5 Things You Didn’t Know About FHA Mortgage Rates The Federal Housing Administration (FHA) is a government agency that sets the standards for building construction — but for homeowners or home buyers it can be a lot more. FHA-approved loans can help borrowers overcome obstacles standing between them and homeownership, and give homeowners options to […]
What is Debt to Income Ratio (DTI)?
First Time Home Buyer: What is Debt to Income Ratio (DTI) When Applying for Mortgage? A debt to income ratio is one way lenders measure your ability to manage the payments you make every month to repay the money you have borrowed. Lenders use your DTI ratio to evaluate your current debt load and to […]
How Important Is Your Down Payment on a Home?
First Time Home Buyer: How Important Is Your Down Payment When Buying a Home in Phoenix AZ? When buying a home, most people take on a mortgage. There are many things to consider when taking on a mortgage loan, including interest rate, closing costs and the down payment. Once you calculate how much house you […]
What is Private Mortgage Insurance (PMI)?
First Time Home Buyer: What is Private Mortgage Insurance (PMI) When Buying a House? When you buy a house in Phoenix AZ and you are getting mortgage, your lender will look at the amount of your down payment compared to the sales price. This is to determine your loan to value ratio aka LTV ratio. […]
What is Good Faith Estimate When Buying Home in Phoenix AZ?
What is Good Faith Estimate When Buying Home in Phoenix AZ? The Good Faith Estimate, Defined One of the most confusing aspects of the process for first-time homebuyers is the mortgage. Common homebuyer questions include: Where to get one, how to get one, and what does all that jargon mean? Advice abounds, especially on the Internet. […]
Do Not Apply For Credit Before Close of Escrow
Do Not Apply For Credit Before Closing of Escrow When Buying a Home You found your dream home and you are under contract. So what’s next? First thing first: Do Not apply for new credit between the time you apply for a home loan and the day the mortgage closes aka close of escrow. The […]
The 6 Steps to Securing a Home Loan
The 6 Steps to Securing a Home Loan When Buying a Home From the word “mortgage” to the methods used by lenders to determine how much to loan, the home loan process can be confusing to first timers. In fact, one third of the respondents to a 2011 Wall Street Journal survey of homebuyers said […]
Conventional Loan 3% Down Payment buying a house in Phoenix AZ
Conventional Loan 3% Down Payment for buying a house in Gilbert AZ Conventional Mortgage Loan 3% Down is a Fannie Mae program that requires a minimum down payment of 3% for homebuyers with limited funds. This is a lower down payment than FHA financing, and these loans also usually have lower mortgage insurance (MI) costs. […]
First Time Home Buyer Tips – Mortgage rate
First Time Home Buyer Tips Mortgage Rates First time home buyer: Did you know that mortgage rates today are less than half of what they were in 1990? That means if you buy now, more of your mortgage will go into building equity instead of being lost as interest to the bank. Contact Swee Ng […]
What is VA Loan?
What is VA Loan? The VA Home Loan Program ensures that all veterans are given an equal opportunity to buy a Home in Phoenix AZ with VA assistance. The program helps veterans finance the purchase of homes with favorable loan terms and with an interest rate that is still competitive with conventional or FHA rates. […]