You have probably heard of refinancing your mortgage as a way to potentially lower your monthly mortgage payments. There is also another possible option called recasting. Recasting your mortgage involves making a lump-sum payment that reduces your mortgage balance and leads to a lower monthly payment. Advantages of recasting a mortgage is that it can …
Who Can Receive Down Payment Assistance? While many down payment assistance programs are often paired with loan options for first-time homebuyers, this is not always the case, as some programs may be used by previous homeowners or even towards refinancing your current home. There also may be programs available in your area for professions such …
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Baseline Conforming Limit Will Increase to $647,200 FHFA Announces Conforming Loan Limits for 2022 | Federal Housing Finance Agency Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the conforming loan limits (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2022. In most of the U.S., the …
Home inspections give you the opportunity to have the home thoroughly examined by a professional before you spend any money to purchase it. Paying for a home inspection can be well worth it both for peace of mind and the potential cost of trouble avoided. What can you expect during your home inspection? Your home inspector’s …
Here is a list of frequently used homebuying terms and their definitions. What is an adjustable-rate mortgage (ARM)? An adjustable-rate mortgage is a type of mortgage with an interest rate that adjusts after an initial period. The rate can also reset periodically over the life of the loan. ARMs usually give you lower monthly payments …
With homebuying, everything is negotiable, from repairs and closing costs to furniture and appliances. Offers and counteroffers can negotiate on a mix of these factors. These are some of the most commonly negotiated aspects in homebuying. Purchase Price Your pre-qualification letter from your lender will tell you the maximum you can pay for a property, but you …
With rates near all-time lows, the housing market is buzzing with potential buyers! Low rates mean more affordable payments or more home for your money, and now is a great time to purchase a home. Below are a few tips and tricks to help you stand out from a crowd of other home buyers and …
Virginia Housing (formerly referred to as VHDA) offers affordable loan programs for Virginians. With the update of Income and Sales Prices in addition to an increase of Loan Limits, Virginia Housing continues to provide special homeownership opportunities. Effective August 19, 2022: Untitled Document Area Maximum Gross Household Income Sales Price/Loan Limit 2 or …
1. Check your emotions Buying a home can be both exciting and stressful. And, after a long home search, it’s easy to overlook some red flags because you have fallen in love with a home that checks the boxes on your home wish list. Remember to let your homebuying team guide you on your journey, not your emotions. …
Paying cash for a home has benefits. Take advantage of being a cash buyer to give the seller confidence the transaction will close quickly and have the option of getting a cash out refinance shortly after closing to avoid your savings being tied up in your home. Or if you have already purchased a home …
Many first time home buyers believe they must put 20 percent down on a home. But that is far from the truth! In 2019, NAR found that the average down payment on a house or condo was just 12 percent1. For first-time buyers, that number drops to six percent, and many put down much less. …
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Low Down Payment Programs & Grants George Mason Mortgage has the program options to fit your story and our experienced mortgage professionals will help find the perfect match for you. If you want to become a homeowner, but you don’t have enough cash for a down payment, a state or local down payment assistance program1 might …
6-8 Weeks Before Moving Budget for moving expenses and obtain estimates from moving companies Call insurance companies to identify record changes Cancel or transfer gym, club & organization memberships Compile medical and dental records, ask for referrals in your new location Arrange transfer of any school records Consider moving/shipping options for valuable items Donate, discard …
Knowing the path will travel together helps the journey go more smoothly. We have outlined some important highlights so you know what to expect along the way. 1. Get Pre-Qualified The best way to approach a real estate agent is with a mortgage pre-qualification in hand. It shows that you’re ready and able to buy …
Our goal is to make your home buying experience as smooth as possible. We have highlighted some best practices to help keep your finances in order as you prepare for your journey home. DO Stay current on your rent and all monthly bills Remain with your current employer Check your credit score Find and organize …