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Blog Image: Three Things You Want to Avoid in the Mortgage Process

Three Things You Want to Avoid in the Mortgage Process

Ready to buy your dream home? Have you chosen your mortgage lender yet? You are much more likely to get mortgage-approved if your bank statements are clear of these three things:1.  Bounced checksIf your checking account is littered with multiple overdrafts or non-sufficient funds charges, underwriters are likely to conclude that you’re not great at managing your finances.Mortgage rule-making agency Freddie Mac says that additional scrutiny is required when bank statements include NSF fees.FHA loans require lenders to manually re-approve borrowers with NSFs, even if the borrowe...

September 29th, 2016 | 247, application, baltimore, home loan, lenders, loan programs, maryland, real estate, refinance, new, mortgage, mistakes, millenials, Three Things You Want to Avoid in the Mortgage Process

Blog Image: Homeownership Trends

Homeownership Trends

According to the U.S. Census Bureau, homeownership rate has resumed it's decline."Despite two years of strong monthly job gains and solid home sales at a pace of 5.5 million annually, the homeownership rate fell to its lowest level in 50 years in the second quarter."Homeownership numbers will likely move back up only if there is an expansion of first-time homebuyers. With the huge millennial generation coming of age, the demographics seem to be shifting in favor of higher homeownership levels.In better news, Fannie Mae recently uncovered evidence that the home...

August 19th, 2016 | 247, application, baltimore, home loan, lenders, loan programs, maryland, millenials, mortgage, new, real estate, refinance, Homeownership Trends

Blog Image: The 20 Percent Down Payment Myth

The 20 Percent Down Payment Myth

If you have ever purchased a home, or even talked to someone about doing so, you are familiar with the "20 percent down myth". Fearful first-time buyers, you can officially bust that myth today.Of course, there are many different factors that go into establishing the percentage that you will need to put down on your new home. If your credit score is acceptable, you can get a conventional home loan with a down payment of just 5 percent. Better yet, the entire amount can be a gift from a family member.Moreover, an FHA loan insured by the Federal Housing Administration requires just 3.5...

August 7th, 2016 | 247, application, home loan, lenders, loan programs, mortgage, new, refinance, baltimore, maryland, real estate, The 20 Percent Down Payment Myth

Blog Image: Baltimore Market on the Rise

Baltimore Market on the Rise

A new report this week showed that the Baltimore area is on the rise for potential homebuyers.Redfin, a real estate data group, released its Demand Index that focuses on home-buying trends, home tours and residential purchase offers in 15 major metro markets in the U.S. The index showed that interest in home buying in Baltimore led the U.S with rates that exceeded 20 percent over 2015 figures.If you are hesitating to buy and want to talk to a professional first, contact us today! We are here to help. All the time. 

July 27th, 2016 | 247, application, home loan, lenders, loan programs, mortgage, new, Baltimore Market on the Rise

Blog Image: Small Mortgage Companies Save Time Closing your Loan

Small Mortgage Companies Save Time Closing your Loan

According to Ellie Mae’s latest Origination Insight Report, the average time to close a loan increased to 50 total days in January, which is up four days from when TILA- RESPA Integrated Disclosure (TRID) went into effect in October 2015.Additionally, January 2016’s average time to close a loan is 10 days longer than just one year ago in January 2015, when the average time to close a loan was 40 days.This is just another advantage of going with a smaller mortgage company like us. Pre-qualifications are done right on the phone with you in 15 minutes or less. Closing a loan takes us ...

July 25th, 2016 | 247, application, home loan, lenders, loan programs, mortgage, new, Small Mortgage Companies Save Time Closing your Loan

Blog Image: The Four Biggest Mistakes People Make When Refinancing Their Homes

The Four Biggest Mistakes People Make When Refinancing Their Homes

At Mortgage 247, we understand that refinancing your home can be an exciting yet nerve-racking time. We also understand that there are many mortgage companies that you can work with. Even if you don't refinance with us, we will teach your the four biggest mistakes that people make when refinancing their home:1. Not shopping aroundThere are many sources of mortgage loans. It’s a mistake to just go with your same lender without shopping around and talking to other people for referrals. Do your research! 2. Maxing out your creditPart of your credit score is calculated by compa...

July 21st, 2016 | 247, application, home loan, lenders, loan programs, refinance, new, mortgage, mistakes, The Four Biggest Mistakes People Make When Refinancing Their Homes