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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

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