Mortgage rates have been one of the hottest topics in the housing market lately because of their impact on affordability. And if you’re someone who’s looking to make a move, you’ve probably been waiting eagerly for rates to come down for that very reason. Well, if the past few weeks are any indication, you may be getting your wish.
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Buydowns: A Strategy for Lowering Interest Rates
1. Upfront Payment: Another party pays an upfront payment at closing.2. Interest Rate Reduction: In exchange for the upfront payment, First Federal Bank will lower the interest rate on the mortgage for a specified period. We do 3-2-1 buydowns, 2-1 buydowns, and 1-0 buydowns.A common buydown might be...
Topics: Homeowners, Mortgages / Home Equity
A Home Equity Line of Credit (HELOC) is a popular way to turn home ownership into cash when you need it. You can turn the equity in your home into a line of credit that functions like a credit card. According to Business Insider, whether a HELOC is the right move for your finances depends on a few factors:
Topics: Homeowners, Mortgages / Home Equity
Believe it or not, it’s time for kids to head back to school. The To Do List can be long: get back into a routine, plan schedules, purchase supplies. But that’s not all you need to think about. The Main Street Daily News offers some important tips for keeping kids healthy as the new school year begins:
Topics: Family
Today’s headlines and news stories about home prices are confusing and make it tough to know what’s really happening. Some say home prices are heading for a correction, but what do the facts say? Well, it helps to start by looking at what a correction means.
Topics: Mortgages / Home Equity
To ensure a timely and successful loan processing, at minimum you’ll need to provide the following documentation when you apply for your loan:
- -Driver’s License(s)-Social Security number(s)-Current and previous residence history for the past two years-Name and address of your employment for the past two years-Paystubs from the last 30...
Topics: Homeowners
There are several types of Small Business Administration (SBA) loans. First Federal primarily uses the 504 and 7(a) programs. The SBA 7(a) loan is the most common loan type guaranteed by the Small Business Administration. The Motley Fool outlines some details about this type of loan:
Topics: Small Business
If a buyer is interested in securing condominium financing, it’s important to know that condos have their own process of being approved for financing. Review the lists below to determine whether a condo project is currently approved for financing. Please note the lists are categorized based on the type of financing obtained for the condo.
Topics: Homeowners
If you’re trying to decide if you’re ready to buy a home, there’s probably a lot on your mind. You’re thinking about your finances, today’s mortgage rates and home prices, the limited supply of homes for sale, and more.
Topics: Mortgages / Home Equity