What is Underwriting?

You’ve been pre-approved for a mortgage. You found your perfect home and your offer was accepted. You’re under contract. Congratulations! You are now in the underwriting stage. What is underwriting? Underwriting is when the lender reviews your information and verifies key aspects such as assets, income, debt, and the details of the property in order […]

How Will Rising Interest Rates Impact Home Values?

WHY ARE INTEREST RATES GOING UP? The Fed recently decided to reverse its pandemic-era stimulus programs, causing mortgage rates to jump by approx. 1% since the beginning of this year. Rates may continue to drift higher in the months ahead because inflation is at the highest level in decades. High inflation also leads to high […]

Can I Deduct Mortgage Costs?

If you’re reading this, it is probably tax season (again) and you’re looking for ways to keep the money you’ve worked so hard to earn. The good news is that many mortgage-related items can be tax-deductible. We’ll breakdown when property tax is deductible and what closing costs you can deduct as well. *This article was […]

What is an Adjustable Rate Mortgage?

An adjustable rate mortgage (ARM) is a mortgage that’s interest rate does not remain the same throughout the life of the loan. What is the Difference between an ARM and a Fixed-Rate? Simply put, a fixed rate mortgage will have the same interest rate for the full term of the loan while an ARM’s rate […]

How to Get a Mortgage When Self-Employed

Getting A Mortgage During the Great Resignation Headlines are all talking about the Great Resignation. While workers are definitely leaving their jobs in record numbers, they aren’t all simply hanging up their hats. Instead, Americans are shifting to new opportunities, many of them reclassifying themselves as self-employed. A study by MBO Partners found that even […]

How Can FHA Help Me Buy A Home?

What is a FHA Loan? Federal Housing Administration (FHA) loans are designed for people who don’t qualify for a conventional loan, generally due to lower credit scores or limited funds for a down payment. These loans are federally backed mortgages that are issued by FHA-approved lenders. The FHA does not lend the money. They do […]

New Conforming Loan Limits for 2022

The Federal Housing Finance Agency (FHFA) announced this week that they are increasing the baseline conforming loan limit for 2022 from $548,250 to $647,200 for 95% of U.S. counties. This is an 18% increase. For the nearly 100 counties that are categorized as high-cost areas, that limit is even higher with some counties going as […]

Buy vs. Build: Pros and Cons

With low inventory of houses, you might be considering building rather than buying. It is a very attractive option in the current housing market. Let’s break down the pros can cons (and costs) of building vs. buying. Buying an Existing Home: Pros The biggest positive of buying an existing home is timing. The home is […]

The 90 Day Rule for Cash Buyers

How to buy your house with cash and still get the mortgage interest tax deduction. Buying homes with cash has increased drastically as buyers seek a competitive edge in the tight housing market. The percentage of cash buyers hit 23% in July 2021. If you have the means to purchase without taking out a mortgage […]

New VA Appraisal Fees and Timeliness Guidelines

Busy Market Causes Appraisal Cost and Timing Increases In response to the increase in home purchases and the subsequent need for home appraisals, appraisers are in high demand this year. While the appraisal environment may calm down in the future, the cost and waiting time for appraisals is increasing. In response, VA has updated their […]