Mortgage guidelines for divorcing couples Not only are you forced to endure the emotional pain and suffering through separation and marriage dissolution, but the finances need to be dealt with as well. Divorce and mortgage go together like fire and tungsten (the metal with the highest melting point, used for incandescent light bulbs, but is […]
HELOCs calculate interest like a credit card: based upon average daily balance. Conventional mortgages calculate interest on a simple basis. Interest calculation formulas used: HELOC: Daily rate (note rate/365) x average daily balance x days in the month Conventional mortgage: Note rate/12 x balance on the 1st Interest over time example: Starting balance of $150,000 […]
A real estate bubble is generally defined by over speculation in the housing market. That bubble leads to unsustainable price levels that are generally not affordable by the average home buyer. When prices surge beyond the affordability level it is an indication that home prices are too high. Many factors drive affordability. Interest rates, being […]
First, we should tell you that without an expert Realtor and Loan Officer, your chances of getting an offer accepted today are lower. The number one reason to hire the Furlong Team at SWBC Mortgage is our reputation to deliver. Realtors know we close on time, financing issues are non-existent, and they generally like us. […]
If your credit score is holding you back from becoming a home owner, it is likely holding you back from other things as well. Credit scores are used for insurance, employment, cell phone accounts and a wide variety of things. Having good credit will not only allow you to purchase a home, it will also […]
Introduction When applying for a mortgage in MN, there are a number of approval processes that prospective borrowers should be aware of. It is essential that future borrowers understand the information/documentation required for each mortgage approval process in addition to the level of scrutiny that will be applied with each approval process. We will discuss […]
BUILDING WEALTH When I was 24 and a single guy I bought a four-bedroom house in Bloomington. It wasn’t because I needed four bedrooms for myself, it was because I had three other college roommates that were all looking for a place to live. I thought to myself “what an opportunity – I could charge […]
Several options are available for construction financing. The first option is a new first mortgage intended for rehabilitation finance – the programs are called HomeStyle and 203k, are offered by Fannie Mae and FHA, respectively, and allow up to 97% of the as-completed value of your home in total financing. The benefits to these programs […]