#homefinancing

Clare R. Okyere

Jul 14, 2022
3 min

What is Mortgage Insurance?

You may have heard you will need to pay mortgage insurance with your home loan. What does this mean, why is it required, and what can you expect? Read to learn these answers! What is Mortgage Insurance? Mortgage insurance is a requirement for some home loan scenarios or products. It is paid by the borrower and is a means to protect the lender in the event the borrower defaults on the loan. History of Mortgage Insurance Traditionally, individuals were required to make a down p

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Clare R. Okyere

Jul 12, 2022
2 min

Track Your Equity & Home Wealth

Knowing a home's estimated value and tracking your home's wealth can help you make informed decisions about selling, buying, refinancing or remodeling choices. Why Would I Want a Home Value Estimate? A good way to be financially savvy is to track your home's value. There are many reasons to do so. Knowing the value of your home prepares you to buy, sell, refinance, convert to a rental, remodel, etc. If you are considering a move, a home value estimate gives you a starting poi

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Home Buying 101: 3 Steps to Make Home Buying Easy

Clare R. Okyere

May 15, 2022
6 min

Home Buying 101: 3 Steps to Make Home Buying Easy

Considering buying a home but not sure where to start? Join as we discuss 3 steps to make home buying easy: 1) Why Buy? 2) Get Prepared! and 3) Seal the Deal! Read below or jump to the video webinar. Why Buy? There are various reasons people choose to buy a home. Many deal with pride of ownership and autonomy: never having to get permission from a landlord to paint, remodel, have a pet, etc. They also point out the ability to have a fixed mortgage payment and alleviate the fe

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Clare R. Okyere

Apr 17, 2022
2 min

What is DTI or Debt-to-Income Ratio?

As you apply for a home loan or refinance, you will hear the term debt-to-income ratio, or DTI. Read to learn what this means and how it can be even more important than your credit score in determining whether or not you are approved for a home loan. Your debt-to-income ratio, or #DTI, is one of the main factors a lender will use when determining your ability to repay a new loan. Your DTI will impact whether or not your loan will be approved. What is DTI? DTI is the ratio or

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Clare R. Okyere

Mar 16, 2022
4 min

10 Frequently Asked Mortgage Questions

Preparing to buy your first home can be intimidating, but educating yourself on the process makes it less overwhelming. Read below for our most commonly asked questions from first-time homebuyers. 1. What credit score do I need to get approved for a mortgage? For most loan products, 640 is the preferred score for most lenders. While there are some options (especially with FHA products) that will accept lower scores, they are limited and come with higher interest rates. 2. Wha

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Is Getting Pre-Approved for a Home Loan Really Necessary?

Clare R. Okyere

Feb 16, 2022
4 min

Is Getting Pre-Approved for a Home Loan Really Necessary?

If you are considering a home purchase, a pre-approval is a critical first step. Find out what it is, why it matters, and how to get it done. What is a Pre-Approval? Don't confuse a pre-qualification with a pre-approval! While many people use these terms interchangeably, they are not. A pre-qualification is based on the information a potential buyer provides to a lender. Based on the information provided, the lender will state the loan amount for which the buyer could likely

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Clare R. Okyere

Jan 9, 2022
4 min

Home Buying - Types of Loans

Educate yourself on the various types of loans available during the home buying process. Are you new to the world of home buying? Learn some foundational loan information to help you feel at ease during this process. Ready to begin house hunting? Financing options play a big part in this process. Educate yourself on the types of loans available. Your licensed mortgage broker will know the details of any and all loans and financing guidelines. However, giving yourself some bas

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Clare R. Okyere

Oct 20, 2021
4 min

Need to Know Mortgage Terms & Vocab

If you aren't closely associated with a given industry, sometimes the vocabulary and acronyms used in that industry can be overwhelming. Here's your cheat sheet for some of the terms and acronyms you will likely encounter during your home buying journey. Amortization: The process of paying off a loan through a series of fixed payments to a lender. APR (Annual Percentage Rate): The total cost of securing financing in a mortgage transaction, expressed as a percentage. Appraisal

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What is a Credit Score and Why Does it Matter?

Clare R. Okyere

Sep 16, 2021
3 min

What is a Credit Score and Why Does it Matter?

We often hear talk of credit scores. What exactly are they, how are they calculated, and why do they matter? Read on to find out. Credit scores play a major role in whether we can get approved for a loan and what type of interest rate we will get if we are approved. Knowing what a credit score is and how it is calculated will set us up for success. What is a Credit Score? Your credit score is a three-digit number that represents your ability to pay off your debts. Lenders use

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Home Entertaining Essentials: Lemon-Butter Shrimp Over Couscous Recipe

Clare R. Okyere

Jul 19, 2021
2 min

Home Entertaining Essentials: Lemon-Butter Shrimp Over Couscous Recipe

You purchased your home and are ready to put your new kitchen to use. Great! Now, what do you cook? Read on for a delicious recipe for lemon-butter shrimp over couscous. This is a quick, easy meal sure to wow any guests. Ingredients: * 4 tablespoons butter * 4 cloves of garlic * 1 cup white wine * 2 fresh lemon slices * 8 oz frozen shrimp * 1 cup frozen corn * 1 handful fresh sugar snap peas (in pod) * 2 fresh green onion/scallions * 16 ounces broccolini * olive oil * salt *

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Clare R. Okyere

Jun 21, 2021
5 min

Home Equity

Building equity is one of the main ways homeownership helps individuals build wealth. But what is equity really and how do you build it? Read on to learn what equity is, how it builds, and how it can help increase wealth. What is Equity? Quite simply, equity is the difference between what you owe on your mortgage and the current value of your home. So, if you owe $200,000 on your mortgage and your home is currently valued at $300,000 your home has $100,000 in equity. (Don't k

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Clare R. Okyere

Apr 14, 2021
5 min

Yay, You Bought a House! Now What?

You have successfully become a homeowner. Congratulations! Now what? Here are 14 essential items to take care of during your first year of homeownership. Turn on utilities: As a new home owner, you will need to set up your utilities in your name. The essentials, power and water, should be first. You will also want to set up phone, internet, cable, and any other subscription services you will want active at your new address. The sooner you get these essentials up and running,

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To Refinance or Not to Refinance, That is the Question...

Clare R. Okyere

Mar 15, 2021
4 min

To Refinance or Not to Refinance, That is the Question...

You may have heard talk of refinancing your home loan as an option to save money. While this can be the case, it is not always so. Read to learn about when a refinance might be in your financial best interest, and when it might cost more than it is worth. What Does it Mean to "Refinance?" When you refinance, it means you pay off your existing loan and replace it with a new loan. Why Might I Refinance? There are many reasons someone might refinance: 1. To lower your interest r

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DACA Recipients Now Eligible for FHA Loans

Clare R. Okyere

Jan 27, 2021
2 min

DACA Recipients Now Eligible for FHA Loans

HUD announced that as of January 19, 2021 DACA recipients are able to apply for for home loans through FHA. What Exactly Was the DACA Announcement? On January 20, 2021 The U.S. Department of Housing and Urban Development (commonly referred to as HUD) made a major announcement regarding the Deferred Action for Childhood Arrivals or DACA: They stated individuals classified in the DACA program who are legally allowed to work in the United States are now eligible to apply for an

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