Robin V. Wish - Real Living Suburban Lifestyle Real Estate



Posted by Robin V. Wish on 4/5/2021

Image by annca from Pixabay

You’ve finally found the perfect home. It’s got the number of bedrooms you wanted, a spacious kitchen, updated bathrooms, and even a beautiful vegetable garden out back. Now comes the tricky part—how to pay for it.

Numerous home buyers find financing their mortgages through a credit union to be a good option. According to Magnify Money, approximately nine percent of mortgages are held by credit unions. These non-profit organizations essentially operate like banks, but are more laid back, less aggressive, and easy to work with. Here are some of the top benefits you’ll find when financing your mortgage through a credit union.

Experience a Simplified Lending Process

As a part of their philosophy, credit unions put a higher priority on customer service than they do profits. They don’t have to answer to external stockholders and put priority on profits the way traditional for-profit banks do. As a result, credit unions are equipped to offer easier loan approvals and decent mortgage rates. Even if you have a lower credit score or have saved a smaller down payment than traditionally required, you can usually find a credit union willing to work with you.

Enjoy Lower Fees & Put Money Back into Your Pocket

Credit unions are known to offer fewer origination fees and lower processing costs because they don’t have the same requirements banks do. For instance, credit unions don’t have to pay federal taxes and need to break every year due to their non-profit status. These savings are usually passed onto their members.

Build a Personal Relationship with Lender

Many mortgage seekers find they enjoy working with an entity that strives to treat them as a person, not as a distant account number. Since many credit unions are smaller entities than their for-profit banking counterparts, they typically offer a “small-town” feel, even if they are a large credit union. This is because their memberships are limited to specific affiliations.

Also, a consideration you might find of value is the fact credit unions don’t typically sell out to other entities. Chances are you’ll have one lender to deal with through the lifetime of your mortgage (although not a 100% guarantee). If you borrow from a bank, chances increase for your loan to change hands many times over the years.

There are many benefits to knowing who services your loan. If a problem or other issue arises, you’ll almost always know who you can turn to and where to send your payment.

How to Join a Credit Union

Ideally, you’ll want to be preapproved before starting your home search so you know how much you qualify for and don’t waste time looking at homes out of your price range—this is no matter what lender you ultimately decide to take out a mortgage with. But if you’re looking for low maintenance and high- quality lenders, a credit union might suit your needs.

If you’re not sure you can join one, be sure to consider all of your personal and professional affiliations, be they your college alumni, employer, HOA or church, to name a few. You can find out which ones you are eligible to join by checking your affiliations at CUlookup.com.




Tags: Mortgage   Financing   home loans  
Categories: Uncategorized  


Posted by Robin V. Wish on 11/2/2020

Image by Tumisu from Pixabay

If you’re in the market for a new home, chances are you’ve been evaluating your finances. As a first-time homebuyer, there are programs in place to help with the down payment. According to the December 2019 Realtor Index Confidence Survey, first-time homebuyers accounted for 31% of all sales, and 77% put down less than 20%.

Once you’ve worked with a mortgage lender to get a competitive rate, these programs may help with getting into your dream home:

  • VA Loans
  • Are you a veteran or active duty? If so, you won’t need to look far. This program helps individuals get a home with no down payment. It’s backed by the government and has a series of requirements to meet. There are also Adapted Housing Grants, which help purchase a home adapted for a service-related disability, or if upgrades need to be done to the home to make if accessible.

  • USDA Loans
  • If you’re looking in a rural area, this loan by the Department of Agriculture may be the one for you. There is no down payment to participate, but there are income requirements. When hearing the word rural, you may think it’s totally country but there are tons of “rural” areas that are well populated.

  • HUD Good Neighbor Next Door
  • This program from the Department of Housing and Urban Development (HUD) lists eligible properties by state and is not limited to first-time homebuyers. The property must be in an area marked for revitalization and is only open to certain professions like law enforcement officers, firefighters, emergency medical technicians and teachers. If approved, you must live in the property for at least 36 months and receive up to 50% off the list price of the home.

    Local First-Time Homebuyers Grants

    Many municipalities offer funds from their own first-time homebuyer programs. There are certain requirements to meet, such as requiring the owner live in the home for a short period of time. In many cases, the grant is forgivable over a period of time. There are also block grants through Congressional districts, which are distributed through local programs.

    A mortgage broker will be able to recommend additional programs you may qualify for based on the area you are attempting to purchase in. Homeownership doesn’t have to be complicated – it may just take a little work to get what you want and the assistance you need. Call a realtor and mortgage broker to get started on the process today.




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    Posted by Robin V. Wish on 9/7/2020

    Filling out a mortgage application may prove to be a long, arduous process, particularly for those who are buying a house for the first time. Lucky for you, we're here to help you dot the I's and cross the T's on your mortgage application to ensure you can quickly and effortlessly acquire your dream house.

    Now, let's take a look at three tips to help you prepare your mortgage application.

    1. Be Diligent

    A mortgage application may appear daunting at first. The application may include several pages of questions, and you may have only a limited amount of time to finalize your submission.

    When it comes to completing a mortgage application, it generally pays to be diligent. If you answer each mortgage application question to the best of your ability, you likely will have no trouble moving forward with your home purchase.

    2. Avoid Guessing

    If you're uncertain about how to respond to certain mortgage application questions, there is no need to guess. Instead, search for the information that you need to provide a comprehensive response. This will help reduce the risk of encountering potential problems down the line that otherwise could slow down your home acquisition.

    Remember, guessing on a mortgage application probably won't do you or your lender any favors. But if you allocate the necessary time and resources to understand mortgage application questions and provide thoughtful responses, you can minimize the risk of application errors.

