Down Payment Tips

By Patric Santo Pietro Prudential New Jersey Properties Many people dream of owning a home but don't think it's possible because they lack the resources for a down payment and closing costs. Here are tips for securing that down payment. 1) Borrow from your retirement account: Many people have been investing in a 401(k) plan or traditional IRA for years and first-time homebuyers may borrow up to $10,000 for their down payment without incurring a penalty. For those self-employed or if your … [Read more...]

What You Must Know About Home Appraisals

By: G. M. Filisko Understanding how appraisals work will help you achieve a quick and profitable refinance or sale. 1. An appraisal isn’t an exact science When appraisers evaluate a home’s value, they’re giving their best opinion based on how the home’s features stack up against those of similar homes recently sold nearby. One appraiser may factor in a recent sale, but another may consider that sale too long ago, or the home too different, or too far away to be a fair comparison. The … [Read more...]

Top Dos and Don’ts During the Mortgage Process

In the market for a new home? Here are some tips for what you should and shouldn't do during the mortgage process courtesy of Frank Approvato of Home Capital Network. DON’T APPLY FOR NEW CREDIT OF ANY KIND. Including those "You have been pre-approved” credit card invitations that you receive in the mail. Every time that you have your credit pulled by a potential creditor or lender, you lose points from your credit score immediately. Depending on the elements in your current credit report, you … [Read more...]

How to Avoid Major Mortgage Mistakes When Purchasing a Home

Thinking of purchasing a home in the near future? Make sure that your transaction goes as smoothly as possible by keeping all your mortgage issues in order. Home purchases fall through all the time because of financing issues so avoid these mistakes to ensure that your purchase is a successful one. 1. Not checking your credit Do this several months before you apply so you can make the necessary adjustments. 2. Applying for new credit alongside the mortgage Whenever you apply for new … [Read more...]

Distressed Properties: Consider a 203k Mortgage

Real estate consumers today can find ample value in distressed homes – properties that are under a foreclosure order or up for short sale. In many cases, however, “distressed” speaks more for the condition of the homes than their recent financial histories, as they’ve sat empty for extended periods and have been subject to vandalism and theft. Those considering homes in need of repair and renovation should consider a 203k mortgage, which enables homebuyers to finance both the acquisition and … [Read more...]

How Does Shopping for a Mortgage Affect Your Credit Score?

Ever wondered how shopping for a mortgage affects your credit score? Most people are aware that too many checks on your credit score can negatively affect your credit score. So what happens when you want to get the best rate on your mortgage? Will running your credit with multiple lenders actually hurt your chances of getting a mortgage? Apparently not according to Dan Green on his The Mortgage Reports blog. The credit bureaus view credit checks for mortgages differently than those for credit … [Read more...]

7 Things You Don’t Want to Do After Applying for Your Mortgage

(Courtesy of Home Capital Network) A loan application is like a snapshot of your financial life and – just like a photo – results are best when nothing is moving! Let our proven track record of success and effective mortgage strategies go to work for you. 1. Don’t Apply for New Credit You could lose up to 50 points from your credit score for one hard inquiry! Even if you get a “pre-approved” credit card solicitation in the mail, when your credit is pulled by a potential creditor or … [Read more...]