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Author Archives: Stephen L.

Millennials: I want to own a home, but I’m scared

When it comes to purchasing a home for Millennials there are elements of ambitious conceit marked with the fear of commitment. The housing crises impacted Millennials ability to leap without the fear of impossibility or failure. At the time of the 2007 housing crisis most Millennials were either in college or going into their career fields. Renting was a normal way ... Read More »

Mortgage Approvals Now Take 45 Days on Average

So, you’ve found the home of your dreams and are ready to apply for a mortgage? Once you and the seller have agreed on a price, you’ll need to seek a mortgage loan from a bank or other financial institution. While this may sound simple enough, there’s a hefty amount of legwork involved in the mortgage process, but thankfully you ... Read More »

New Mortgage Rules Now in Effect: What You Should Know

Ask any homeowner and they’ll agree: the worst part of buying a home is filling out the paperwork. According to some estimates, the average mortgage application file for U.S. homes has grown to 500 pages. Granted, buyers aren’t required to place their John Hancock on each and every page, but they “should” still read the pages to gain a better ... Read More »

What is a Floating Interest Rate?

When shopping for a home mortgage, you may come across some lenders who offer a floating interest rate. Also known as an adjustable rate or variable rate, a floating interest rate is essentially any type of debt (mortgages included) that does not have a fixed interest rate over the life of the loan. If the interest rate of a mortgage ... Read More »

Can I Deduct My Home Mortgage on Taxes?

As we approach the end of the year, many homeowners are preparing their financial documents to file their taxes. If you are a first-time homeowner, you might be wondering whether or not your mortgage is deductible. While mortgage is generally not tax-deductible, there are some other expenses associated with owning a home that you can deduct. Interest Paid on Mortgage ... Read More »

Mortgage Tips for First-Time Home Buyers

Lending Programs

So you’re looking to purchase your first home? Home ownership is a big responsibility that shouldn’t be taken lightly. In fact, a home is the single largest asset for the majority of adults in the U.S. If the thought of buying a home sounds daunting, check out the following mortgage tips listed below. How Much Can I Afford? Borrowing more ... Read More »

Millennials Looking to Reshape the Housing Market

The youth of America has taken a greater interest in home ownership. Many young adults are forced to rent apartments and/or houses as a result of financial burdens attributed to debt and student loans. But as they grow older, these “millennials” are now purchasing their own homes. According to a recent study conducted by the real estate data firm Zillow, ... Read More »

Submitting an Offer to Buy a Home: What You Should Know

So you’ve found the perfect home for you and your family, and now you’re faced with the critical task of submitting an offer to buy. Abruptly rushing through this process could leave you trapped in an agreement that’s in the seller’s best interest and not yours. An offer to buy a home is a legally binding agreement that the courts ... Read More »

15 vs 30-Year Mortgage: Weighing the Pros and Cons

When shopping for a new home, one of the many decisions you’ll have to make is choosing a duration for the mortgage. According to the Mortgage Bankers Association (MBA), an overwhelming majority (86%) of buyers who applied for mortgages during February 2015 sought 30-year loans. The 30-year loan has become the de-facto standard in the U.S., with more than eight ... Read More »

Pros and Cons of Buying a Short Sale Home

Thinking about a buying a new home in the near future? If so, you may want to consider a short sale. Short sales have become an increasingly popular alternative to foreclosures. When a homeowner is unable to pay his or her mortgage, they may strike a deal with the lender to sell their home via a short sale. As a ... Read More »