The Best Mortgages for Teachers

Posted & filed under All About Mortgages, Blog, Mortgages for Champions, Mortgages for Teachers, special mortgages.

TEACHERS CAN GET BETTER MORTGAGES

How To Find The Best Mortgages For Teachers

The average teacher in the United States makes around $63,645 per year. While some teachers can make over $100,000 in

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TEACHERS DESERVE BETTER RATES

some private schools, most educators are not paid nearly as much as they deserve. This makes it difficult to afford a home nowadays.

This is why mortgages for teachers are so helpful as they help cut the red tape and costs associated with securing a mortgage for your home. These kinds of programs are designed to help our local heroes afford the home they deserve.

Interested in learning more about the best mortgages for teachers? You’ve found the right blog. Here’s everything you need to know about teacher loans and how to apply for one today.

What Does A Traditional Mortgage Look Like?
Mortgages are special credit products that help you buy a home. These credit facilities are underwritten by physical property, allowing you to pay off the loan over a long period of time.

Most mortgages are taken over a period of 20 to 30 years. This means that the total loan amount is calculated with interest and spread out over the entire loan period.

Affordability is one of the most important factors to consider when applying for a mortgage. Traditional lenders will look at your financial situation and analyze your income to determine how much you can comfortably afford.

A great rule of thumb to use to determine your personal affordability is the third rule. This basically states that your total mortgage payment, including the insurance and tax, should be no more than one-third of your total income.

What Are Mortgages for Teachers?
Mortgages for teachers are special mortgage programs designed to help teachers and educators buy a home. These credit programs reduce the red tape to allow teachers to save 2% to 3% when they get a mortgage for their property.

These programs offer a wide range of benefits and discounts to make homeownership more accessible and affordable. The program is only available to teachers and other individuals that work in the education field.

Mortgages for teachers differ from traditional mortgages in a number of different ways. This includes a streamlined application process and a ton of discounts to help you buy a home for you and your family.

THERE ARE BENEFITS FOR TEACHERS

What Are the Benefits of Home Loans for Teachers?
Teacher loans offer a wide range of benefits to educators wishing to buy a home. These benefits are both upfront and monthly throughout the term of the entire mortgage.

Educators who make use of these programs can save on their loan application fees, loan processing fees, underwriting fees, and various other admin fees. This helps reduce the upfront costs of buying a home and can actually save new homeowners around 2% to 3% on a new home.

In addition to these savings, educators can save on their mortgages by leveraging a lower interest rate for their loans. Even the smallest of savings in this department can add up to massive savings.

These programs are not just for single-family homes, but can also be used in apartments, condos, multi-family homes, and even second properties. This makes it perfect for educators wanting to buy their first home or expand their personal property portfolio.

One of the biggest financial challenges to consider when buying a home is the down payment. In most cases, traditional lenders will require you to put down 10% to 20% of the home’s value as a deposit. This usually means that teachers have to save up for years just to afford the down payment.

Teacher loans help make homeownership more accessible by allowing you to put down very little to no deposit. Teachers present documents and certificates to prove that they are qualified and registered so that they can qualify for the program.

Once this process is complete, they can finance up to 100% of their new home. Additionally, teachers and educators can refinance their homes up to 97% to get access to the equity they may have in their property.

Who Can Qualify for Educator Mortgages?
Teacher mortgages are designed for all kinds of teachers and educators. This includes teachers that may have retired as well. This program covers public school teachers, special school teachers, guidance counselors, librarians, athletic directors, and school nurses.

If you work in education and think you may qualify, feel free to reach out to us. Our team will gladly help find the right program for you.

How To Buy a Home with a Teacher Mortgage
Mortgages for teachers don’t just save you money, they can save you time as well. Here’s a quick guide to help you secure a teacher loan today.

Step 1: Apply for a Teacher Loan
The first step is to apply for a teacher loan. While you can apply after finding your dream home, many

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GET YOUR BEST DEAL NOW !

advise getting pre-approved before you even start looking. Getting pre-approved can help guide your search and also save time once you find the home you want.

The pre-approval process will take your income into account to determine how much you can comfortably afford. This process also considers the amount of credit you already have to your name.

You can learn more about our services on our blog.

Step 2: Look For the Perfect Home
Once you have been pre-approved, the next step is to find your perfect home. There are tons of options available to find a home, including online marketplaces and even professional services such as real estate agents.

While you may think that real estate agents are expensive, they offer a wide range of services that make partnering with one well worth it. Real estate agents can help you look for a home as well as help you finalize the deal. They are expert negotiators, allowing you to even save money on your dream home.

Step 3: Do a Home Inspection
Once you find the home you want to buy, consider doing a home inspection. These home inspections are incredibly useful as they will uncover all the small things you may not have noticed around the house. This can help you value the house accurately and even use repair issues to lower the sales price of the property.

Professional home inspectors will take their time to look through the entire property for you. This includes the exterior and interior of the home. Home inspectors take a close look at the wiring, plumbing, and even the foundation of the home to make sure that you know what you’re buying before you sign off on the property.

If the inspector finds major defects or issues on the property, their report can help you during the negotiation phase. In most cases, the necessary repair costs can be deducted from the sales price, allowing you to get your dream home for a better price.

Step 4: Finalize The Purchase
After your inspection is complete, you can then finalize the purchase. This generally takes some time as you negotiate with the owner of the home for a suitable price. There is also a bit of admin to do and real estate agents can help you with that task.

Real estate agents can help you file the necessary documents on time so that the process can be as efficient as possible.

Step 5: Notify Everyone of Your Move
Last but not least, you can finally notify everyone of your new address. This part of the process is often forgotten, but is incredibly important. When moving, it’s advisable to notify your new utility providers a week before you move in.

This way, the power and water will be sorted well before you make your move. The last thing anyone wants is to move into a home with no power or hot water. In addition to this, be sure to change your address for any mail subscriptions you may have.

You can also let your local post office know of your new address so that they can forward any mail you receive to your new place.

Mortgages for Champions: The Best Loans for Teachers
Educator mortgages are designed to make mortgages and home loans more accessible to teachers and educators. These programs recognize the value of teachers and are aimed at helping them afford the home of their dreams.

Interested in getting started? Get a risk-free mortgage quote here to see how much you can save by getting a teacher loan with Mortgages for Champions.

If you want to learn more about mortgages for teachers, don’t hesitate to reach out to us. You can find tons of information about us and our services on our website.

 

Additional Articles – https://www.mortgagesforchampions.com/home-loans-for-teachers/ —  https://www.mortgagesforchampions.com/teachers-our-every-day-heroes/ — https://www.mortgagesforchampions.com/our-champions/mortgagesforteachers/ — https://www.mortgagesforchampions.com/mortgages-for-champions-teachers-get-better-loans/ — https://www.mortgagesforchampions.com/

Best Mortgages for Police and Law Enforcement

Posted & filed under All About Mortgages, Blog, Mortgages for Champions, Mortgages for Police, special mortgages, Uncategorized.

Mortgages for Police

HOW TO FIND THE BEST MORTGAGES FOR LAW ENFORCEMENT OFFICERS

Secure The Best Mortgage For Police

The average mortgage size is around $405,000 in the United States right now.

While this has decreased over the last year, it’s still double what the average American used to borrow for a home back in the early 2000s. This is mainly due to rising property prices as the average home now costs around 400% more than it did 40 years ago.

This means that it’s far more expensive to afford a home today. However, there are special mortgages and home loan options for law enforcement. Mortgages for police make it easy and affordable for our proud civil servants to own their own homes.

Interested in learning more about law enforcement loans? You’ve found the right blog. Here’s everything you need to know about mortgages for police and the benefits of special mortgage programs like this.

What Does a Traditional Mortgage Look Like?

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        You Need To Know a              Few Things!!!

A mortgage or home loan is a special credit facility offered by banks and home loan companies. These loans are designed to help you buy a home and pay for it over a long period of time. These loans tend to be around 20 to 30 years and charge around 3% to 5% interest per year.

While these rates are expensive, special mortgage programs exist to help make home ownership more affordable. These special programs help make home ownership more affordable through lower closing costs and a lower interest rate.

What Are The Different Mortgage Options Available?    When it comes to securing a mortgage for your home, there are a few options for you to choose from. These range from standard mortgages to government-insured loans. Here’s a quick overview of the different kinds of mortgage loan options.

Fixed-Rate Mortgage

Fixed-rate mortgages are credit facilities that keep the same interest rate for the entire duration of the loan. This means that the interest rate that you pay on day 1 will be the same interest rate that you pay at the end of your term. This is a great way to protect against rising interest rates.

Adjustable-Rate Mortgage

Adjustable-rate mortgages can fluctuate depending on market conditions. This means that your monthly mortgage payment can change as time goes on depending on the interest rate at that time.

Government-Issued Loans

VA Loan

Government Issued VA Loan

While the U.S. Government is not a traditional mortgage company, they do host a few programs to enable citizens to become homeowners. These programs are hosted by the Federal Housing Administration (FHA loans), the Department of Agriculture (USDA loans), and the Department of Veterans Affairs (VA Loans).

Special Program Loans

Special program mortgages are specifically designed for certain professions. These mortgage programs were created to help valuable members of society afford a home in the modern housing market. This is perfect for firefighters, medical professionals, and law enforcement.

What Are Mortgage Loans for Police?

Mortgage loans for police and law enforcement are special programs to cut down on the closing costs associated with buying a home. These loans come with some fees, but are significantly cheaper than traditional mortgage lenders.

