Do I need a down payment to purchase a home?
This is a question we get asked quite often by first-time home buyers and the answer is, NO. Many first time homebuyers may qualify for down payment assistance*.
A lot of people think that rising interest rates will result in lower house prices. What they don’t know is prices are determined by supply and demand. While rising rates may slow demand, they also affect supply.
“For current homeowners,
Posted on Mar 22, 2018 in Mortgage
Many people wonder what an escrow account is, so what is it?
What is an escrow account? When you’re buying a new home, you’ll set up an escrow account, which will be the account in which your taxes and insurance are paid annually when they come due.
History of Mortgage Interest Rates & Why We Shouldn’t Worry
As I write this in March 2018, interest rates are rising and may hit the 5 percent* mark this year. This trend is not slowing down and the days of 3 percent mortgage rates,
Trulia recently posted a blog, Not Your Father’s Housing Market, which examined home affordability over the last 40+ years (1975-2016). Their research revealed that:
“Nationally, homes are just about the most affordable they’ve been in the last 40 years… the median household could afford a home 1.5 times more expensive than the median home price.
Posted on Mar 15, 2018 in Why Physician Home Loans Fail
We advise our clients that prequalifying is just not enough and recommend they obtain a full credit and income approval prior to falling in love with a home and writing an offer.
So what’s the difference between a preapproval and a credit and income approval?