    3. Ask Questions

    Completing a mortgage application sometimes can be tricky. Fortunately, a lender employs mortgage specialists who are happy to respond to your application concerns or questions at any time.

    If you're unsure about information that is requested on a mortgage application, don't hesitate to reach out to a lender's mortgage specialists for help. These specialists possess extensive mortgage expertise and can help you complete a mortgage application.

    Furthermore, mortgage specialists can offer insights into a wide array of mortgage options. These specialists can explain the differences between fixed- and adjustable-rate mortgages and enable you to select the right mortgage option based on your financial situation.

    As you prepare to buy a house, you may want to consult with a real estate agent as well. In fact, with a real estate agent at your side, you can seamlessly navigate the homebuying process.

    A real estate agent understands exactly what it takes to acquire a house, regardless of the finances at your disposal. This housing market professional can set up home showings, help you submit offers on houses and ensure you can purchase a residence that matches or exceeds your expectations. And if you need help getting a mortgage, a real estate agent may even be able to connect you with the top lenders in your city or town.

    Ready to move forward in the homebuying journey? Use the aforementioned tips, and you can finalize a mortgage application and secure the financing that you need to acquire your ideal residence.




    Tags: Buying a home   Mortgage  
    Categories: Uncategorized  


    Posted by Robin V. Wish on 5/4/2020

    Photo by Doubletree Studio via Shutterstock

    Interest rates rise in correlation to inflation and other economic activity. When that happens, it can increase housing costs. But the question is, should it prompt you to buy sooner than youíre ready?

    The Right Time Is Now

    In real estate, the right time is always now for someone. Is it the right time for you? Thereís more to determine than interest rates. 

    Hereís how to break it down:

    • Rising interest rates: as interest rises, even a quarter of a point increase can add more than $10,000 to a two hundred-thousand-dollar mortgage. If you can lock in the lower rate, youíll save nearly thirty dollars each month over the life of the loan.
    • Rising housing prices: In addition to the increase in interest rates, as housing prices trend upward, the combination can push you out of contention for certain homes. If youíre on the fence about buying but know where you want to live and what you want to pay, what you know now is more useful than speculating on what might be later.
    • Changes in the tax laws: Recent changes mean that writing off interest is limited, but your standard deduction probably offsets it. Work with your tax advisor to see if a mortgage improves your tax situation, remains neutral, or increases your outgo.
    • Down payment savings: As prices go up, the amount you need for a down payment goes up too. If you currently have the cash you need to lock in the home you want, you might not want to wait.
    • Know your expenses: Buying a house locks you in for the life of the loan or until you sell it. So, if youíre in need of a new car, or have another large expense coming down the pike, calculate it into your monthly budget what youíll need to handle those expenses as well as your mortgage payment. Avoid stretching yourself so thin that your house payment becomes a burden.
    • Review your employment stability. Is there a chance youíll move away? Change jobs? Retire? Many of the benefits of homeownership come after the first five or six years when youíve mostly recovered the closing costs with the rising equity. If your intention is to move sooner than that, consider buying now with the intention to turn the property into a rental, or wait until youíre more settled in your location.

    The bottom line is that itís your bottom line that matters. Just because interest rates rise doesnít mean you should jump into ownership before youíre ready. But donít let it stop you either. Discuss your plans with your real estate professional. They have a finger on the pulse of the market to help you time when a purchase is right for you.




    Tags: Mortgage   Interest rates  
    Categories: Uncategorized  


    Posted by Robin V. Wish on 3/18/2019

    For those who want to acquire a house, it helps to get your finances in order. That way, you can quickly and effortlessly navigate the homebuying journey without having to worry about how you'll afford your dream house.

    There are many quick, easy ways to straighten out your finances before you embark on the homebuying journey, such as:

    1. Assess Your Credit Score

    Your credit score ultimately can play a major role in your ability to secure a great mortgage. If you understand your credit score, you may be able to find ways to improve it prior to conducting a home search.

    It is important to remember that you are entitled to a free copy of your credit report annually from each of the credit reporting agencies (Equifax, Experian and TransUnion). Request a free copy of your credit report today, and you can take the first step to evaluate your credit score.

    If you find that your credit score is low, there is no need to worry. You can always pay off outstanding debt to improve your credit score over time.

    Also, if you identify any errors on your credit report, you'll want to address these mistakes immediately. In this scenario, you should contact the agency that provided the report to ensure any necessary corrections can be made.

    2. Look Closely at Your Monthly Expenses

    When it comes to buying a house, it generally helps to have sufficient funds for a down payment. The down payment on a house may fall between 5 and 20 percent of a home's sale price, so you'll want to have enough money available to cover this total for your dream residence.

    If you evaluate your monthly expenses, you may be able to find ways to save money for a down payment on a house.

    For example, it may be beneficial to cut out cable TV for the time being and use the money that you save toward a home down payment. Or, if your dine out frequently, cooking at home may prove to be a substantial money-saver that could help you speed up the process of saving for a down payment.

    3. Get Pre-Approved for a Mortgage

    With pre-approval for a mortgage, you can enter the housing market with a budget in hand. Then, you'll be better equipped than ever before to narrow your search to houses that fall within your price range.

    To get pre-approved for a mortgage, you'll want to meet with banks and credit unions. These financial institutions can teach you about different mortgage options and help you assess all of the options at your disposal.

    Furthermore, don't hesitate to ask banks and credit unions about how different types of mortgages work. This will enable you to gain the insights that you need to make an informed decision about a mortgage based on your financial situation.

    If you need extra help as you prepare to pursue a house, you may want to hire a real estate agent as well. In fact, a real estate agent can help you find a high-quality house at a budget-friendly price in no time at all.




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