The 3 Ps of Home Buyer Success

Can you increase your offer and still qualify for a home loan? Is there anything you can do other than increasing your offer that will make it more likely you will successfully close on the home? These are all complicated and important questions in a market as competitive as today’s. However, no matter how tough it is for home buyers, by focusing on the 3 Ps (patience, planning, and professionals) you can buy the house of your dreams.

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Basics of Applying for a Mortgage

A mortgage can be described as a financial transaction, which includes a promise to repay a large debt. It comes with official documentation and is regulated by the government. While some people say the mortgage process is a headache, the loans can help you own your dream home.

However, homeownership is a massive undertaking, so you must be prepared to find a lender you can trust. Mortgages come in different varieties, including options ideal for low-income borrowers. Before you sign to get that mortgage, here are some of the things to keep in mind, presented below by People’s Choice Mortgage.

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Making The American Dream A Reality

Dr. King, Jr. rearticulated the American dream to include this promise of equality for all throughout his works and speeches, including his “I Have a Dream” speech. There is a lot we must still do to make his dream and the American dream a reality for all Americans. One small aspect of that is that we need to make sure that everyone can be a homeowner.

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Education Matters For Mortgages

Recent studies conducted by Fannie Mae show that many consumers wish they had more education about how to become a homeowner. At Peoples Choice Mortgage, we definitely agree. The home buying process is complicated and education often means the difference between just any old mortgage broker and a true professional.

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The Joys Of Good Credit

Owning a home is a fundamental component of the American dream. It gives you a place to make long term memories with those you love. It is also one of the best ways to build wealth for you and future generations. There is no reason you should let your credit score get in the way of you buying a house or refinancing your current mortgage.

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Why Your Credit Score Matters

Owning a home is a fundamental component of the American dream. It gives you a place to make long-term memories with those you love. It is also one of the best ways to build wealth for you and future generations. There is no reason you should let your credit score get in the way of you buying a house or refinancing your current mortgage.

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Forbearance Exit Plans

As of now, the number of homeowners in a forbearance program is about 1.6 million. Most of these forbearances will expire in the near future, which will require the homeowners to go into an exit plan. What are forbearance exit plans and what options do homeowners have?

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CDC Provides Real Estate Relief

The federal government moratorium was set to expire at the end of July and President Biden did not extend it over fear of his legal ability to do so. Instead, President Biden asked Congress to extend it. The situation seemed bleak as Congress was unable to come to an agreement and instead left on their planned recess. Thankfully, the CDC stepped in and extended the eviction moratorium themselves.

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High Credit Scores Have Value

In the lead up to 2008, many people were buying homes hand over fist because lenders were willing to provide mortgages to almost anyone. That is not happening today. Lenders are being much more selective. If you look at today’s successful mortgage applicants it is clear that high credit scores have value when applying for a mortgage.

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You Don’t Need A 20% Down Payment, But It Helps

Many are under the assumption that you have to have 20% for a down payment in order to qualify for a mortgage. This is not true. There are a lot of mortgage programs where you do not need a 20% down payment. However, while you don’t need a 20% down payment, it is helpful.

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