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Mortgage | Capprice Kitchen with Pineywoods Realty Blog

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

Monday, May 24, 2021   /   by Capprice Kitchen

Will Rising Rates Impact Your Home Buying Budget?

Will rising rates affect how much you can afford to borrow when you’re buying a home?
 

My name is Capprice Kitchen, Amelia Island Real Estate Associate.  Today, let’s talk about how the increasing rates will impact your home buying power.
 

We’re already seeing rates slowly start to increase and it’s leaving a lot of potential buyers wondering “Can I still afford to buy a home, or did I miss my chance?” Here’s what you need to know:
 

Every time the mortgage rate increases, the loan amount must decrease to keep your monthly costs in your budget. This means that you may have to look for lower priced homes the longer you hold off.

 

At the end of the day, right now is the perfect time to lock in your rate while they are still low so you can afford to borrow more! This gives you way more purchasing power when you start house hunting!
 

Rates are rising and the numbers you’re seeing today mm ...

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  buying a house, amelia island, interest rates, mortgage, fernandina beach