In this blog post, we’ll delve into the intricacies of examining whether it’s wiser to invest more in down payments or to retain cash and utilize debt to enhance purchasing power. Traditionally, a larger down payment is linked to lower monthly mortgage payments and reduced overall interest costs. However, in today’s financial landscape, where liquidity…
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In the dynamic world of mortgage rates, the decision to refinance is often met with the lingering question of whether it’s worth waiting for even lower rates. The answer, especially if your interest rate is currently 7% or higher, is a resounding no. Here’s why taking advantage of today’s average 30-year fixed mortgage rates, ranging…
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In the current consumer landscape, securing approval for a mortgage is a significant challenge. It’s widely acknowledged that applying for and obtaining a loan can be a bit tricky, considering factors like documentable income, credit history, and available cash. Your financial health, including payments and potential skeletons in the closet, all play crucial roles in…
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Choosing the right mortgage is crucial when you’re looking to finance your dream home. Two popular options are FHA loans and conventional loans, each with its own set of guidelines and requirements. In this blog post, we’ll explore the key differences between FHA and conventional loans, focusing on credit scores and how recent updates in…
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Buying a home is a big financial decision, and affordability is the number one factor to consider. To determine how much home you can afford based on your income, you can use a simple formula… First, take your annual income gross pre-tax and multiply it by five. For example, if your annual income is $100,000,…
Read MoreWhen the Federal Reserve Bank increases or cuts the Fed funds rate, many people believe that it automatically makes mortgage rates go up or down. However, it’s not that simple. The relationship between the Fed’s actions on monetary policy and mortgage rates is a little more complex than that. When the Fed is increasing interest…
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Title: Building or Buying a Home with Little or No Down Payment: What to Consider Are you dreaming of owning a home, but have little or no cash for a down payment? If you’re in this situation, you might be wondering whether building or buying a home is the right option for you. Both scenarios…
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Are you in the market for a new home? You might want to take advantage of the current trend in interest rates. In recent weeks, interest rates have come down by about half a percent, which can mean a significant increase in your purchasing power. If you are pre-approved with a mortgage company and looking…
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