These loans come with competitive interest rates while also letting you buy a home with a far smaller down payment. Many of the fees are also waived. This includes the application fee, loan processing fee, mortgage underwriting fee, and various other associated commitment fees.

This can end up saving you around 2% to 3% on your entire home loan.

Who Qualifies for Law Enforcement Loans?

Law enforcement mortgage loans are designed specifically for the police, law enforcement officials, and their respective families. These loans are broad, so they can cover quite a few different careers within this field. This includes police officers, sheriff officers, state troopers, case workers, corrections officers, parole officers, and the immediate family members of those working in these fields.

Benefits of Home Loans for Law Enforcement

Mortgage Benefits

Mortgage Benefits from Mortgages for Championjs

When it comes to home loans for police, there are many benefits. These benefits influence both your closing costs and your monthly payments. As mentioned above, you can save around 2% to 3% of your entire mortgage just on fees.

In addition to this, you can purchase your home with a far smaller down payment. This helps make home ownership more accessible than ever before.

These programs also tend to give you far better interest rates. This means that you can end up paying less every month on your mortgage compared to if you were borrowing from a traditional lender.

How to Find the Perfect Mortgage

Buying a home can be a complicated and time-consuming process. For many of us, investing in a home will be the single largest investment in our lives. With the price of property rising every year, it’s important to find the right home and negotiate the best rate for you and your family.

Here’s a quick overview of how to find and buy a home.

Step 1: Calculate Your Affordability

The first step in buying a home is to see what you can afford. When calculating your affordability, it’s important to look at both your income and credit score. Your credit score is a representation of how reliable you are at handling credit.

Your credit score is often taken along with your personal income. It’s common to spend around a third of your income on housing. This means if you earn $3,000 a month, your total mortgage payment should not be more than $1,000.

When calculating your affordability, make sure to include things like essential maintenance, utilities, and property taxes. These costs are often forgotten, leading to the cost of home ownership being much more than anticipated.

Step 2: Check For Any Special Programs

Once you know what your budget is, you can look for special programs to help you afford your mortgage. These programs are designed to help specific people afford a mortgage. For law enforcement personnel, you can make use of government programs to help save on closing costs and monthly payments.

If you want to learn more about these programs and who can qualify for one, feel free to browse our website and blog for more information.

Step 3: Find a Home

Find THe Home Of Your Dreams

Find THe Home Of Your Dreams

After you have taken your special programs into consideration, you can finalize your budget. This is the first step in finding the perfect home for you and your family. When looking for a home, it can be helpful to take your time and look both online and in person.

Although they can be expensive at times, partnering with a real estate agent can make the entire process a lot easier. These agents come with vast networks that can be leveraged to help you find your perfect home in no time. These real estate agents can also come in handy later on as you negotiate and make offers for various homes in the area.

Step 4: Negotiate a Good Price

If you find a home that you love, make an offer for it. However, you should remember that making the offer is just the beginning of the process. Most homeowners won’t accept your first offer, but will counter with something higher.

This is where negotiation skills come in handy as you work with the homeowner over a few days or weeks to settle on a good price.

Before settling on a home, get a home inspection done. This will let you know if there are any hidden repairs needed on the property. This can help you make your decision on the home, but can also help you negotiate a better price.

Step 5: Close and Move In

After you have settled on the home and the price, the last step is to close on the home. This is when the documents are signed and filed so that you can assume ownership of the home. This step generally comes with some costs, but special programs for nurses and police officers help minimize them to make the entire process more affordable.

Closing costs generally range from around 10% to 20% of the total home’s value. This is listed as a down payment on the home. However, special mortgage programs can allow you to put almost nothing down on the home when applying for a mortgage.

Mortgages for Champions: Specialized Mortgages for Police

Special Offer Mortgages For Police

Special Offer Mortgages For Our Police

Mortgages for police make it easier than ever for our law enforcement professionals to qualify and afford a home. These programs can be through the state or through special programs like the one from RealFi.

If you’re law enforcement or are directly related to someone in law enforcement, reach out to one of our team members for assistance. If you want to learn more about our mortgage products and the benefits of securing a great mortgage with us, feel free to look through our website and take a reading – Mortgages for Champions

 

Additional articles – https://www.mortgagesforchampions.com/7-facts-to-know-mortgages-for-police/ — https://www.mortgagesforchampions.com/home-loans-for-law-enforcement/ — https://www.mortgagesforchampions.com/police-officer-mortgage/ — https://www.mortgagesforchampions.com/mortgage-loans-for-police-officers-and-law-enforcement/ — https://www.mortgagesforchampions.com/6-ways-to-get-your-finances-in-order-to-save-for-a-house/

The Best Mortgages For Nurses

Posted & filed under All About Mortgages, Blog, Mortgages for Champions, Mortgages for Nurses, special mortgages, Tips From Residential Home Funding's Experts.

Mortgages for Nurses

Find the Best Mortgages for Nurses

How Do You Find The Best Mortgages For Nurses?

More than two-thirds of all homes in the United States are purchased with a mortgage.

The average home in the United States now cost around $374,800. This is why most Americans must rely on some kind of credit facility to help them purchase a home.

When it comes to securing a mortgage, it’s not always very easy. However, mortgages for nurses make the process simpler and more affordable for medical professionals. These programs understand the unique circumstances, nurses face and work with them to secure affordable mortgages.

Interested in learning more about finding the best mortgage for nurses? You’re in the right place. Here’s everything you need to know about mortgages for nurses and how to find the best one for you.

Home Mortgages

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What Does a Traditional Mortgage Look Like?

A mortgage is a large credit facility that you can get from a bank or mortgage company to purchase a home or property. This credit facility will lend you the money, but will need to use the property as collateral until you can fully pay off your mortgage loan.

These loans are typically calculated over 20 or 30 years. This means you will need to make regular, monthly payments for the entire loan term until the debt and interest are paid.

What Are Mortgage Loans for Nurses?

Mortgage loans for nurses are special mortgage programs designed for medical professionals. These programs allow nurses and other medical professionals to secure a home loan without as many out-of-pocket expenses and administrative hassles. These loans come with a host of benefits, making the entire mortgage more affordable and accessible for nurses.

Qualify for a Mortgage

Qualify for a Mortgage?

Who Qualifies for a Nurse Mortgage?

To qualify for this kind of mortgage program, you will have to be a registered nurse or medical professional. You must show proof of your qualifications as part of the application process. All medical workers that hold a degree in medicine, nursing, laboratory technology, pharmacy, therapy, social work, chiropractic, and dentistry can apply.

If you work in the medical field and are not sure if you can qualify, feel free to contact us to find out.

Benefits of Mortgage Programs for Nurses

Medical mortgage loans come with a host of benefits. While some of these benefits make the application process easier, others allow you to reduce the out-of-pocket costs associated with finalizing the purchase. Here’s a quick look at some of the most notable benefits.

Low Closing Costs

When purchasing a home, you will typically have to put down a sizable first payment. This down payment is usually around 10% to 20% of the total value of the home. This means that you’d have to save up for months or even years before having enough for the down payment.

Nurse mortgages allow you to purchase the home with a much smaller down payment. In some cases, you won’t need to put any money down at all. This means you can get your home a lot sooner than if you were to go to a traditional mortgage lender.

Refinancing

If you decide to refinance your home, nurse mortgages from Mortgages for Champions will allow you to refinance up to 97.75%

Refinance Your Mortgage

Nurses can Refinance Their Mortgage

of your home’s value. If you’re looking for a cash-out refinancing option, you can refinance up to 85% of your home’s value.

Affordable and Accessible Loans

Whether you want to buy a single-family home or a condo, you can get a medical mortgage. These special mortgage programs can be taken over 20 or 30 years and offer incredibly affordable rates. What makes these mortgages more accessible is that they are more flexible when it comes to declaring your income.

These programs understand that a nurse’s income can fluctuate. This is why they take this into account to help you qualify for your dream home.

No Private Mortgage Insurance

Private mortgage insurance is compulsory for all mortgage owners. This is an added cost that most homeowners have to factor into their monthly budgets. However, mortgages for nurses don’t require you to have mortgage insurance, effectively saving you money every month.

How To Find The Perfect Mortgage

When it comes to finding the right mortgage for you, it’s important to take your time. For most people, purchasing a home is the largest investment they will ever make. So, it’s important you find the right home and the right mortgage for you.

The most important factor to consider is your affordability. A great rule of thumb to use is to never spend more than 30% of your gross income on housing. To be more specific, many experts say that your mortgage payment, taxes, and insurance should not exceed 28% of your gross income.

When you add in any other debt payments you may have, this figure should not exceed 36% of your total income. For nurses, you should factor in any student loan debt that you may have to pay back. The total debt repayments should not exceed 36% of your gross income.

How To Calculate Your Annual Income as a Nurse

Calculating Your Income

Steps To Calculate Your Income

Calculating your income as a nurse is not as simple as in other professions. Nurses are expected to work irregular hours depending on the staffing needs. This can be even more complex for traveling nurses that earn completely different rates every few months. This irregularity makes it difficult for traditional lenders to process your mortgage application.

This is why it’s important to break down your income and estimate it on an annual basis. This can help you work out your affordability so that you find the right mortgage for you. Here’s a quick guide on how to calculate your total salary.

Step 1: Base Pay

Your base pay is normally stated in your employment contract. In most cases, this figure is given to you at an hourly rate. This is why it’s difficult to use your employment contract as proof of employment to traditional lenders.

