What’s a down payment, and how to save for it?

People ready to take the step into homeownership need to create a savings plan for their down payment before they even look at the first home. A down payment is a large initial payment that you make when you buy a property, and it is required for most types of mortgages, though VA and USDA…

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Understanding Your Home Buying Budget

Creating a home buying budget is an essential step in the home purchasing process. It may be easier to go through the pre-approval stage and choose to let that guide your budget. But sometimes, what you can get approved for and what would work for your long-term budget, financial goals, retirement, and financial stability DON’T…

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How is your Credit Score used in the home buying process?

Your credit score helps determine the interest rate and other costs you pay on a mortgage loan. Mortgage lenders don’t just pull one fico credit score but verify your fico score from each of the three credit bureaus: Equifax, Experian, and Transunion. A credit score is a rating of your past financial history- a risk…

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Short Sales in an Economic Downturn

Short Sales in an Economic Downturn By Eileen W. Smith The recent economic downturn related to Covid 19 virus has raised questions once again regarding the feasibility of Short Sales.  First, the definition of a short sale is when a mortgage lender agrees to allow you to sell your home for less than what is…

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