Have you ever wondered just what the difference is between a Conventional, FHA, USDA and VA loan? We broke down the information for each one, and what you’d expect to pay for a $200,000 loan with a 30 year fixed interest rate. # 1 – Conventional Loan Conventional loans are the easiest to remember because[…]
Financing real estate deals these days can be challenging, but doable with the right people. We highly recommend our preferred mortgage broker Rayce Robinson – we’ve been working with him for 10 years! Check out his 4 minute video that covers the difference between an FHA loan and a conventional loan.
If you buy and own your house for a long time, the 5% down payment on the conventional loan will save you a lot of money over the FHA down payment of 3.5% (assuming you have good credit). Rayce has a wealth of information on his website, and is happy to answer any questions you may have about your mortgage options.
We encourage our clients to get prequalified with Rayce. You’re not committed to using him, but he is able to help us get your offer approved when you find the right house.
Step One: Get Your Credit Report
You can find our your credit score right away at annualcreditreport.com. If you have yet to establish credit, you can do so right away by opening a credit card or paying your cell phone bill. To ensure the best credit score possible, make sure you always pay your bills on time, keep your balances low or at zero, and keep the cards open. The longer you maintain clean credit the better your score gets.
Learn more about credit reports & scores here: Consumer Financial Protection Bureau
Step Two: Collect Important Documents
When applying for a mortgage you’ll need to provide various financial and official documents from the previous two years. As you receive them, make sure to collect and save pay stubs, bank and investment statements, W-2’s, tax returns, credit card statements, student loan balances, car loans, diplomas (for applicants who attended undergraduate/graduate school in the past two years), and a list of addresses where you have lived in the last two years.
Step Three: Saving Up […]
What a time to be alive! Mobile apps make buying a home easier than ever before. These are 15 apps that will turn you into an unstoppable investor and wise decision maker.
When on the Hunt
When searching for a home to rent or buy we recommend Realtor.com for the most accurate market information. Use it to check median home prices in your area as well.
Take a picture of a home that’s caught your eye with your smart phone and see the sale information, schools, and other data pop-up instantly. This app makes the home-buying process easy to share with friends, family, and your realtor.
Zillow offers 3 easy-to-use calculators to determine monthly payments, affordability, and refinancing. The home screen of the app tracks current market trends and loan programs so that you can always stay up-to-date.
Saving for Your Future
Offered by Intuit, Inc., the creators of Turbo Tax, Mint makes tracking bills and spending hassle-free. With all of your accounts and investments viewable in one place, saving for your dreams becomes a reality.
Making Your Decision
Find out your commute times, traffic patterns, and best routes using Sigalert. This app provides real-time traffic updates to keep you moving.
When you’re new to an area it can be difficult to meet new people. Meetup connects users with other people in their community who share the same interests or needs.
Indeed is an essential app for casual and serious job-seekers alike. You can search for jobs in your area or based on your expertise, as well as upload your resume for employers to see.