There are many forms of hybrid loans that can help home buyers. Hybrid, or mixed rate loans, feature both fixed-rate loans and adjustable-rate mortgages, or ARMs, so you can take advantage of having both during the loan payment period. Both types of loans have benefits and drawbacks. Fixed-Rate Loans Fixed-rate loans are predictable. Your interest rate will not change so …
Getting approved for a mortgage takes determination. Getting approved for a mortgage can be even more daunting when you are self-employed. You will typically need to show more documentation related to your income, assets, debt-to-income ratios (DTI), and taxes. Knowing what is involved beforehand is helpful in making the process proceed smoothly. First Things First When you are considering getting …
Looking for your first home can be an exciting time. It can also be a frustrating time if your efforts to find your perfect house are blocked by unfair or unscrupulous practices. Under the Fair Housing Act, housing discrimination is illegal in almost all housing whether it is private, public, or housing funded by the federal government. Although the Fair …
Life takes you to amazing places, but it is your love that gets you home. Are you ready to buy your first home? It is natural to feel the stress, as you are taking one of the most important steps in your life. Let’s make your experience of first home buying worth the biggest and best purchase of your life. …
Are you ready to buy your first home? It is natural to feel the stress, as you are taking an important step. Make your experience of first home buying worthy of one of the biggest and best purchases of your life. 1. Determine Affordability Before Selecting a Property Start with your income and figure out how much you can repay …
Just because you can afford a 2,500-square-foot home sitting on an acre lot doesn’t mean you should buy it. When shopping for a starter house, some first-time buyers will get pre-approved for a mortgage and then shop based on the maximum they can borrow. If the mortgage company said they can afford it, then why not go for the home …
What are your basic desires concerning a home? Are you looking for a large kitchen? A big backyard? Lots of rooms to grow a family. What type of neighborhood do you want to live in? A quiet neighborhood – or one that is bustling with stores and people on the street late at night? This may be the largest purchase …
Consider your long-term goals. Do you want the freedom and independence of owning your own home? Would you rather make mortgage payments instead of paying rent to a landlord? With your own home, you are your own property owner. What options are there when purchasing a residential property? Consider these: Each of these options has pros and cons which need …
According to HUD (US Department of Housing and Urban Development, a first-time homebuyer should be one of the following: Principal Residence: A principal residence is a primary location that a person inhabits. It does not matter whether it is a house, apartment, trailer, or boat, as long as it is where an individual, couple, or family household lives most of …
There are several things sellers can do to pump up the value of their home. The best advice is to be prepared before the appraisal takes place. Tips for increasing the value of your home include: At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. Whether you are purchasing, …