Your hourly rate will be listed along with the required number of hours that you have to work every week. This is usually 40 hours per week for most employees. To calculate your weekly wage, simply multiply your hourly rate by the number of hours stated on your employment agreement. Your formula should look a little like this:

Hourly Rate x Hours Per Week = Total Weekly Income

To calculate your annual base income, you need to multiply this weekly income by the 52 weeks in a year. Your formula will look something like this:

Weekly Income x 52 = Annual Base Income

Step 2: Special Pay

The second thing you need to calculate is your differential pay. This is the number of hours you have worked that earned you a different hourly rate. This is generally night shifts for nurses as you may get a small bonus every hour.

To calculate this, you need to multiply the extra bonus that you get per hour by the number of hours you worked throughout the year. Your formula should look like this:

Extra Pay Per Hour x Number of Hours Worked = Special Pay for the Year

For example, if you get an extra $2 for every hour you work the night shift, you should multiply $2 by the number of night-shift hours you worked that year. If you worked 500 night-shift hours in the year, your formula would look something like this:

$2 x 500 Hours = $1,000 Special Pay for the Year.

And Don’t Forget Overtime

Step 3: Overtime

The next step is to calculate any overtime or bonuses that you have earned. To calculate your overtime, simply multiply your overtime rate per hour by the number of hours you worked. The formula would look something like this:

Overtime Rate Per Hour x Overtime Hours = Total Overtime Pay

Step 4: Add It All Together

The last step is to add everything together. To calculate your total income for the year, simply add your annual base income, special pay for the year, your total overtime pay, and any bonuses you may have received. Your final formula should look like this:

Total Income for the Year = Annual Base Income + Special Pay for the Year + Total Overtime Pay + Bonuses

Mortgages for Champions: Specialized Mortgages for Nurses

mortgages for champions

We Are Mortgages For Champions

Mortgages for nurses make it easier for medical professionals to get affordable access to a mortgage. These programs will allow you to qualify for a mortgage even if you still have student loan debt and an irregular stream of income. This makes it perfect for nurses that may earn different amounts every month because of night shifts and overtime.

If you’re a medical professional and want to learn more about securing a great mortgage, feel free to contact us today. You can get started right away with a free, no-risk mortgage quote on our website.

 

Additional Articles – https://www.mortgagesforchampions.com/mortgages-for-champions-best-mortgage-options-for-nurses/ – https://www.mortgagesforchampions.com/good-tips-for-first-time-home-buyers/ – https://www.mortgagesforchampions.com/mortgages-for-champions-offers-nurses-savings-on-closing-costs/ – https://www.mortgagesforchampions.com/about-rh-funding-blog/

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Best Mortgages for Medical Professionals

Posted & filed under All About Mortgages, Blog, Homeowner Tips, Mortgages for Champions, Mortgages for Nurses, special mortgages, Tips for First Time Home Buyers, Tips From Residential Home Funding's Experts, Uncategorized.

Find Best Mortgage for a physician

Healthcare professionals should get an excellent mortgage

Find the Best Mortgages for Medical Professionals

Choosing the right mortgage is one of the most important decisions you’ll make in your life—one that will affect you for years to come. And with so many plans to choose from, it can be hard to know which is the right one for you.

If you’re a medical professional, your experience with mortgage loans is probably complicated, especially if you’re just out of medical school. Luckily, there is a way you can achieve your goal of buying a house without waiting for your income to grow or your student loans to diminish. 

Opting for a specialty mortgage loan can make it easier for you to overcome the obstacles of a conventional loan. Read on to find out more about mortgages for medical professionals.

Medical SymbolWhat is a Physician MortgageA physician loan is a mortgage designed specifically for medical professionals. Whether you’re just entering the field or have been practicing for a while, these specialized loans are intended to help you purchase the home of your dreams. 

Oftentimes, medical professionals are at a disadvantage when it comes to buying a home due to student loan debt or the inability to provide a history of long-term employment. Physician’s loans take these factors (along with your potential for high earnings) into account and give you the means to overcome these obstacles and purchase a home sooner rather than later.

The Benefits of a Physician Loan

Mortgages for Physicians

Mortgage Advice for Physicians

If you’re a medical professional, opting for a specialized loan could give you access to numerous benefits that conventional loans don’t supply. Some of your special privileges include:

  • Low closing costs
  • No private mortgage insurance, or PMI, no matter how small your down payment
  • Affordable access to large mortgages
  • Easy approval, even with student debt or a short employment history

These benefits can make the home-buying process easier and often save you money in the long run, making physician mortgage loans one of the best options for medical professionals. 

Qualifying for a Physician Loan

As with any home loan, the first step in deciding if a physician loan is right for you is to find out if you are qualified. 

Understanding loan qualifications can be a challenge. Luckily, there are a few factors that will determine whether or not you’re eligible for the benefits of a physician loan. 

Who Can Qualify?

Physician’s loans are essentially mortgages for medical professionals, including doctors and nurses. Some lenders include dentists, optometrists and even veterinarians in their eligibility list. 

The type of specialists who qualify is dependent on the mortgage lender. Generally, the list of qualifying professionals includes:

  • Medical doctors
  • Nurse practitioners
  • Dentists and doctors of dental surgery
  • Chiropractors
  • Laboratory technologists
  • Pharmacists
  • Therapists
  • Social workers
  • Optometrists
  • Podiatrists
  • Veterinarians

However, you’ll need more than just a degree to access the benefits of a physician loan. To prove that you’re qualified, you’ll typically have to supply proof of employment and income. 

Your Credit Score

credit scoreAs with any mortgage, your credit score can have a big impact on your rates and eligibility. To get the best rates, a credit score of at least 720 is preferred, but don’t worry if yours doesn’t quite measure up. Even if your score is under 700, you may still be qualified for a physician loan. 

One factor that can make up for a low credit score is having a strong application in other areas. If you can provide a large down payment and have very few debts, the lender may be willing to overlook your score. 

Similarly, your credit score may be low because you have what’s known as a “thin file.” Your file may be thin because you haven’t borrowed much in the past, leaving little on your record. If this is the case, lenders may be more forgiving than if you’ve earned a low score due to financial mismanagement.

The Down Payment

The down payment is another crucial aspect of the home-buying process. Luckily, with a physician loan, you don’t have to worry if you don’t have thousands of dollars to put down. 

One of the biggest advantages of physician loans is that they often allow you to avoid mortgage insurance when your down payment is low or nonexistent. Those who aren’t medical professionals may be required to pay hundreds of dollars in mortgage insurance each month to protect their lenders. With a physician loan, lenders are more likely to waive these precautions even if your down payment is low.

Debt-to-Income Ratio

When deciding whether or not to approve you for a loan, lenders pay close attention to your debt-to-income ratio, or DTI.Debt Consolidation – Mortgage Refinance for Homeowners Essentially, your DTI is your monthly debt compared to your monthly gross income; in other words: what percentage of your income do you spend on debt?

A low DTI is desirable because it suggests you can more easily manage your money, lowering your risk as a borrower. In most cases, lenders prefer your DTI to be no more than 43%, though some may allow up to 50%. 

DTI and Student Loans

As a medical professional, you may have a large amount of monthly debt thanks to student loans, making it harder to buy a home. Luckily, physician loans take this into account.

Specialized mortgages for medical professionals take into account any student debt you may have and are thus more lenient when it comes to your DTI. If it’s impossible for you to attain a DTI of less than 50%, a physician loan should still allow you to achieve your dream of buying a home. 

Additionally, there are some ways to lower your DTI on your own. You can defer your loans for a few years (though a small monthly payment will still be factored into your DTI), or even consider asking your employer about student loan assistance programs.

Your Employment History

Employment history matters when it comes to securing a mortgage. Typically, you would need to provide proof of employment and income. If you’ve just finished medical school or have recently started your own practice, you may not have the two years of steady history needed to qualify for most loans.

Luckily, you can get around this issue with a physician loan. Even with little employment history, simply being a medical professional means you have a high earning potential. Specialized loans take this into account and make it possible to secure a loan on as little as a contract or offer letter alone.

The Property

When it comes to qualifying for a physician loan, the property you’re attempting to buy has its own eligibility checklist. As a rule, physician mortgages can only apply to the purchasing or refinancing of a primary residence. 

According to this rule, you must live at the home in question for the majority of the year. Unfortunately, these mortgages can’t be used as a way to finance a second home or investment property. However, some will provide financing for commercial units. Typically, single-family homes, two or four-family units, condominiums and manufactured homes are eligible for financing. 

Physician Loans and Refinancing

Best Healthcare Workers Mortgages

Physician loans are not limited to the purchase of a home. If you’re looking to refinance your home, a physician loan may be the best way to do it. 

Some mortgage providers offer refinancing of up to a 97% Loan to Value to lower the cost of your monthly payments. They may also provide cash-out refinance mortgages of up to an 85% Loan to Value. If your credit score or income goes up, or your DTI goes down, refinancing with a specialty mortgage could be the best way to save money and reduce your payments.

The Risks of a Physician Loan

As with any mortgage, it’s important to be well aware of the potential risks before applying. 

With a physician loan, you’re considered a low-risk buyer, meaning lenders should be able to offer you lower rates. However, some may offer you low closing costs in exchange for increasing monthly payments for the duration of your loan. 

Deferring student loan payments to raise your DTI is also a risky move, as the accumulating interest could be expensive in the long run. However, opting for a mortgage that allows refinancing could help you keep costs down. 

