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Home Financing

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Home Buyers, Start Your Mortgage Pre-Approval!

With home inventory slim in many areas of the country, home buyers face plenty of competition! A mortgage pre-approval can make the difference between getting your purchase offer accepted, or having the seller choose another offer by a better-prepared buyer.

A mortgage pre-approval means a lender has verified your creditworthiness for a certain loan amount during a fixed timeframe. A mortgage pre-approval considers your income, employment, credit history, debts and overall ability to afford a home.

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How Home Buyers can Help Prevent Closing Delays

It takes about six weeks to close on a home in most areas of the country. Much of the reason is beyond a home buyer’s control; complex regulations, appraisal backlogs, and last-minute snags. Yet the most common reason for closing delays rests squarely on the home buyer.

National real estate statistics show that problems with home buyer financing account for 38% of all closing delays. This same problem accounts for 21% of all failed closings!

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What Home Buyers Should Know About Interest Rates

While the Federal Reserve declined to raise its benchmark rate in September, a future rate hike seems likely this December. The last rate hike was in December 2015, when the benchmark moved up by one-quarter of a percentage point.

Most home buyers do not breathlessly follow economic news. Yet there are good reasons to pay attention to future announcements by the Federal Reserve. Here’s why!

How the Fed Works

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What Home Buyers Should Know about Mortgage Insurance

You can buy a home with as little as 3% down, but there is a catch! When you finance your home purchase with less than 20% down, you will be required to carry mortgage insurance. The mortgage insurance protects the lender from financial losses if you default on the loan and fall into foreclosure.

Mortgage insurance is commonly referred to as PMI (Private Mortgage Insurance) or MIP (Mortgage Insurance Premium.) Simply put:

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