HELOC vs. Home Equity


Do you have equity in your home? Consider taking out a HELOC or a Home Equity Loan to gain access to funds. Read more to learn about the different types of Home Equity Loans available and if this option could be right for you! According to Investopedia, home equity loans give the borrower a lump sum upfront to spend, and in return, they must make fixed payments over the life of the loan. Although, both HELOC and Home Equity Loans allow consumers to gain access to funds there are distinct differences between the two. What is a

HELOC vs. Home Equity2022-01-04T16:57:08+00:00

Different Types of Government Backed Mortgage Loans


What a mortgage loan is? Before we go over government backed mortgage loans, let’s define what a mortgage loan is. A mortgage loan is a secured type of loan for buying a house. A financial institution lends the borrower money to purchase a home if they are unable to pay for the home in cash. Over a period of time, the borrower pays the financial institution back with interest added. Government Backed Mortgage Loans There are many types of mortgage loans (VA, investment, 203K, etc.). Frequently, mortgage loans are secured by the federal government- these

Different Types of Government Backed Mortgage Loans2021-12-23T15:42:11+00:00

Questions to Ask Your Lender Before You Refinance


Over the life of your mortgage, you may want to refinance to meet a variety of personal and financial goals. Furthermore, it’s important to ask these basic questions before making the decision to refinance your mortgage. Make sure to ask these questions below when discussing refinancing options with your lender. Why Do You Want to Refinance? Determine what your goals are and why you want to refinance. According to Forbes, while interest rates are at historic lows, the savings (not the rate) a refinance offers should drive a homeowner’s decision. Lower your mortgage payment by securing

Questions to Ask Your Lender Before You Refinance2021-12-13T15:53:26+00:00

How To Buy A Vacation Home


Your Vacation Home Buying Guide Have you always dreamed of buying a vacation home? Vacation homes can be great investment. In this article, we will guide you through the steps to buying your dream vacation home. Step 1- Decide What You Can Afford Keep in mind, that when buying a vacation home (if not paying in full) you’ll add another mortgage payment to your monthly expenses. Therefore, it is crucial to accurately figure out how much you can comfortably afford when shopping for a vacation property. In addition to the mortgage expense, a vacation home may

How To Buy A Vacation Home2021-11-29T18:07:41+00:00

Is a 20% Down Payment Really Necessary To Purchase a Home?


Is a 20% down payment needed to purchase a home? Let’s break down this common home buying misconception! Surprisingly, you do not have to put down the full 20% to purchase a home; There are a variety of loan options that require little to no down payment. According to a survey conducted by Lending Tree, the ability to afford a down payment is one of consumers biggest hurdles when trying to purchase a home. To many, saving for a down payment seems overwhelming and unattainable. Consequently, this misconception discourages consumers to give up on their homeownership

Is a 20% Down Payment Really Necessary To Purchase a Home?2021-11-08T16:45:35+00:00

Direct Mortgage Loans’ 2021 New Mortgage Products


We are excited to share that, recently, DML added another line of mortgage products that our clients can take advantage of. Here’s a quick breakdown of the five new products. Bank Statements The Bank Statement Program reviews statements, analyzes deposits, and calculates income to allow more loans to be closed. Best for self-employed persons Credit scores starting at 640 Up to 90% LTV, no MI Investor Cash Flow This product allows property investors to build their portfolios faster. Up to 80% LTV Credit scores starting at 640 Qualifications based on property cash flow Asset Qualifier

Direct Mortgage Loans’ 2021 New Mortgage Products2021-10-26T18:35:08+00:00

Behind The Mortgage Application


Let’s talk about mortgage applications! A mortgage application is a document that you submit to your Loan Officer when applying for a mortgage. The application helps lenders determine your loan eligibility. To start the process, you’ll need to provide the following: Employment Information: Your gross monthly income (what you’re paid before taxes) and your employment history. Documents: Your mortgage application will require the following documents. We’ll need these documents to verify your assets, income, and down payment funds. 2 Years of Tax Returns 2 Years of W-2’s Last 2 Paystubs 2 Months of Bank Statements Photo ID

Behind The Mortgage Application2021-10-12T18:43:14+00:00

A Subtle Financial Hack – Paying Your Mortgage Biweekly!


If you want to reap more financial benefits while only making a subtle change, paying your mortgage biweekly (every two weeks) may be the adjustment you need. Most homeowners currently have a monthly mortgage payment, consisting of some principal and some interest. Changing your mortgage payment to every two weeks has substantial advantages! How To Make Biweekly Payments? To make biweekly payments, take your monthly mortgage amount and divide it in half. This smaller amount is what you should pay every two weeks. Our team can assist you in this. If your mortgage is $2,000

A Subtle Financial Hack – Paying Your Mortgage Biweekly!2021-09-14T18:28:33+00:00