Physician Loans: Are They Worth It?

With all of this information, you may still be wondering if physician loans are actually worth it.

The truth is, a specialty mortgage may be the best way for you to purchase a home as a medical professional, despite its risks. With a conventional mortgage, student loans and a high DTI can prevent you from getting approved for a loan, even if you’re able to make the monthly payments. Physician loans eliminate these factors and make it possible for you to purchase a home as soon as possible.

Mortgages for Champions: The Best Place for Specialized Mortgagemortgages for champions Loans

To get the most out of your physician mortgage loan, look for a partner who is dedicated to helping you purchase the home of your dreams. With Mortgages for Champions, you’ll have access to a program that reduces the paperwork and out-of-pocket costs typically associated with financing.

As a medical professional, you deserve the best mortgage available. Get started right now with a free, no-risk mortgage quote today.

 

Additional links and articles – https://www.mortgagesforchampions.com/home-loans-for-doctors-nurses/ – https://www.mortgagesforchampions.com/home-loans-for-doctors-nurses/ – https://www.mortgagesforchampions.com/mortgage-loans-for-medical-champions/ – https://www.mortgagesforchampions.com/purchasing-a-home-heres-what-you-need-to-consider-2/

–Getting a Mortgage: Is Your Interest Rate Critical?   Are Housing Speculators Driving up Home Prices?   Best Healthcare Workers Mortgage & First Time Home Owners Program

 

Mass Foreclosures: Is your State Susceptible?

Posted & filed under All About Mortgages, Blog, Homeowner Tips, Mortgages for Champions, Mortgages for Military, Mortgages for Nurses, Mortgages for Police, special mortgages, Tips for First Time Home Buyers, Tips From Residential Home Funding's Experts.

Mass Foreclosures: Is your State Susceptible?

Who Will Mortgage Foreclosures Effect?

Mass Foreclosures: Is your State Susceptible?

The term, mass foreclosure, usually refers to a high foreclosure rate in a certain area. This could be a neighborhood, city, state, or even a nation.

For example, the 2008 U.S. recession caused a housing market crash. Ten million Americans lost their homes to foreclosures. This is the most recent example of mass foreclosures in our nation.

As the eviction moratorium comes to an end, some fear we’re headed for a similar crisis. But are we? Keep reading to find out more about how foreclosure rates in your area can affect you.

What Is Foreclosure?

When a homeowner is no longer able to make payments on their mortgage, they may forfeit their property. This could be to a bank or other financial institution that manages their mortgage. Instead of making a traditional sale, the house goes into foreclosure.

Homeowners usually view foreclosure as a last resort. If a homeowner’s mortgage is greater than their home value it may be their best option.

Foreclosed homes are often sold for much less than they are worth. Sometimes it’s because they need extensive repairs and/or updates. Other times, the home is in great condition, but the financial institution holding it wants to get rid of it as soon as possible.

Holding property can be expensive and time-consuming for companies or financial institutions. Many times, the company will ask only the price of the mortgage for the home. That way they won’t lose money on the deal and won’t have to take care of a property.

The Impact of Foreclosure Rates

Many people don’t realize the ripple effects created by foreclosed homes. If foreclosures don’t sell quickly, they may fall into disrepair or neglect. This could decrease neighboring property values.

Foreclosure sales may bring down the neighborhood sale price average as well. If there’s more than one foreclosure sold in a neighborhood, it could decrease the excepted sale price for comparable neighboring homes.

Real estate investors buying a foreclosure may want to rent it out. If the property owner is attentive and maintains the property, this isn’t an issue. However, if the renters or rental owners are negligent in their conduct and care, it can bring down neighboring home values.

Rental homes can also deter potential home buyers from purchasing neighboring homes. This can make those homes more difficult to sell.

Buying a Foreclosure

Buying a foreclosure can be a great bargain for those who have done their research. Anyone buying a foreclosure should research property history and understand exactly what they are buying.

Pros

Foreclosed homes are often heavily discounted. If you know where to look for them, you can find a great bargain. First-time homebuyers or those new to buying foreclosures will likely benefit from working with a real estate professional.

Foreclosed homes are very likely to increase in price, making them a good investment. Fix-and-flippers should calculate the cost of repairs when considering how much profit they project from foreclosed properties.

Fixing and flipping can be a great improvement for neighborhoods as well. Neighbors will appreciate the increase in neighboring property values.

Anyone can go into foreclosure. That’s why there are foreclosed homes in almost any price range. This makes buying a foreclosure widely available to home buyers with small to unlimited budgets.

Cons

Buying a foreclosure isn’t an easy two-step process. There’s usually fierce competition and oftentimes competitive auctions. Cash is king when buying a foreclosure. Setting up financing takes a lot longer than writing a check from your bank account.

Foreclosed homes can come with hidden problems. Most are sold in as-is condition. This means buyers could be walking into extensive repairs.

Neighborhoods with several foreclosures take longer to bounce back. Improvements often take time. This means your foreclosed home may not increase in price as quickly as one in another neighborhood. Homes take time to appreciate and much of that depends on the home’s location.

Financing a Foreclosure

Financing a foreclosure isn’t as fast as cash, but it can be done. First, contact a financial institution and get pre-approved for a loan. This is more than just pre-qualifying.

The lending party will provide the recipient with a pre-approval letter. This letter serves as proof that you have financing available to you.

Search for perks. Are you a teacher, government employee, healthcare worker, or veteran? Lenders like RealFi have access to assistance programs available to home buyers from many walks of life.

Foreclosures Across the Country

U.S. Foreclosures jumped 94% from November 2020 to November 2021. This is no surprise as the U.S. was under a mortgage moratorium until Sept 2021.

What makes a state, county, or neighborhood prone to foreclosures? Several factors come into play. States that don’t see a big bounce-back in economic growth seem to have more foreclosures.

Other states with high pandemic layoff rates (think energy and oil) are now seeing a spike in once dormant demand. Since they had to trim their workforce while demand dropped, these industries are struggling to fill positions. This slows local economic growth and affects the housing market.

States With the Most Foreclosures

These states had the highest foreclosure rates in November of 2021.

  1. Illinois
  2. Florida
  3. Ohio
  4. Delaware
  5. New Jersey
  6. Nevada
  7. South Carolina
  8. Indiana
  9. Maine
  10. Maryland

One in every 3,187 Illinois housing units filed for a foreclosure in November 2021. Florida was close behind with one in 3,319 foreclosed.

States With Fewest Foreclosures

What about states with homes less prone to foreclosure?

  1. District of Columbia
  2. Vermont
  3. West Virginia
  4. South Dakota
  5. Oregon
  6. Nebraska
  7. Washington
  8. Idaho
  9. Kansas
  10. New Hampshire

These U.S. States saw the lowest national foreclosure rates in November 2021.

Avoiding Foreclosure

Homeowners and lenders want to avoid foreclosures if at all possible. Neither party wants to go through the hassle, paperwork, and stress of a home foreclosure. What should homeowners do if they can’t make payments?

Homeowners almost always have the option for a traditional sale. By communicating with the mortgage lender, homeowners may be able to come to an agreement about their home sale.

Eviction

Eviction happens when a renter is asked to move out of their residence. Eviction notices are served to those who are not fulfilling or violating their rental agreement. Some people are evicted for violating behaviors or property.

Others experience eviction because they aren’t able to make rent payments. With many Americans losing income during the COVID-19 pandemic, national evictions have been on the rise.

State and federal programs are available, but are sometimes confusing to renters and landlords. The aid that exists takes time and resources to utilize, which is something renters don’t always have.

Cities With Higher Eviction Rates

Columbus, OH, Tampa, FL, Indianapolis, IN, and Milwaukee, WI saw a 75% jump in eviction filings between August and November 2021. This was likely a result of the expiring eviction moratorium, but could also correlate with state renter protection programs.

Cities and states with fewer legal protections for renters saw higher increases in evictions.

Eviction Rates in Your Area

 Wondering about your area? Head to Evictionlab.com to find current eviction rates near you.

Individuals evicted from their homes often have to place to go. This increases the amount of homelessness in the community. Homeless individuals often experience inequalities in healthcare, job opportunities, and access to social programs.

As a result, entire communities are affected by mass evictions.

Mass Foreclosures

If you’re interested in financing a foreclosure or traditional home sale, check out assistance programs. Mass foreclosures and evictions are often a result of less economic growth. The end of COVID-19 eviction and mortgage moratorium as caused an increase in foreclosures in 2021.

Buying a foreclosure can provide a quick return on your investment or a steep loss of hard-earned cash. Find out as much about a foreclosed home as you can before buying. If you’re not sure how to find out, hire a real estate agent to help you.

It’s important to secure a letter of pre-approval from your financial institution before searching for that perfect foreclosure property. A pre-approval letter gives you better buying power when buying a foreclosure.

Mortgages for Champions Can Help You

Are you interested in buying from an area with mass foreclosures? Maybe you’d like a more traditional home buying experience. If you’re a current or retired government worker, EMS, educator, firefighter, nurse, Military member, or law enforcement, Mortgages for Champions is for you.

Mortgages for Champions is a brand of the RealFi program. Qualifying individuals can pay no lender closing costs and benefit from other federal and state programs.

Check out our website to request info, find testimonials, and learn more about buying a home. Let Mortgages for Champions partner with you in your home buying journey today.

