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Average Income Needed To Buy A Home

July 31, 2014

With new statistics, it’s been found that someone with a modest income can likely afford to live in the U.S. city of their choosing (depending on the city.)

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Rural Housing

USDA Rural Housing Mortgage FAQs

July 29, 2014
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If you are a first-time buyer worrying you might not be accepted or qualify for a loan of this variety, know the USDA Rural Housing program can be utilized by first-timers and recurring buyers alike. There is also no maximum loan size with USDA. With a proven ability to save and make timely payments, your amount will only be limited by your own financial actions, past and present.

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Adjustable Mortgage Rates – Pros and Cons

April 24, 2014
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With home loan interest rates at an historic low, many people are rethinking the adjustable rate mortgage. This type of mortgage rate, which is commonly abbreviated as ARM, comes in a few different flavors. Unlike fixed mortgage rates, they fluctuate over time. The majority of homeowners – roughly seven out of ten, according to Bankrate.com – prefer fixed rates for this reason. Although they have traditionally gotten a lot of bad press, ARMs might be worth a second look. At the very least, it is good to familiarize yourself with the pros and cons of the adjustable rate mortgage.

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Are You Ready for Home Ownership

April 22, 2014
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So how do you know when you are finally ready to buy? The following checklist is a start to determining whether you are prepared to be king (or queen) of your own castle.

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National Mortgage News; HARP Extension Opens Door for 2 Million More Refinancings

April 17, 2014

According to the National Mortgage News; Lenders refinanced over 1 million borrowers with high LTV loans via the HARP program in 2012 and they could do the same in 2013 and 2014, according to MBS strategists at Bank of America Merrill Lynch.

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Fixed Rate Mortgages-15 year versus 30 year Loans

April 17, 2014
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If you plan on using a fixed rate mortgage, you will have two main options: a 15-year loan or a 30-year loan. Although there are other terms available, the vast majority of lenders offer these two loan options.
So what makes one better than the other? The main difference between a 15-year loan and a 30-year loan is rather obvious. With a 15-year mortgage, you will pay higher monthly payments but less interest overall. By contrast, 30-year loans feature lower payments but more interest. In the long run, you will end up paying more for your home if you opt for a 30-year loan.
Although the differences seem relatively simple, there are other considerations that might make your decision more complicated. Buyers should take a hard look at their finances, budget, retirement plans, and long-term goals. It is also important to run the numbers to determine exactly how much you will pay versus how much you will save.

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Bidding – Do Your Homework Before Making an Offer

April 15, 2014
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Ultimately, though, where you make your home has a tremendous impact on your overall happiness. This is why it is important to really do your homework before making an offer on a house. Use the following five tips as a guide when preparing to bid.

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Home Equity: How to Improve It

April 10, 2014
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If you are like most home owners, you can’t afford to increase the equity in your home by making double mortgage payments each month. Fortunately, there are other ways to improve your home’s value without breaking the bank.

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Buying a Foreclosed Home

April 8, 2014
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Purchasing a foreclosure is much different from buying a typical home. Before you decide to buy, explore the potential risks and benefits of investing in a foreclosed property.

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HARP Loans and Their Benefits Explained

April 3, 2014
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If you are barely treading water with your mortgage payments, a loan through the Home Affordable Refinance Program, or HARP, may be for you. HARP loans are designed for home owners who need to refinance to keep their homes but fail to qualify for typical refinancing. If you qualify, a HARP loan can help you obtain a mortgage with more affordable terms.

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