Understanding Mortgage Guidelines for Attached and Detached Homes

Posted on June 17, 2016 by Scott Li

folders with the label regulations and guidelines

Detached homes are single dwelling homes, which is why they are usually classified as the ‘true American dream,’ while attached homes can come in the form of apartments ,condos, duplexes with a shared wall and many other options. In some cases, there may be differences between the types or availability of mortgages that are available for each of these types of homes.

Mortgages for Detached Homes

Other than having the finances on hand to cover down payments and closing costs, there are usually very few terms, conditions and stipulations surrounding obtaining a mortgage for a completely detached or freestanding home. Buyers will need to be able to prove that they will be able to afford the repayments over the long term and the down payment required will depend on the type of loan or mortgage they obtain. Some of the only times a mortgage may not be granted for a detached home is if it is located in an area where there is a high property vacancy rate or if the home is question is in exceptionally poor condition. read more

What’s the Difference between Pre-Qualified and Pre-Approved when it comes to Mortgages?

Posted on May 31, 2016 by Scott Li

When it comes to applying for and obtaining a mortgage, many people aren’t aware that there is a difference between obtaining mortgage pre-approval and being pre-qualified to purchase a home. However, there are a few differences between these two aspects, which will be discussed below.

A Closer Look at Pre-Qualification

If, like most people, you are going to finance the purchase of your home by means of a mortgage, you will need to obtain pre-qualification beforehand. This consists of a simple check that will help determine what you will be able to afford based on your current income, debt levels, assets, employment history and perceived credit score. Although obtaining pre-approval is normally a quick process, it doesn’t always carry much weight in the eyes of agents or sellers because it is merely a means of supplying an estimate of how much you will likely qualify for if you make an offer and apply for a mortgage. read more

You’ll want to Make Sure You Have These 5 Things Secure before Purchasing a Home

Posted on May 24, 2016 by Scott Li

If you think you are ready to purchase a home for your family, it can be difficult to resist the urge to make an offer on the first property you see. However, there are a few important things that you will need to have on hand before filling out the mortgage paperwork.

The Best Possible Credit Score

Although you may qualify to buy a home if your credit score is lurking between the 580 and 600 ranges, you will be paying the highest interest rates in the industry if you take this route. As a result, it is recommended that your credit score be no less than about 640 if you want to secure better interest and lending rates possible. However, to get the absolute best rates in the industry, your credit score will need to be 700 or above. read more

5 Philadelphia Loft Communities that are Ideal for a Young Professional Buying their First Home

Posted on May 18, 2016 by Scott Li

Nowadays, more and more young professionals are steering away from buying the biggest homes that they qualify for. Instead, they prefer to purchase smaller pieces of real estate – usually in the form of loft apartments. Below are 5 of the most popular loft communities that are ideal for younger buyers to settle in.

Fishtown

Not only are there a few great loft apartments in this area like Memphis Flats; entertainment for 20-somethings abounds here in the form of live music, art galleries, restaurants and bars, coffee shops and much more as well. An added advantage of living here is that most amenities and venues are within easy walking distances of each other, which means that eco-aware millennials and 20 somethings will not even need to own vehicles to live here – unless they want to, that is. read more

Mortgage Industry Loosening Guidelines to Make Getting a Mortgage Easier

Posted on May 10, 2016 by Scott Li

Numerous mortgage lenders have reduced their loan approval standards between October and December last year, which is why more home loans were approved during that period than during any other period in recent history. Feeling confident about the rising U.S. housing market has resulted in them making allowances for borrowers who have little to no home equity or who may have lower than average credit scores.

More Mortgage Approvals Issued by Banks

Each quarter, a survey is conducted by the Federal Reserve in which it asks its member banks about the current lending environment, and the survey covers multiple types of residential and commercial loans. The main purpose of this survey is to see what the demand is for bank loans and how willing the banks in question are to provide them to applicants. read more

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