[Free Download] Understanding Your Mortgage

HDC_Explaining_Mortgages_Blog_2793_1200x600Mortgages are one of the most confusing parts of buying a home. With that in mind, we’ve created this easy-to-understand guide to Understanding Your Mortgage. Download your free copy, add your contact info at the bottom, and share it with your leads, your clients, or anyone else who may need a quick overview of mortgage basics. Continue reading

Mortgage Checklist: Help First-Time Buyers Understand the Mortgage Process!

Before your clients can start hunting for their home, they must determine how much house they can afford. As a real estate professional, you know better than anyone the obstacles that many potential buyers face when trying to obtain a mortgage. This is especially true for first-time buyers who may already be overwhelmed by the idea of making the biggest financial decision of their lives. The good news is that they have you, the local expert, to navigate them through this uncharted territory. And the even better news is that  Homes.com has created a customizable mortgage checklist for you to share with these first-timers.

Helping your clients ‘prequalify’ for a loan will provide them with a better idea of how much money they have to work with and demonstrate to sellers that they’re serious about purchasing a home. There are many factors that affect how much a buyer can be prequalified for, so it’s critical they understand what these factors are and their significance.

The “First-Time Homebuyer Mortgage Checklist” identifies four key areas that are considered by creditors when evaluating a person’s financial situation: Income, Assets, Credit and Employment. To help prospective buyers get a better handle on their finances before applying for a loan, each of these key areas contain their very own checklist to ensure every base has been covered.

Here’s a sneak peek into the type of information home buyers will find in this valuable resource:

Income: Highlights what forms of income must be present to qualify for a loan

– Qualifying income, rental income, social security, etc.

Assets: Identifies what resources can be used for a down payment

– Savings/Checking accounts, stocks and bonds, employer assistance programs, etc.

Credit: Provides different types of loans and their required credit scores

– FHA Loans: can be approved with a credit score of 580

Employment: Shows what employment history is required for approval

– Employment history of at least 2 years

As you can see, this checklist provides details into areas that many first-time buyers may overlook when seeking a loan for their first home. Providing this helpful checklist to prospective buyers will demonstrate that you know the ins and outs of the home buying process, proving once again why you are the local expert!

What’s even more important is that this checklist is editable to include your own branding information, so when the day comes that your client has been pre-approved to buy their first home, they’ll remember you helped make it possible. Simply download the “First-Time Homebuyer Mortgage Checklist,” add your branding information and print or save it to email to your networks!

Looking for more valuable resources like this? From financial advice to preparing a home for the changing seasons, Homes.com offers a library of consumer resources that can help guide local buyers and sellers through every step of the home buying process or improve life in their current home.

 

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Mortgage Rates Reach Highest Level in 7 Weeks

At the beginning of February, mortgage rates had been lower than expected four weeks in a row. However, as of last week, mortgage rates are now at their highest levels in seven weeks. These higher rates may make clients or prospects question whether it’s a good time to buy a home. With that said, these rates are still lower than where we were at the start of 2014.

Here are more details about these rising mortgage rates, according to Freddie Mac’s latest Primary Mortgage Market Survey: Continue reading

Mortgage Rates Lower Than Expected for the Fourth Consecutive Week!

We’re only a few weeks into the new year and there have already been some unexpected changes to mortgage rates. At the end of 2013, rates were 1.125% higher than at the same time in 2012. This trend of higher rates was expected to continue into 2014, but now that 4 weeks have passed, the rates have surprisingly trended lower.

According to the most recent Freddie Mac Primary Mortgage Market Survey® (PMMS®), average fixed mortgage rates have continued to drift lower for two weeks in a row, despite reports that inflation remains at a standstill.   Continue reading

Federal Reserve’s Bond Tapering Leads to Higher Mortgage Rates in 2014

There have been some recent changes in the mortgage industry that could impact your client and prospect’s ability to receive financing for their new home. During October, Freddie Mac reported that the Federal Reserve would not be tapering its bond purchases for the remainder of 2013. Since the start of the New Year is right around the corner, the Federal Reserve has wasted no time in making these changes and has reported that they will be tapering their aggressive bond buying program beginning in January. Continue reading