember when you were little and grandparents asked you what you wanted for your birthday? You likely handed them a detailed list of toys and clothes you’d like to add to your growing collection. These days the answer to that same question is probably a little easier: You’d like cold, hard cash. How does the line go? Oh yeah. Show me the money! Why? Because being an adult is expensive, Grandma. And because you’ve been saving every last dime for a down payment so you can give your roommate a 60 day notice and get your own place. Down payment gift money What is down payment gift money? When it comes to buying a home, a down payment of 20% is the amount lenders prefer. However...
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4 Feb 2019

First time home buyer programs in North Carolina

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You only get to buy your first home once. Why not make it as stress-free as possible? With that goal in mind, we've put together a list of what you need to know about the national and statewide programs available to first-time home buyers in North Carolina. One of these six options could help you achieve the milestone of first-time home ownership. Which one looks like it's right for you? First time home buyer programs in North Carolina NC Home Advantage Mortgage First-time home buyers in North Carolina can benefit from the stable, fixed-rate mortgages offered by the NC Home Advantage Mortgage. Managed by the North Carolina Housing Finance Agency, the program also offers down payment assistance up to 5% of the total loan. And...
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4 Jan 2019

Buying a home? Learn about your down payment options now

down-payment
Lack of savings and the inability to outlay any cash for a down payment continues to be the biggest hurdle facing first time home buyers. Unfortunately, many would-be buyers incorrectly assume they must come to the closing table with a hefty amount of money, and as a result, they continue to delay homeownership. Yes, lenders love to see buyers put 20% down, but they also know that amount of money is very difficult for first-time buyers to amass. Just to give you a baseline, in 2018, the median down payment was 13% for all buyers and 7% for first-time buyers, according to the National Association of Realtors. So if you’re considering buying your first home but stopped your search when you came...
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13 Dec 2018

How much house can I afford?

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Shopping for homes before realistically evaluating your monthly capacity to service a mortgage is like falling in love with a golden retriever puppy before you’ve read the rental property contract clause about pet ownership. And that’s no fun, my friends. “Many times we see buyers falling head-over-heels in love with a home only to realize it’s way over their budget," says Vice President of Loan Origination for Allen Tate Mortgage, Lisa Green. So for all of us who’ve been told not once, but maybe more than a few times that we have champagne dreams on a beer budget, this process is for you. Don’t hit the panic button just yet— here’s how to make sure your new home doesn’t break the...
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6 Dec 2018

What is a good credit score to buy a house?

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One of the keys to unlocking your dream home is understanding the state of your financial health, not wealth. If you will be using a lender to finance your home, you will need to know what is a good credit score to buy a house. While income, savings and downpayment are important, it’s your credit score that will qualify you for a loan and help determine the kind of interest rate you will pay. Before we dive too deep into what is a good credit score to qualify for a home loan, let’s start with the basics to help keep your head from spinning. What is a mortgage? This doesn’t have to be complicated. A mortgage is a loan issued by...
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16 Aug 2018

How to get pre-approved for a mortgage

If you’re seriously considering purchasing a home, one of your first steps is to get pre-approved for a mortgage. The process is relatively painless and when you’re finished you can shop for homes with confidence. Don’t know the first thing about getting pre-approved and what’s needed to move forward with the process? Here’s everything you wanted to know about getting pre-approved. How does a pre-approval differ from a pre-qualification? I’m so glad you asked! It’s important to first understand the difference between the two terms, as they’re actually very different and you’ll want to make sure you understand what you’re getting into. A pre-qualification is an approximation based on info you verify as to how much you’re able to borrow from the bank. Approximation is...
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5 Jun 2018

Benefits of shopping local when it comes to a mortgage lender

In today’s fast-paced, blink-and-you’ll-miss-it real estate market, buyers need all the help they can get. Many prospective buyers exasperated from losing bidding war after bidding war are looking for something—anything—that will help their bid stand out. So if you’re about to pick up a pen to compose a heart-wrenching letter to the seller of your dream home, read this first. Would it surprise you to find out that shopping locally for a mortgage is actually one of the best things you can do when it comes to having your bid accepted? “A lot of people think that the highest bid is the one the seller automatically chooses— and ultimately there’s a lot more to it than that,” says Allen Tate Mortgage’s...
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