Things to Know About Applying for a Mortgage Approval

Posted on May 9, 2016 by Scott Li

Many potential home buyers don’t realize just how much information is required from them and how much admin and paperwork will need to be filled out in order for them to quality for a mortgage of any sort. However, having as much of this information on hand as possible at the time you are applying will help the process go as smoothly as possible. Below are a few things you should know with regards to applying for mortgage approval of any sort.

Finances are Crucial

Your personal financial situation is the most important factor that will be considered when applying for a mortgage – in other words, will you be able to afford paying for a home each month? Something else your potential lender will scrutinize is your credit score, as this will not only affect whether you qualify for a mortgage or not; it will determine whether you are a low or high credit risk as well. If you credit score is lower than average, you will find yourself paying slightly higher interest rates, whereas if your score is above the magical 750 mark, you could enjoy rates that are as much as 1% to 2% lower than everyone else. read more

5 Great Home Improvements to Do With Your Refinance Cash

Posted on May 3, 2016 by Scott Li

One of the best ways to put your mortgage refinancing equity cash to good use is by investing in home renovation. The right home improvements can increase the property’s resale value significantly in addition to bettering the quality of life for your family. We look at 5 interesting home improvement ideas you could implement with the refinancing money.

Kitchen

The kitchen is often considered the heart of the home. That’s why any improvements to the kitchen are almost guaranteed to raise the value of the home. The cost of a kitchen remodel can range anywhere from $1,000 to $100,000; or more. It all depends on how far you want to go. At the minimum, the kitchen should get a fresh coat of paint. Replace older or outdated appliances with preferably energy-efficient, environment-friendly models. read more

5 Best Philadelphia School Districts When Shopping For a New Home

Posted on April 28, 2016 by Scott Li

The quality of your child’s education will play an important part in determining the breadth of options they will have later in life. The better the education, the more successful they are likely to be. That is why the availability of good schools should be one of the most decisive criteria for identifying the home you will buy. So which are the best school districts in Philadelphia when looking for a home?

Tredyffrin-Easttown School District

Located in Chester County, Tredyffrin-Easttown School District serves Easttown and Tredyffrin townships. This includes the communities of Radnor, Wayne, Strafford, Paoli, Devon, Daylesford, Chesterbrook, Malvern and Berwyn. The school district is regularly ranked as one of the best in greater Philadelphia. It has a high graduation rate and a large majority of its high school graduates eventually pursue higher education. Schools receive raving reviews at all levels – from kindergarten to high school. read more

Why Staying Local with your Mortgage is a Good Practice

Posted on April 18, 2016 by Scott Li

Regardless of whether you are buying your first home, upgrading to one that is a little larger or even downsizing, the current housing market has numerous opportunities on offer. This is thanks to the recent changes and relaxing of some mortgage requirements in the last quarter. However, even though the opportunities are plentiful in this regard, it will be highly beneficial for you to make use of a local lender when applying for a mortgage of any type.

Your Biggest Investment

When shopping around for mortgages, it makes sense to stay local for a few reasons. Your home will probably be the biggest investment purchase that you will ever make, which means that you will need to work with someone you trust from start to finish. Although there may be many internet-based lenders available, they will not normally be able to provide you with advice such as local market expertise such as where the best neighborhoods are, which amenities are close to where you want to live and whether the crime rates in the area are anything to be concerned about. In addition, a local mortgage provider will be able to provide you with any much needed face to face support. read more

5 Reasons why an FHA Loan is Ideal

Posted on March 30, 2016 by Scott Li

Purchasing a home is the single biggest investment most people will make in their lifetime. It is an expensive undertaking and any means through which you can minimize your cost should be welcomed. The FHA loan is a home loan ideal for low income first time buyers and is insured by the FHA (Federal Housing Administration). The loans are popular because the terms and conditions are not as strict as those of a conventional mortgage. Here are the 5 main reasons to go for an FHA loan.

3.5% Down Payment

Usually, banks will require you to pay a 20% deposit in order to qualify for the mortgage. If you have a very good credit score and agree to pay the loan’s insurance premiums, you could get by with a 5% deposit. However, for young adults who have just entered the job market, even raising a 5% deposit can be difficult. For an FHA loan, your mortgage will be approved with a deposit of as little as 3.5% of the mortgage. read more

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