Related Articles – How Will the Omicron Variant Affect Mortgage Rates?   Is Now a Good Time to Buy a House?           Are Housing Speculators Driving up Home Prices?    Best Healthcare Workers Mortgage & First Time Home Owners Program      Mortgages for Champions Special Mortgage Programs: What You Need to Know   Mortgages For Champions – Best Mortgages for Doctors

Getting a Mortgage: Is Your Interest Rate Critical?

Posted & filed under All About Mortgages, Blog, Mortgages for Champions, Mortgages for Military, Mortgages for Nurses, Mortgages for Police, Tips for First Time Home Buyers, Tips From Residential Home Funding's Experts, Uncategorized.

Mortgage Interest Rates

Is Your Mortgage Interest Rate Critical?

Getting a Mortgage: Is Your Interest Rate Critical?

According to S&P Global, the average interest rate for today’s mortgage is 3.1%. However, this is an average for a reason. Many people end up with interest rates that are lower, while many other people end up with interest rates that are higher.

The interest rate that you’re going to get on your mortgage will depend on your credit score, your loan amount, your loan terms, and more.

But, do all of these things really matter? Does your interest rate when you’re getting a mortgage matter?

Keep reading to find out exactly how the interest rate on your mortgage can affect your loan.

How Important Is the Interest Rate When Getting a Mortgage?

A mortgage interest rate, also known as a mortgage rate, is an important number to consider when you’re calculating the total cost of a mortgage. It allows you to see how much you’re paying your lender to borrow the money that you need to pay off the house that you want.

But, it would be unfair to say that the interest rate is critical to your mortgage loan.

The interest rate of a mortgage can tell you a lot about the deal that you’re getting, but it doesn’t tell you the full picture. There are plenty of other loan characteristics that you should consider.

1. Annual Percentage Rate

The annual percentage rate (APR) of a loan may be a better indicator of the costs associated with the loan that you’re getting. The APR takes the interest rate into account as well as the lender’s fees, points, and other charges associated with the loan.

The APR may be a better indicator of the costs of the loan since it considers more than the interest rate.

2. Length of the Loan

Another consideration to make is the length of the loan, also referred to as the loan term. The amount of time that you’re going to be borrowing the money for makes a huge difference in the payments that you’re making towards the loan.

Home buyers who want to dramatically cut the costs of their mortgage loan should consider paying off the loan earlier. In other words, they should agree to a shorter mortgage term.

Reject the traditional 30-year mortgage and opt for the 15-year or 20-year option so that you can save more money over time. You may have higher monthly payments, but you’ll pay less money over time. Plus, you’ll be done paying off the loan much faster.

The shorter loan term can help reduce costs because it helps you pay off the principal faster. Since the principal is the main part of the loan, paying it off can help reduce the interest payments and other fees that you have to pay.

Overall, the length of the loan can tell you a lot about how much you’re actually paying in interest fees. If you pay off the principal quickly, you’re going to save more money in the long run.

3. Communication Options

One of the most ignored loan characteristics has to do with the lender themselves. Many people look at the terms of the loan and ignore the person that they’re working with.

The truth is that you have to consider who you’re working with more than the money that you’re spending. What are a few extra dollars if you can’t reach the person you need to pay?

All in all, you need to consider how you’re going to reach and communicate with the loan officer, who should make communication terms clear and easy for you. 

After finding a few loan officers that you like, you should then consider the finances that go into the loan itself.

Conditions That Affects a Mortgage Interest Rate?

Since the interest rate of the loan is the most tangible piece of evidence that many of us use when we’re looking at mortgage loans, we have to consider what’s affecting the interest rate.

Keep in mind that the interest rate does affect the APR, which we previously listed as one of the most important characteristics to consider when choosing a mortgage loan.

1. Inflation

We all know the word, and we all know how it affects the costs of everything. Inflation drives prices up. 

Because the current inflation rate is a great indicator of the current state of the economy, it’s important for mortgage lenders to consider the inflation rate when they’re setting their mortgage interest rates. 

However, mortgage lenders also have to keep purchasing power in mind. Because inflation decreases purchasing power, lenders have to maintain interest rates for a few years at a time to overcome this erosion.

In other words, they have to keep their interest rates stable for a period of time so that they can calculate their real net profits rather than the profits they supposedly received from inflation.

For example, let’s say that mortgage rates are at 4% and the annual inflation rate is at 2%. This tells us that the real return on the loans that lenders are giving is only 2%. Since they aren’t actually receiving 4%, lenders have to carefully monitor and consider inflation rates when they’re setting interest rates.

2. Economic Growth

Indicators of economic growth can influence mortgage rates as well. A greater rate of economic growth causes higher wages and higher spending.

In turn, high economic growth can lead to more people buying homes.

While this is great for the country’s economy, it can lead to higher mortgage rates. Lenders only have so much money that they can lend. With more people looking for loans, they’re going to lend out more of their money.

So, lenders want to increase the interest rate on that money to make up for the time when they’re losing more money to home buyers.

In economies that aren’t growing, there are fewer people working and fewer people buying homes. So, mortgage rates decline as an incentive for people to buy homes.

3. Federal Reserve Monetary Policy

The Federal Reserve Bank consistently updates its monetary policy. And, one of the things that the monetary policy affects is mortgage rates.

While it doesn’t specifically set the mortgage rate, it does establish the Fed Funds rate and adjusts the money supply. These changes are what establish and change the available mortgage rates. 

If the monetary policy increases the current money supply, interest rates will decrease. In turn, a decrease in the current money supply will increase interest rates.

4. The Bond Market

Banks, investment firms, and similar entities take advantage of mortgage-backed securities. These securities work as investments and will attract buyers if the yields are high.

At the same time, government bonds and corporate bonds have competing investments. These investments have fixed incomes and sit for long periods of time.

The money that you can earn from these investments affects the yield that investors get from mortgage-backed securities.

Thus, the bond market can affect how much lenders charge for the mortgages that they’re giving. In order to make mortgage-backed securities competitive, lenders have to make enough money from their loans.

5. Housing Market Conditions

The housing market itself can affect mortgage interest rates.

When fewer people are selling homes, there is a decline in home purchases. This causes a decline in the demand for mortgages and a decline in the interest rates for mortgage loans.

Likewise, an increase in home sales leads to an increase in the demand for mortgages, which increases mortgage rates.

Another factor that can affect mortgage rates is renting.

If more consumers opt to rent homes rather than buy them, this can lead to a decrease in interest rates as well. Since fewer people are buying homes, there is a decrease in the demand for mortgages and a decrease in interest rates for those mortgages.

What Should I Consider When I’m Getting a Mortgage?

Yes, the interest rate of a loan when getting a mortgage is important. Since they’re tied to the basic rules of supply and demand, there are multiple factors (like we just discussed) that affect their fluctuation.

Beyond that, your personal financial health can affect the interest rate that a lender is willing to give you.

A higher credit score will make it more likely that you’re going to get a lower interest rate. Your credit score is the best tool that a lender has to tell how risky (or not risky) you are as a seller. 

All in all, you should consider the interest rate of a mortgage. But, it shouldn’t be the sole consideration that you’re making. 

To get the bigger picture, you should look at the interest rate, loan terms, loan length, communication guidelines, and more. These small details make a big difference.

Getting a Mortgage With Mortgage for Champions

Getting a mortgage doesn’t have to be difficult. While you’re looking at terms and conditions, you may feel overwhelmed by the options you have (and perhaps even the options that you don’t have).

With our specialized loan programs, you may be able to find the perfect kind of mortgage for you.

Get started today! You can get a free, no-risk mortgage quote right now.

Related Articles – https://www.mortgagesforchampions.com/history-of-the-mortgage-rates/          https://www.mortgagesforchampions.com/purchasing-a-home-heres-what-you-need-to-consider-2/  https://www.mortgagesforchampions.com/first-time-home-buyer-questions-to-ask/  https://www.mortgagesforchampions.com/8-mortgage-mistakes-you-should-not-make/  https://www.mortgagesforchampions.com/are-housing-speculators-driving-up-home-prices/

FHA Revisited: Mortgages for Champions

Posted & filed under All About Mortgages, Blog, Homeowner Tips, Mortgages for Champions, Mortgages for Military, Mortgages for Nurses, Mortgages for Police, special mortgages, Tips for First Time Home Buyers, Tips From Residential Home Funding's Experts, Uncategorized.

FHA Loans

FHA LOANS CAN HELP MOST NEW HOME BUYERS

MORTGAGES FOR CHAMPIONS – FHA, LOANS

The Economic Recovery Act of 2008 requires the Federal Housing Administration (FHA) to keep federally backed mortgage loan limits at 115% of local median values.

The agency establishes floor and ceiling limits to meet this requirement. If you want to buy a home this year using an FHA loan, you might wonder how this affects you.

Keep reading to learn about the latest FHA loan changes as well as our Mortgages for Champions Program.

An Overview of FHA Loans

FHA home loans are backed by the federal government. In other words, they’re insured by the Federal Housing Administration. However, you’d secure an FHA loan from a mortgage lender that’s been approved by the FHA.

These loans have lower minimum credit and down payment requirements compared to traditional loans. As a result, they’re popular with first-time homebuyers. In fact, over 83% of FHA loan originations were for homebuyers in this group in 2020.

H3’s – How They Work

An FHA loan has either a 15-year or 30-year term. In either case, it has a fixed interest rate.

Also, FHA home loans have flexible underwriting standards. They’re designed to help borrowers.

For instance, you might have less than perfect credit. Alternatively, you may not have sufficient cash savings to qualify for a traditional loan.

