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Mortgage | Capprice Kitchen with Pineywoods Realty Blog

Saturday, October 29, 2022   /   by Capprice Kitchen

What Should you Ask Lenders When Buying a Home

What Should you Ask Lenders When Buying a Home?

Buying a home requires more than finding the perfect home. First, you need financing, or you won’t be able to buy the home.

Lenders have specific requirements when considering buying a home, so knowing what questions you should ask them is important.

How Much do I Need for a Down Payment?

Your down payment depends on the loan program you choose. For example, VA loans don’t require a down payment, but FHA loans require 3.5% down. Conventional loans require 5% down in most cases, and if you put down less than 20%, you’ll pay Private Mortgage Insurance.

Discuss your down payment options and how much you should put down to get the best rate and terms on your loan.

What’s the Best Interest Rate I can Get?

Interest rates are much higher this year than last, so you should talk to your lender about how you can lower your rates.

They’ll look at your qualifying factors and tell you what you can ! ...

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  buying a house, mortgage, lending

Sunday, February 13, 2022   /   by Capprice Kitchen

How to Get a Mortgage with Bad Credit

The first thing lenders look at when you apply for a mortgage is your credit. If you have a bad credit score, it could be harder to secure financing, but not impossible.
 
Many lenders offer loans for borrowers with bad credit. Here’s how to get the financing you need.
 
What do Lenders Consider Bad Credit?
 
Bad credit is subjective. There isn’t a specific credit score that you can say would stop you from getting a mortgage. However, most lenders draw the line at 620, while some allow lower scores.
 
If your score is around the 620 range, you’re likely at risk of not getting approved or if you do, you’ll pay higher rates and fees. Knowing how to get a mortgage with bad credit will help you get the best deal.
 
Steps to Get a Mortgage with Bad Credit
Know your credit
Pull your credit report here and/or find out your score by using the free credit scoring services from your credit card company or bank. See where you stand. ...

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  mortgage, credit

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

Tuesday, July 27, 2021   /   by Capprice Kitchen

Keeping the Homeownership Dream Alive

Buying and owning your own home is no easy task, and there are moments on everyone's journey when they feel like it's impossible. However, there are plenty of resources available to help make your dream of becoming a homeowner a reality.

The first step you should take when you're ready to consider buying a home is to check your credit score and/or start building your credit. Lenders want to see that you’ve been able to pay back borrowed money on time, and without missing payments or defaulting on a loan. If you have a poor credit score, you'll need to spend the next several months, or even years in some cases, improving it by paying off any debt you currently have and making sure to make all payments on time in the future. This is a great time to find a mortgage loan officer that you trust. They will periodically check in on your progress and make any suggestions to further improve your credit score. 

Another way to keep your dream of homeownership alive is to start sa ...

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  buying a house, mortgage, first time home buyer, homeownership, first home

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

Capprice Kitchen with Pineywoods Realty
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