Posts with tag 'Financing tips'
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20
Tips for Managing the Transition Between Homes With a Bridge Loan
Moving from one home to another can feel like a juggling act, especially when timing doesn't work in your favor. If you've found your dream home but haven't sold your current property yet, you're facing a common dilemma that many homeowners encounter. Our real estate agents understand how stressful this transition can be, which is why bridge loans have become an increasingly popular solution for buyers who need temporary financing to bridge the gap between selling one home and purchasing another.
When a Bridge Loan Makes Sense
How Bridge Loans Work
Bridge loans are short-term financing options designed specificall...
11
Making the Most of a VA Loan for Your First Home Purchase in Atlanta
Our real estate agents know that financing is the top issue on the minds of most first-time homebuyers. Even if your household finances are strong, being concerned is normal. After all, getting a good financing package can save you tens of thousands of dollars over the lifetime of your mortgage!
30
VA Loan vs. Conventional Loan: Which Is Right for You in Real Estate?
For those who qualify, a VA (Veterans Administration) home loan is often one of the best financing options. A VA home loan typically offers an attractive interest rate and other perks. Our real estate agents get questions about VA loans, and we're glad to help you find the information you need to make an informed decision.
19
Avoid These Things Before Buying a Home
After all of your hard work and careful saving, you're probably starting to look longingly at some of the beautiful Atlanta homes for sale. At this point in the process, a simple error in judgment could derail your plans. Our real estate agents want to help you avoid any such issues.
- Don't make a major purchase.
Lenders will check your credit before approving your loan. Buying a new car, furniture, or appliance will impact the loan in more ways than one. Not only will such a purchase lower your FICO score, but it will also increase your debt-to-income ratio or DTI. If your DTI increases to around 43%, you will be considered a risky borrower. If your loan is approved at all, it may be at a higher interest rate. Avoid making such purchases for at least six months to a year before buying a home.
13
How to Improve Your Credit Score in 2021
You may have heard that there is a shortage of real estate available in America, but our real estate agents want to assure you that there are plenty of magnificent Atlanta homes for sale, no matter your price range. But did you know that your credit score can change the affordability of your dream house? Credit scores not only make a difference in the mortgage rate but also in the type of loan for which you can qualify, including the amount of down payment required. Conventional mortgages usually require a minimum score of 620, FHA requires 580, VA and USDA require 640, and jumbo loans 700-740. Unfortunately, how these credit scores are calculated is a mystery to most consumers. Here are few ways to boost your score.
- Don't apply for new credit
Retailers are always pitching their store cards with promises of money-saving prices and cashback on purchases. Lenders look at your FICO score to determine creditworthiness. Opening new accounts over a short period of time can signal a greater credit risk to lenders. New credit accounts for about 10% of your score.