In that case, you may find that an FHA loan is ideal for helping you buy the home of your dreams. However, there’s a caveat—you must buy FHA mortgage insurance.

Guidelines for FHA Borrowers

Since its launch, the FHA mortgage program has helped tens of millions of families buy homes in the United States. Today, you must meet a few criteria to qualify for an FHA loan.

For instance, if you have a FICO score of 580 or more, you must make a 3.5% down payment for an FHA loan. If your FICO score is 500 or higher, you must make a 10% down payment. If your credit score is 499 or lower, you’re not eligible for an FHA loan.

Again, you must pay an FHA Mortgage Insurance Premium if you secure this kind of loan. Also, you must have a debt-to-income ratio of less than 43%.

You must also show that you have employment and a steady source of income to secure an FHA loan. Also, if you’re approved for the loan, you must use the home for your primary residence.

Is It Better than a Regular Loan?

A conventional loan isn’t backed by the federal government. With a traditional loan, lenders assume the full risk that you’ll repay your mortgage in full.

As a result, you must have a higher credit score to qualify for a conventional loan. You’ll usually need a credit score of at least 620. You must also have a steady income history.

You must also pay at least 3% of the value of the loan to enter the agreement. In fact, your down payment could range anywhere from 3% to 20%.

Finally, a conventional loan might have loan terms that last anywhere from eight years to 30 years instead of 15 to 30 years, as with an FHA loan.

Benefits of FHA Loans H3

Again, one of the top benefits of an FHA loan is that you can still purchase a home if you have a less-than-perfect credit score. The same applies if you have yet to establish a credit history. You may also pursue an FHA loan if your credit history shows that you’ve had problems making on-time payments.

For some, it can prove challenging to achieve a credit score of 620 for a traditional loan anytime in the near future. If you have a credit score of at least 580, however, most FHA-approved lenders can help you buy a home. Also, an FHA loan allows you to enter a mortgage agreement with a lower down payment, as mentioned earlier.

Things to Consider H3

Again, it’s important to understand that you must purchase mortgage insurance if you receive an FHA loan. Statistically, a lower credit score indicates that there’s a higher risk that you’ll default on your loan.

With this in mind, lenders must protect their interests. This circumstance affects FHA loan credit score rules. As a result, mortgage insurance is mandatory for FHA loans.

However, you can roll the cost of the insurance into your closing costs. Typically, the lender will divide your annual mortgage insurance premium into 12 installments as a part of your mortgage bill.

2022 FHA Loan Limits

In December 2021, the FHA announced its new loan limits for 2022. It’s important not to confuse the loan limit with home value.

The loan limit is the amount of all your mortgage payments that the FHA will insure over the term of your full loan. Across most of the United States, the loan limit will increase due to considerable home appreciation.

The FHA considers this kind of real estate market behavior as it makes its yearly loan limit assessment. The new loan limit will apply to any FHA loans originated on or after January 1, 2022. The national conforming loan limit is $647,200.

For 2022, the minimum loan limit, or “floor,” is $420,680. This rate is 65% of the national conforming loan limit. A loan of this size might pay for a home that’s appraised at about $250,000. Meanwhile, the maximum FHA-insured loan limit will increase from $822,375 to $970,800 in 2022.

FHA Streamline Financing

You may have also thought about refinancing your FHA loan. In that case, you may want to consider an FHA Streamline Refinance loan.

With an FHA Streamline Refinance loan, you’re refinancing your current FHA-insured loan into another one. Your payments on the existing loan must be up-to-date to qualify for this program.

It’s important to note that an FHA Streamline Refinance loan is not the only FHA to FHA refinancing product.

Under the right circumstances, an FHA Streamline Refinance loan is a good deal for borrowers. There’s no prepayment penalty with an FHA-insured loan. However, you must wait 211 days after your last FHA loan before you can qualify for an FHA Streamline Refinance loan.

Appraisals for FHA Streamline Loans H3

Another benefit of an FHA Streamline Refinance loan is that it typically doesn’t require that you have your home reappraised. In most cases, the lender will base the loan-to-value ratio (LTV) on your last appraisal. Sometimes, however, the lender may require a reappraisal.

Still, there are some limitations with this kind of financing. For example, you cannot cash out using an FHA Streamline Refinance loan.

Also, the loan must provide you with a financial benefit of at least 5%. Alternatively, the loan must enable you to move from an Adjustable Rate Mortgage (ARM) to a fixed-rate loan.

Overcoming Benefit Requirement Shortcomings

For some borrowers, an FHA Streamline Refinance loan will not meet the 5% benefit requirement. However, you can still finance your existing FHA loan with another one. For example, you may qualify for an upfront mortgage insurance (UFMIP) refund.

You must have your home reappraised to qualify for a UFMIP refund. The lender will then reassess the loan-to-value ratio of your new loan product. The new LTV cannot exceed 97.75%.

Insurance and Streamline Loans

The insurance that you must purchase for any FHA loan is called the Mortgage Insurance Premium (MIP). There are two kinds of FHA mortgage insurance:

1. Upfront Mortgage Insurance Premium (UFMIP)
2. Annual Mortgage Insurance Premium

UFMIP mortgage insurance is 1.75% of the mortgage for an FHA loan. However, the premium for an Annual Mortgage Insurance Premium varies based on several characteristics, including the:

• Loan amount
• Loan terms
• LTV

An experienced mortgage lender can walk you through the various possible Annual Mortgage Insurance Premium scenarios.

FHA Streamline Loan Costs

Usually, an FHA Streamline Refinance loan has the same fees as other FHA programs. Sometimes, however, the rates of this kind of loan are even lower. You can find out current FHA loan rates for an FHA Streamline Refinance loan by speaking with a reputable mortgage lender.

With an FHA Streamline Refinance loan, you’d usually pay closing costs. These closing costs might include lender origination fees as well as escrow or title expenses.

Often, these fees can equal 3% to 5% of the total loan amount. You’d also need to establish an escrow account to hold reserves for property taxes and home insurance.

For dedicated public servants, however, our Mortgages for Champions program can help you to bypass these requirements.

Mortgages for Champions

RealFi Home Funding created the Mortgages for Champions program to thank our selfless public servants. It’s available to professionals who serve the public in several capacities, including:

• Educators
• EMTs
• Firefighters
• Government employees
• Law enforcement officers
• Medical personnel
• Military personnel

Mortgages for Champions is our way of showing our appreciation for what you do for our communities and us. The program allows you to bypass all lender’s fees or closing costs. Sometimes, this savings can add up to $1,700 or more.

Yes, you read right. We remove all closing fees for our champions. That means no application fee, no processing fee, no underwriting fee, and no commitment fee.

Don’t Wait. Get Financed, Now!RealFi Offer the Best Mortgages for Champions

Hopefully, you now have a better understanding of 2022 FHA loan requirements as well as our Mortgages for Champions program. At RealFi Home Funding, it’s our mission to make buying a home more accessible, even if you don’t have the best credit or the highest paying job.

Please feel free to apply today to learn more about purchasing a home or refinancing your mortgage with a down payment as low as 3.5%.

Related articles – How Will the Omicron Variant Affect Mortgage Rates?    Mortgages For Champions – Best Mortgages for Doctors   Good Tips for First Time Home Buyers   Home Loans for Nurses: A Complete Guide to Buying and Refinancing  

How Will the Omicron Variant Affect Mortgage Rates?

Posted & filed under All About Mortgages, Blog, Homeowner Tips, Mortgages for Champions, Mortgages for Military, Mortgages for Nurses, Mortgages for Police, News, special mortgages, Tips for First Time Home Buyers, Tips From Residential Home Funding's Experts.

Mortgage Rates

How Will Changing Mortgage Rates Effect Your Home Purchase

How Will the Omicron Variant Affect Mortgage Rates?

How will the Coronavirus affect the real estate market? Financial experts have been asking this question for the past 12 to 18 months.

It seems like we’ve dodged two bullets with the original outbreak of COVID-19 and the Delta variant. But, the emergence of the Omicron variant has real estate professionals wondering how the market and mortgage management companies will perform.

If history is any sort of teacher, we should be okay as Omicron starts to hit the United States. Of course, no one has a crystal ball, but it helps to take a look at what’s going on in the market to see where conditions are most likely to head.

That’s exactly what we’re going to do today. We’re going to go over how we think Omicron is going to affect real estate and mortgages as the holidays approach and we move into a new year.

How COVID Is Affecting Current Mortgage Management

Since the spring of 2020, when COVID first came to America, residents of the U.S. have been expecting to see a correction in the real estate market. Mortgage rates had been low, and prices had been high for several years prior to the initial COVID outbreak in 2020.

Since that time, most financial and real estate professionals have been “waiting for the other shoe to drop.” Many thought that if a correction hadn’t happened yet, COVID would be the thing to bring it on for sure.

We know now that we’ve seen the exact opposite happen. Mortgage rates are the lowest they’ve ever been and housing prices seem to be the highest they’ve been since pre-crash America. And this market has held up through both the initial COVID-19 outbreak and the Delta variant.

Essentially, the U.S. real estate market has been “COVID-proof” up until this point.

How the Omicron Variant Will Affect the Market

With the Omicron variant beginning to produce more COVID cases, experts wonder how this newest dose of uncertainty will affect the real estate market. Real estate professionals were expecting mortgage rates to dip because of the new variant. But, U.S. Residents were beginning to brace for increased costs of home ownership.

What we’ve actually seen over the past week is a slight increase in the mortgage rates. As of December 3, 2021, mortgage rates in the U.S. Averaged 3.11%. In December 2020, that number has been just 2.71%.

