Month: November 2018

The Difference Between Conforming and Non-conforming Mortgage Loans

As you shop for a mortgage, you’ll likely hear the terms conforming and non-conforming thrown around. It’s important that you understand these terms and figure out how you fit into them in order to determine which loan is right for you. Compare Offers from Several Mortgage Lenders. WHAT ARE CONFORMING LOANS? If you hear the term Fannie Mae loan or Freddie Mac loan, those are conforming loans. Any loan considered ‘conforming’ falls under the Fannie Mae or Freddie Mac guidelines. Most notably, it means that the loan amount is no more than $453,100 as that’s the conforming limit this...

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Questions to Ask a Realtor When Buying Your First Home

Are you ready to buy your first home? Congratulations! You are about to embark on an exciting journey. Along the way, though, it’s easy to get overwhelmed. Before you get started, we recommend that you compile a list of questions you should ask your realtor. Looking for Current Mortgage Interest Rates? Click Here. Below we help you understand the top questions every first-time homebuyer should ask to help you have a good understanding of the home buying process and to help you make the right investment. WHAT’S THE HOME’S HISTORY? What you really want to know is how long...

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How to Shop for a Mortgage

When you decide it’s time to buy a home, you have one major step to take before you find your dream home. You have to find a mortgage. Unless, of course, you have enough cash to pay for the home, but if you are like most people, you need a mortgage. Knowing how to shop for that mortgage is crucial. Get Matched with a Lender, Click Here. A mortgage is not a one-size-fits-all approach. There are mortgages for different types of situations. Even the same mortgage program can have different terms and rates. They key is to shop around....

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How to Obtain FHA Approval for your Condo Association

A condo association has many jobs aside from overseeing the development and caring for the common areas. As condo units turn over and people want to purchase them, they need access to various forms of financing. Most government-backed financing options require approval from the appropriate entity in order for the financing to go through. This includes FHA approval. The FHA must approve your development for FHA financing before any borrower can close on the purchase of a unit with FHA financing. Even if your development obtained approval from the FHA when they first opened, you need recertification every 2...

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