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How To Calculate Your Monthly Mortgage Payment

Unlike renting an apartment/house/condo, a mortgage payment usually involves the actual loan payment (principal and interest), in addition to property taxes, homeowner’s insurance, and mortgage insurance (if applicable). When my wife and I were budgeting how much we could afford in our first home, there was 1 burning question that we had a hard time…

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How to Calculate How Much House You Can Afford (Monthly)

If you’re not sure how much you can afford in a monthly mortgage payment, you can use a range of debt-to-income ratios to get an idea of how impactful your monthly payment will be. Additional details can be found in another post, here WARNING: MATH AHEAD Finance guru Dave Ramsey recommends a 25% Debt-to-income ratio.…

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Professionals of the Home Buying Process

Everyone knows that you use a real estate agent to help you find a home, and a loan officer to help you get a mortgage. But there are several other professionals dedicated to making the process possible. Here are some of the individuals you are most likely to cross paths with while buying your home.…

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9 Myths in Home Buying

For one reason or another, first time home buyers tend to have misconceptions about several aspects of home buying. While social media can spread misinformation very quickly, loan officers are trying our best to dispel such misinformation in just the same way. Here are 9 common myths when it comes to home buying.   1.…

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What Does the Ideal HECM Reverse Mortgage Candidate Look Like?

The HECM reverse mortgage is a fantastic home loan product, but it’s not the right solution for everybody. The ideal candidate typically fits one of two profiles. Jim Pogue 03/28/2019 The HECM reverse mortgage is a fantastic home loan product, but it’s not the right solution for everybody (nor does everybody qualify, anyway). What does…

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Getting Pre-Approved Should Always Be Your First Step

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a…

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6 Mistakes To Avoid When Applying For A Mortgage

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When lenders review your application, they like to see consistency in your finances. Avoid these major mistakes when applying for a loan! Do not make major purchases like furniture, appliances, jewelry, vehicles or vacations. Don’t change or quit your job. Consult with your mortgage professional before withdrawing, depositing or moving large amounts of money in…

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61% of First-Time Homebuyers Put Down Less Than 6%

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  According to the National Association of Realtors’ latest Realtors Confidence Index, 61% of first-time homebuyers purchased their homes with down payments below 6% from October 2016 through November 2017. Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying. The median down…

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