Blog

19
Nov
By Jim Hasek
Home Mortgage Tips, ,

A Step-by-Step Guide to Refinancing a Traditional Mortgage to a FHA Mortgage

Refinancing a mortgage can provide a homeowner with many benefits, and many are interested in refinancing their traditional mortgage into an FHA mortgage to take advantage of low interest rates. Depending on the specific circumstances, this step may lower the monthly payment, reduce interest charges, adjust the loan term so that it is more beneficial for achieving financial goals and more. Those who are interested in refinancing in an FHA mortgage may consider these steps. Understand the Rules and Requirements There are specific rules in place regarding refinancing under the FHA program. For example, the loan amount may be up…
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18
Nov
By Jim Hasek
Around The Home, ,

Remodeling 101: How to Create a Proper Budget for Any Renovation, Large or Small

Whether you're readying to put your home on the market or you haven't updated your space in a while and want to modernize, approaching renovations can be a struggle. With so many things to fix up, both large and small, it can seem overwhelming to prioritize, set the money aside and get to work. If you're having trouble figuring out where to begin with budget, here are some tips for how to properly prioritize so you can maximize your renovation expenditures. Determine What Is Most Important Whether it's the tile floor in your bathroom or the outdated kitchen sink, if…
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17
Nov
By Jim Hasek
Home Mortgage Tips, ,

Refinancing Tips: 5 Questions to Ask Your Lender to Ensure You’ve Done Your Homework

If you're looking to refinance your home, you're likely going to benefit from lower mortgage payments. But lower mortgage payments aren't the whole story with a refinance. A refinance plan may change several key terms of your mortgage agreement – which may work for or against you. Before you refinance, you'll want to ask your lender these five key questions – it'll help you ensure you're getting a deal you can afford. How Long Does It Take To Close? Closing a refinance isn't always straightforward, and in some cases it can take some time before your refinance is approved. For…
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16
Nov
By Jim Hasek
Market Outlook, , , ,

What’s Ahead For Mortgage Rates This Week – November 16, 2015

Last week's scheduled economic news was sparse due to no scheduled releases on Monday and the Veterans Day Holiday on Wednesday. A report on job openings was released on Thursday along with regularly scheduled weekly reports on jobless claims and Freddie Mac's report on mortgage rates. Mortgage Rates, Weekly Jobless Claims Rise Mortgage rates rose last week according to Freddie Mac. The average rate for a 30-year fixed rate mortgage rose to 3.98 percent from last week's reading of 3.87 percent. The average rate for a 15-year fixed rate mortgage rose to 3.20 percent from the prior week's reading of…
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13
Nov
By Jim Hasek
Home Buyer Tips, ,

Expecting Children: How to Quickly Move into a Larger Home Before a Baby Arrives

Starter homes are incredibly popular for young couples who plan to have a family in the future but don't need a large place yet. Life moves pretty fast sometimes and many couples find themselves expecting children before they have begun to look for the next home. This shouldn't be a problem, as moving into a larger home before the baby arrives can be a lot easier than it appears. Always Move Before The Baby Is Born There is a choice when upgrading a home for children: moving beforehand and settling down in advance of having kids or waiting until after…
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12
Nov
By Jim Hasek
Home Mortgage Tips, ,

Understanding the Principal Limit on a Reverse Mortgage and What Happens if You Reach It

If you're considering applying for a reverse mortgage, you'll want to ensure you understand certain critical factors. One such factor is the principal limit. The principal limit will have a strong influence on your finances, which is why you'll need to ensure you know – before applying for your reverse mortgage – what your principal limit is. So how does a principal limit work, and how can you find out what yours is? Here's what you need to know. Principal Limit: The Maximum Amount You Can Borrow Simply put, the principal limit is the maximum amount of money that you…
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