Mortgage professionals say that the rate has been on an overall upward trend since September 2021. And, although the rates have had minor ups and downs during that time, we’re still continuing to see a steady climb.

It’s easy to think that Omicron is going to send the real estate market into a skid. Especially when you look at what’s happening in the stock market.

So far, the stock market has dropped significantly in response to COVID’s Omicron variant. The S&P 500 fell 2.3% on Black Friday making it the stock market’s worst day since February.

The stock market continued to fall another 1.2% after the first outbreak of Omicron. 

What’s Causing Higher Mortgage Rates?

Uncertainty is never a good thing for the market. And, unfortunately, that’s exactly what the Omicron variant brings. During uncertain times like these, investors experience what’s known as a “flight to quality.”

This flight to quality means that smart investors will seek sounder, more stable investment options. Usually, this means liquidation of real estate assets and a transfer of funds into more “secure” investment options. These secure options are usually U.S. Bonds and Treasuries.

Bonds are a historically safe and low-risk investment vehicle. They provide much-needed stability in unstable times. They can also be instrumental in showing us what will happen with future mortgage management during these times.

Like most investment vehicles on Wall Street, bonds and mortgages play off each other. The two financial instruments have an inverse relationship. As the price of bonds goes down, mortgage rates go up and vice versa.

The Federal Government Gets Involved

In 2020, however, this wasn’t the case. When COVID hit at the beginning of last year, the Federal Reserve took steps to make sure the economy could weather the storm.

Federal Reserve officials made sure to “prop up” the financial market by increasing their quantitative easing measures. The economy was also helped by the stimulus money provided to American citizens. 

Most Americans received a total of $2,600 over three payments. The idea from Capitol Hill was that money would go back into consumer goods. As a result, buyer sentiment and the American economy would remain bullish.

Before the Omicron variant hit, the Federal Reserve chairman was beginning to ease up on the Fed’s financial measures. Mr. Powell stated publicly that he was going to slow down on the government’s purchase of U.S. bonds. He felt comfortable doing so because he saw signs that the U.S. The economy was starting to stabilize.

But, Omicron is changing all of that. Naturally, everything is subject to change. But, U.S. Bond analysts are cautiously optimistic about the health of the economy. They believe the market will continue to transition naturally and the news concerning Omicron won’t have much effect.

But, that’s not a guarantee.

How This Will Affect Real Estate

Based on what experts and analysts are saying, we’re going to see mortgage rates creep up. In fact, Redfin noted that home buying was the slowest it’s been all year during the week of Nov. 28.

This slowdown could be a result of Omicron or a result of the holiday season. It’s too early to tell.

Homebuyers are still buying and inventory is still scarce. Another data point found by Redfin shows us that there could be as many as 100,000 fewer listings in 2021 than there were in 2020. But buyers will still be lining up to buy those homes.

Redfin believes there will still be new listings in 2022, but the buyers who are lining up now to buy may still keep the 2022 market very competitive. This should remain true for at least the first quarter of 2022.

Experts are saying the residential real estate market will be more resilient than we expect. This is due, in part, to how the market has performed through the past two COVID outbreaks. 

Inventory is going to remain scarce, but prices will continue to grow. But, the growth will begin to slow compared to the past year or so.

COVID Lifestyle Affecting the Housing Market

Another reason the housing market will still continue to remain healthy is because of quarantine protocols. Economic experts in the real estate field believe we are more equipped to handle the COVID outbreak this time around.

As a result, there won’t be a government or business shutdown. In 2020, the shutdown actually helped the real estate market. The shutdown caused a sharp spike in the price of houses.

When the shutdown occurred, it caused a “frenzy” in the residential real estate market. This increase in buying activity caused an increase in housing prices that hit the double digits. Prices will continue to grow but not at the same rate.

Another reason why the real estate market will remain healthy is that the home selling and buying process has already adjusted to the COVID world. Agents have been able to perfect the art of giving virtual tours and selling real estate remotely.

This should ward off any paralysis or uncertainty home shoppers may have due to Omicron. In fact, Omicron may wind up making the real estate market even hotter.

The new variant may require people to continue to work from home. With returns to the office being delayed, people will want to shop for a home that accommodates their remote lifestyle.

People may choose to buy larger houses or relocate to more desirable areas.

The Commercial Market 

The Omicron variant is affecting commercial real estate as well. Agents saw the demand for office space drop to its lowest rates yet this year during the month of October.

The highest demand for commercial office space came in August 2020. Since that time, demand for new office leasing has dropped close to 30%. 

Preparing for the New Market

Mortgage management may not look that different in 2022. We should see more of the same upward trend in the housing market. It seems like buying will continue to remain hot.

Rates may go up a little bit, but homebuyers will still be lining up to buy the house of their dreams. If you’re looking to apply for a mortgage, Contact Mortgages for Champions today. We’re more than happy to help on your journey to home ownership.

Are Housing Speculators Driving up Home Prices?   Is Now a Good Time to Buy a House?    Good Tips for First Time Home Buyers   Best Healthcare Workers Mortgage & First Time Home Owners Program   Mortgages For Champions – Best Mortgages for Doctors    First Time Home Buyer- Questions To Ask  

Are Housing Speculators Driving up Home Prices?

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Speculators at Work

Home Speculators at Hard at Work

Are Housing Speculators Driving up Home Prices?

When is the next housing market crash? No one seems to be able to agree on when it’s likely to happen. But, we all can agree on one thing: it’s coming.

Is it really coming, though? Read on to find out.

The housing market has been up for a very long time. It seems like home prices keep climbing higher and higher. At the same time, it seems like mortgage rates keep dropping lower and lower.

Consumer confidence in the housing market is at an all-time high. Mortgages for Champions has been able to help more homeowners this year than ever before.

Sellers have no doubt they can get exactly what they’re asking for their house. In most cases, they can even hold out for more than the house is worth.

But, what is driving this massive increase in home prices? What is the housing market forecast for the coming year? A lot of Americans feel like housing speculation is the culprit driving our home prices through the roof.

If you’re looking to buy or sell a home in 2022, this article is for you. We’re going to take a look at where you can expect home prices to go and what home speculation has to do with it all.

Let’s get started.

What We Expected

The last 12 to 18 months have been unprecedented to say the least. The COVID-19 pandemic forced the closure of millions of businesses throughout the country. Some businesses were able to weather the storm. But others didn’t survive.

All of the failing businesses had many investors waiting to pick up properties. Speculators felt like the economic problems caused by the pandemic would result in some great real estate deals. As we all know now, the exact opposite happened.

The pandemic actually made the real estate market move in the opposite direction of our expectations. COVID-19, and the changes it brought to life as we know it, only increased demand for real estate. In fact, home prices have risen another 20% over the past 12 months.

Home prices that rise at this rate have a lot of people feeling like we’re in 2007-2008 crash conditions again. People are waiting for the “bubble to burst.”

What’s Actually Happening to Home Prices

Experts in the real estate field have the exact opposite feeling. They don’t see this market as a bubble. Many real estate media outlets predict that approximately 6 million homes may be sold in 2022. 

If 6 million homes are sold during 2022, that would be the most home sales since 2006, the year before the housing crash started. On the surface, it looks like another downtrend is just around the corner. But, most experts feel things are different this time around.

What Caused the First Crash?

In 2008, the real estate market crash was caused by a phenomenon known as subprime lending. Mortgages were given to millions of homeowners that couldn’t afford them. If you watch the movie the Big Short, you’ll also see other types of fraud that were occurring during this market.

Variable interest rates, low down payment loans, and loans with very lax underwriting requirements all contributed to the problem. Something needed to be done.

After that lending crisis occurred, financial lawmakers put their heads together to make sure it never happened again. Legislation like Dodd-Frank was put in place to make sure the fundamentals of the American lending process were sound. Risky mortgages with high, variable interest rates and mortgages to borrowers with poor credit became a thing of the past.

These mortgages became known as “subprime” mortgages and they made up about 20% of the mortgage market in 2006.

What’s Causing This Trend?

The good news is, lawmakers’ efforts have paid off. There doesn’t seem to be another bubble in sight. At least not for right now.  Experts believe the cause of the rise in home prices is different this time around.

Lending isn’t the problem anymore. Subprime mortgages currently only make up 1% of the mortgage market. The legislation put in place has made great strides in creating solid, ethical lending practices. 

Its true homes are rising. We mentioned earlier that they’ve gone up 20% in the past 12 months. But, this time around that rise isn’t due to poor lending practices. It’s due to low inventory and high demand.

This is good news because supply and demand are the basic principles of economics. That means the health of this market, and the high home prices, are occurring naturally. 

What’s fueling these market conditions? Many cite the “new normal” brought on by the pandemic. With the Omicron variant starting to emerge, we’ll be on our third major COVID variant. 

As a result, economic experts believe the effects of COVID-19 on the market will be long-lasting.

Newcomers to the Market

In addition to COVID, there’s also a new buying phenomenon in the marketplace. We’re seeing a new generation of home buyers come into the market, apply for mortgages, and buy homes.

Millennials have been buying homes throughout the rebound from the housing crisis. We’re not saying that they are just now entering the housing market. But, what we are seeing now is millennials buying homes at the same rate as previous generations.

Americans between 25 and 40 are finally achieving the American Dream at the same rate as their parents and grandparents. If you’re wondering why this age group is entering the housing market a little late, it’s because of the real estate crash.

