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Wednesday, July 28, 2021   /   by Capprice Kitchen

Best Home Loan Types in 2021

Most people need financing to buy a home. Even with a large down payment, you’ll need a loan to make up the rest. Fortunately, in 2021, you have many options. Mortgage guidelines have loosened up in recent years making it easier for most people to secure a loan.

Here are the top home loan types buyers use in 2021.

Conventional Loans
Conventional loans are the ‘typical loan’ most people think of when talking about a mortgage. Contrary to what most people think, though, you don’t need a 20% down payment. Conventional loans require just 3% down for first time homebuyers and 5% down for subsequent homebuyers.
You do, however, need decent credit. Conventional lenders typically require a credit score of 660+ to secure financing. In exchange for your good credit, you’ll get low rates and fees, and you can cancel any Private Mortgage Insurance once you owe less than 80% of the home’s value.
FHA Loans
FHA loans are a government-backed loan. ...

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  buying a house, mortgage, homeownership, lending, types of loans

Friday, July 23, 2021   /   by Capprice Kitchen

Changes in the Mortgage Market Since COVID-19

It's been challenging to adjust to a new normal during the COVID-19 epidemic. With residents being asked to continue to stay at home, there are many who have lost their jobs or been asked to work remotely. The mortgage industry has also taken a big hit that has directly affected homeowners, renters, and investors alike.

There are many who are in the final stages of closing on their homes, and for some, the  pandemic has made it difficult to efficiently move forward with the process. To help, desktop and exterior- only appraisals are being accepted as long as there is sufficient property information available online - this is not typically the most ideal method of a property appraisal. Potential borrowers can also submit their verification of employment via email, paystub, or bank statement to help streamline the process.

Significant changes have been made during COVID-19 to help homeowners get through "the new normal".  tThose who have lost their jobs may be eligib ...

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  buying a house, amelia island, mortgage, lender, lending