Jumbo Home Loan Myths Debunked
Are myths about jumbo home loans holding you back from buying your dream home?
What exactly is a jumbo loan? Jumbo loans are designed to help finance more expensive homes. These special home loans exceed the maximum county loan limits set by Fannie Mae and Freddie Mac.
Myth 1 - You Need a Jumbo Down Payment for a Jumbo Loan
Lenders used to require down payments up to 30% to secure a jumbo loan. This isn’t true anymore. For qualified buyers, the down payment can be as low as 10%.
Myth 2- Jumbo Loans have High Interest Rates
Interest rates vary by situation; jumbo loan ...
4 Things Buyers Want from a Real Estate Agent
Buying a new home can be nothing short of an epic journey. Buyers are naturally anxious, stressed, and nervous when it comes to such a large purchase. How can real estate professionals help ease the fears of their clients? We’ve got some tips.
It’s not always about low fees. According to Redfin, 62% of buyers and sellers want low fees in a real estate transaction – but 22% said fees that are too low make them worry about the quality of service! Bottom line? High quality service is always important!
Be tech-savvy, but personable. It’s important to be up to date on ...
Top Mistakes of Home Buyers
The process of buying a home is one where you need to include your head, as well as your heart. Making impulsive home buying decisions may end up being a poor investment that costs you time, money and frustration down the road. Whether you’re a first-time home buyer or a repeat buyer, here are some tips to avoid common mistakes:
Don’t Let the Current Decor Alter Perception – Don’t let the paint colors or furniture in a home sway you either way. The current home owners will take their furniture with them, and paint can be easily changed. Look at the ...
How Much Money Do You Need to Buy a Home
One of the biggest concerns for home buyers is how much cash they’re going to need to bring to the table when closing on a home loan. The specific costs can vary depending upon the state that you live in, the cost of your home and other factors, but here are some basic things to consider:
Down Payment Required for a Mortgage
In order to qualify for a mortgage, you’ll likely need a down payment. The specific amount depends upon state guidelines and the type of loan. For example, an FHA mortgage loan is available to some home buyers and requires as little as 3.5% of the purchase price ...
5 Tips for Selling Your Home
by Michael Poulos, President/CEO of Michigan First Credit Union
Advice about purchasing a home is easy to find. But how often do you hear advice on selling your first home? Selling a home can be just as complicated and stressful as buying one. However, with the right preparation and research,you can avoid several of the headaches that sometimes accompany the process.
Keep tabs on the market, even if you’re not looking to sell anytime soon.
Periodically check the estimated value of your home on websites like Zillow.com. This way, you’ll be more aware of housing price trends in your area and can make ...