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Unique Ways to Find your Down Payment Money for Purchasing your First Home

Coming up with enough money for a down payment is one obstacle that gets in many people’s way. After all, it can take years to save the thousands of dollars that’s needed to qualify for a traditional mortgage. That does not mean you are destined to wait forever, as there are plenty of creative ways you can come up with enough money for a down payment right now.

Ask Family Members for a Gift

Do you have a well-off relative who could afford to part with some extra cash? How about a parent or grandparent who might leave you an inheritance one day? Convince them to offer you a one-time gift, and both of you will win. They can enjoy a hefty tax deduction while allowing you to collect the keys to your brand new residence.

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Items You Should Never Buy with a Cash-Out Refinance

A cash-out refinance can help you consolidate debt and lower your mortgage payment. That doesn’t mean you can use that extra cash however you see fit. There are some limits as to what is prudent use of the money and what isn’t. To make the most of your refinance, avoid spending those extra funds on the following.

#1. A new car

The idea of paying for a new car with cash may sound exciting, yet is something you should definitely avoid. After all, you are not actually paying cash, but rather financing your new vehicle for the life of your mortgage-something that could be as long as 30 years. Do you really want to pay on an automobile that long? We didn’t think so.

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How Fannie Mae is Changing the Mortgage Industry with Tech

Since the housing crisis of 2008, Fannie Mae has faced significant challenges. The cost of mortgage origination has more than doubled, leaving Fannie Mae looking at ways to slash expenses. At the same time, more stringent requirements have left lenders with more hoops to jump through before approving a mortgage. New technical investments could solve both of these issues-here are the latest developments.

Day One Certainty Initiative

During the 2017 Mortgage Bankers Association Convention and Expo held in Denver, Colorado, Fannie Mae unveiled its new “Day One Certainty” initiative. Designed to streamline the loan approval process, Day One Certainty makes it possible for lenders to quickly validate an applicant’s income and employment information.

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HARP has Been Extended through 2018

In response to the flailing housing market, the federal government established the Home Affordable Refinance Program (HARP) in 2009. That program was designed to help homeowners who were current on their mortgages, yet not eligible for other government-sponsored modification programs. HARP was previously set to expire earlier this year, but has now been extended through the end of 2018. Here’s what we know so far.

What is HARP?

HARP is overseen by the Federal Housing Finance Agency (FHFA), and is responsible for regulating Fannie Mae and Freddie Mac, among other things. It was implemented shortly after the housing bubble of 2007-2008. At that time, many homeowners were in danger of foreclosure, while numerous others found themselves upside down on their mortgage.

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Why an Adjustable Rate Mortgage Might Be Better Than you Think

Thirty-year fixed rate mortgages are extremely popular in 2017. Borrowers can’t seem to resist the predictability of a fixed rate.  On the other hand, adjustable rate mortgages have historically gotten a bad rap, and homeowners are still hesitant to even explore this option. Many see it as notoriously risky, so skeptical borrowers flock to the safety net of a fixed rate mortgage regardless of how much more they may be paying in the end. However, adjustable rate mortgages have many different options, and they are certainly worth a second look. Depending on the current stage of your life and what your future plans are, an adjustable rate mortgage could be your best bet to saving money in the long run.

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