Author Archives: Maria Macri

Mortgages for Unique Situations

When you plan to stay for the long haul Fixed-rate loans are popular with those planning to stay put in their home for a while because they offer payment stability. These loans offer the same interest rate for the entire repayment term, normally 10, 15, 20, or 30 years. The shorter the loan term, the […]

What is an FHA Loan?

An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA). They are popular especially among first time home buyers because they allow down payments of 3.5% for credit scores of 580+. However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults. Borrowers can qualify for an FHA loan with a down payment […]

Find Out Your Credit Score

To get the best rate possible, the first thing you’ll want to do is make sure your credit is ready. Most lenders will use your Fair Issac or FICO credit score when they price your loan. Typically the higher your FICO credit score, the lower your interest rate will be. If you don’t know your […]

Vacation Home vs. Rental Property

Vacation properties and rental homes are financed differently. So before buying your new home away from home, you’ll need to figure out how yours will be classified. A vacation home is typically defined as a secondary residence at least 50 miles away from your primary residence. If it’s any closer to your primary home, you’ll […]

Home Equity Loans

If you don’t have money for a down payment but do have a lot of equity in your current home, you could consider taking out a second mortgage to finance your down payment. There are two options to consider: a home equity line of credit (HELOC) or home equity loan. Both options allow you to borrow against […]

Myth: You’ll need perfect credit.

Few people have perfect credit — and that’s not what lenders are looking for anyway. If you have a steady income and pay your bills on time, it may be possible to qualify for a mortgage. The minimum credit score you’ll need depends on the loan type. For example, conventional loans typically require at least 620, and FHA […]

Home Equity Loans

If you don’t have money for a down payment but do have a lot of equity in your current home, you could consider taking out a second mortgage to finance your down payment. There are two options to consider: a home equity line of credit (HELOC) or home equity loan. Both options allow you to borrow against […]

Getting pre-approved

If you haven’t done so already, contact a lender for a pre-approval. You can even start the process online by finding a local lender on Zillow. A pre-approval is a letter from a lender that indicates you can qualify for a loan of a certain amount. It shows your agent and sellers that you’re a serious buyer […]