The housing and job market of 2008-2009 prevented a lot of millennials from buying their first home. Overall, lending and borrowing slowed to a crawl as mortgage professionals and financial experts figured out the lending crisis mentioned above.

In addition to that, Millennials couldn’t find entry-level jobs at that time in America. Most companies had nationwide hiring freezes. The lack of income prevented Americans in this age bracket from amassing any sort of savings for a down payment on a house.

The Millennial Effect on Housing Inventory

Naturally, this went on to affect the housing inventory. If people can’t afford houses, developers don’t build them.

Experts in the field say that between 2008 and 2013 there were 6 million homes scheduled to be built. Sadly, developers never broke ground on any of these homes because of the economic environment.

Currently, millennials represent the lowest percentage of homeowners in America. But, despite being the lowest, they’re the fastest-growing segment of the housing market.

It took a while, but millennial home buyers are finally here. And they’re helping spur on the high times of our current U.S. Economy.

Is Housing Speculation Affecting Home Prices?

Based on the above evidence, we would say no. The rise in home prices we’re seeing in the current market has nothing to do with home speculation. That’s a good thing.

Too much investment activity in the market is what causes artificial inflation and bubbles. What we’re seeing today is more of a “steady climb” in housing prices. This is all thanks to more stable lending practices and the natural forces of the economy. 

Financial professionals believe that this demand in housing was always coming. Millennials make up a large portion of the population. Unfortunately, income levels and economic conditions prevented them from buying houses previously.

Eventually, millennials would’ve been able to purchase homes. But, low mortgage rates and housing demand due to COVID have sped up the process significantly.

What to Expect in the Future

According to what real estate experts see, this market won’t slow down anytime soon. One statistic predicts that approximately 5 million mortgages will be originated in 2022. Home prices are also expected to continue rising.

If the current trend continues, we could see home prices rise somewhere between 5% and 13% over the coming year. This is great news for the health of the market. 

These increased prices may make entering the market difficult for first-time homebuyers. But our team at Mortgages for Champions is confident we can work something out.

There are plenty of incentives and programs first-time homebuyers can take advantage of. Couple these programs with the incredibly low mortgage rates, and we’re confident anyone interested in buying a home can achieve their dream.

The Time Is Now

As the evidence shows, home prices will only continue to rise. If you’re interested in buying a home at all, contact Mortgages for Champions today. Start your application process before the next spike in home prices.

It’s your turn to join the next wave of homebuyers. We hope this article serves as proof that the American Dream is still within reach for those who want it. Thanks for reading.

Additional relevant articles – Is Now a Good Time to Buy a House?    Good Tips for First Time Home Buyers   Best Healthcare Workers Mortgage & First Time Home Owners Program   First Time Home Buyer- Questions To Ask          Purchasing a Home? Here’s What You Need to Consider    Mortgages for Champions – Teachers Get Better Loans

Is Now a Good Time to Buy a House?

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Is This The Time To Buy A House

Is Now A Good Time To Buy A House?

When is it a good time to buy a house? People ask us that question often. A lot of people have trouble deciding when to buy because the market is always changing.

America is rebounding nicely from the housing crash of late 2007 and 2008. A lot of this has to do with the fact that laws have been put in place to help it recover.

In this article, we’re going to discuss if now is a good time to buy a house. Our goal is to educate you a little bit about the market, go over what your options are, and leave you with enough information to make your home buying decision.

So, read along with us. There’s a lot of information to learn. By the end, we hope that buying a house doesn’t appear as overwhelming as you originally thought.

Understanding the Housing Market

The housing market is a fascinating part of the American economy. Understanding it could be an entire article in itself. But, we’re not here to overwhelm you with a bunch of facts, figures, or technical terms.

You just need a high-level understanding of how the housing market works to help you decide when it’s a good time to buy a house.

When most people purchase a home, they are looking to get a loan. As a result, your main concern in the housing market is going to be interest rates. That’s going to tell you how far your money can go when you buy a new home.

If interest rates are low, your money stretches further. This means you can get a better house for your money than you would during times of high interest rates. 

Therefore, it makes sense to buy a house when interest rates are low. But, more factors dictate a strong housing market.

Why Is Now a Good Time to Buy a House?

So, why is now a good time to buy a house? We’re hearing all over the news and TV that now is the best time to buy in recent history. Well, we already covered one of the reasons: interest rates.

Let’s dive a little deeper into the interest rate trend, as well as some of the other factors that could make 2021 a great time to buy.

Remote Work Is Increasing

The COVID-19 pandemic has made working from home the norm these days. Everyone’s homes now double as a place for the family, as well as an office. As a result, people may be looking to upgrade the size of their house.

People are also looking to relocate because of remote work. Many companies have seen incredible benefits from the remote work model. Large corporations are shutting down office locations in record numbers since the pandemic.

Proximity to your office or job is a huge determining factor in buying a home. But, if homeowners don’t have to live in or near expensive cities for their jobs anymore, they may choose to relocate. 

People whose work environment has changed may want to change their home environment, as well.

The Economy Is Staying Strong

Housing prices will always change a little bit. We’ve seen ups and downs in the trend of housing prices over the past year. But, it seems like the housing laws and economic recovery plans put in place over the last decade will continue to strengthen the housing market.

Although housing prices are high and inventory is low, it seems like potential home buyers will continue to buy. The challenge is that the high prices are putting homes out of reach for some buyers. This is particularly true in the case of first-time homebuyers.

If you’re looking for lower prices to fit your budget and less competition, you may want to put off buying a home for a little while. 

Low Mortgage Rates

Earlier, we touched on how mortgage rates work in the overall picture of the housing market. Now, let’s take a look at the current mortgage picture.

Mortgage rates are at the lowest they’ve ever been. For most of 2021, the interest rate for a 30-year, fixed-rate mortgage has been under 3%. Most Americans haven’t seen interest rates that low in their lifetimes.

In fact, the “baby boomer” generation saw mortgage rates as high as 18-20% in the late 1970s and 1980s. 

The reason mortgage rates are low has to do with the COVID-19 pandemic. The pandemic has made for very uncertain times in the U.S. During these uncertain times, the government has stepped in to help “prop up” the economy.

Federal funds have put rate cuts in place to make sure the economy stays strong. 

Since mortgage rates are so low, many experts and potential homeowners are thinking it’s the time to buy. It could be. Experts are also predicting rates to increase in the coming months.

It may make sense for buyers to “get while the getting’s good” but buying a house is a big purchase. And, like with any big purchase, there are multiple things to consider before pulling the trigger.

A Few Reasons Why You May Want to Wait

When you’re making a big decision like buying a house, it helps to look at things from all angles. Interest rates have been low for a long time and the economy has been strong. But there is always another side to the story.

Here’s a look at some things to consider before pulling the trigger on your home buying decision.

Other Effects of COVID-19

We talked about how the pandemic has increased remote work. We also discussed the effect that the increase in remote work has had on the housing market. But, the COVID-19 pandemic has also had some negative effects on homebuying. 

One major change we’re seeing since the pandemic is the way people are buying homes. Real estate agents are showing homes virtually now. Some agents do this by walking through a vacant house with their buyers on FaceTime or a Zoom call. 

Other agents may send their buyers 3D layouts of the home, drone footage, and walkthrough videos. 

While the advancement in technology is great, it’s hard for most people to make a decision to buy a home without seeing it in person. Some sellers are still willing to show their homes in person. But, because of the pandemic, other homeowners may not be willing to do so.

Changing Appraisals and Closings

Appraisals and closing appointments have also gone virtual since COVID-19. Some attorneys or title companies are doing closings via Zoom or other teleconferencing platforms.

Appraisals are changing in the same way. Home appraisers are no longer doing walkthrough appraisals. Lately, the value of houses has been determined by a drive-by or virtual appraisal. This can make the home-buying process a challenge.

An appraisal is an important step in determining the value of the house. The value determined by the appraiser also plays an important part in the terms of your mortgage. If an appraiser isn’t able to walk through a property, they may miss something important.

The resulting appraisal value could be skewed. This might work in your favor but it could also work against you when you’re going through the mortgage application process.

During COVD-19 times, we’ve learned that a lot can be accomplished virtually. But virtual appraisals and closings throw a few more wrinkles into the process of purchasing your home.

It’s a Seller’s Market

With inventory, so low and demand so high, sellers have the upper hand in the current market. This means current homeowners can wait until they get the right price.

If they don’t like a particular offer, they can just decline it and wait. Most houses are receiving multiple offers within days of being listed, so the seller knows that a better offer will come along most likely.

When it’s a seller’s market, that means tough times for home buyers. The increased competition will force prices higher. And, despite prices being high, houses don’t last long on the market.

If you’re considering buying a home, you need to get serious about your shopping. Work with a lender and have a pre-qualification letter ready. That way both your agent and the seller know you’re serious.

When you see a home you like, don’t be afraid to put in an offer. Obviously, be sure that you like it first but don’t be afraid to move quickly. If you hesitate on a house that you like, chances are it may be gone.

You can also entice sellers to take your offer over others that are on the table. You can do this by offering a larger down payment or paying cash for your home.

Buy When You’re Ready

Ultimately, it’s a good time to buy a house whenever you’re ready. Every point in the market has its pros and cons to buying. You need to make sure you’re ready emotionally and financially before moving forward with a big purchase like owning your own home.

When it comes to the financial part, RealFi has got you covered. Contact us today and we can work with you on your home loan options. If you have any questions, our friendly and knowledgeable staff is more than happy to help.

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