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What are the consequences if you miss the closing date?

The mortgage application process can be time-consuming and frequently prone to delays due to a variety of reasons. However, as the closing date approaches, there is a sense of relief and eager anticipation. The buyer, seller, and their real estate agents will meet, sign the purchase contract and other necessary paperwork to complete the home sale. Typically, buyers have 30 to 45 days until the closing date. Buyers will undergo an inspection and finalize financing with their lender during this period. When you miss a closing date, you may suffer a penalty from…continue reading →

How to Prepare to Buy Your First Home in 2022

In this post, I will cover everything you need to know about buying your first home including how to prepare to buy your first home in 2022. My book - My First Home was a #1 best-seller on Amazon.com and I have personally helped hundreds of First Time Home Buyers prepare to buy their first home. First Step - Choose the Right Loan Officer/Lender The first step of preparing to buy your first home in 2022 is to find the right loan officer and lending company. You should look for a Loan Officer…continue reading →

The 5 Home Loan Steps

The mortgage loan process can be intimidating. This is the biggest purchase of your life - you want to make sure it all goes smoothly, right? The good news is that it’s pretty simple. We’ve broken the home loan process down into five main steps.  Mortgage Loan Process Step 1: Get Pre Approved When you’re in the market to buy a home, the first thing you need to do is understand how much home you can afford. While you can use something like a mortgage calculator, you ultimately need to get pre-approved by…continue reading →

What are 3 Important Factors that Affect Mortgage Rates?

Mortgage rates can’t seem to sit still. The pandemic required throwing fiscal stimulus into overdrive, and the Federal Reserve has been pulling out all the stops to keep the economy in balance as best as it can. Mortgage interest rates are at record lows, and as a result, home buying has been on fire lately. At the same time, many homeowners are refinancing their homes to take advantage of lower rates while they can.   Of course, this is creating a hot real estate market as prices continue to rise across the country,…continue reading →

How Vaccines and Variants are Affecting the Market

According to the CDC, 57% of the US population has received at least 1 dose of the COVID vaccine (source: The Washington Post). With the rollout of the vaccine also came a lifting of restrictions including face mask requirements and social distancing. But who could predict the rise of the delta variants causing a spike in COVID cases in the last few weeks? As the nation scrambles to adjust to the new dangers, the market will have to do the same.   Delta variants have put the economy in question; will there be…continue reading →

InstaMortgage Announces $937,500 High Balance Conforming Loan Limit

InstaMortgage, one of the fastest-growing mortgage companies in America, announced that they are increasing the high balance conforming loan amount to the anticipated 2022 loan limit of $937,500 in several counties in the country. Other mortgage lenders are still offering the 2021 loan limit capped at $822,375. The new loan limits are effective immediately and borrowers applying to InstaMortgage can avail of the new loan amounts right away. The higher loan limits are now live for high-cost counties in the states of California (CA), Idaho (ID), Maryland (MD), New Jersey (NJ), Pennsylvania (PA),…continue reading →

How to Save on Your Mortgage With These Easy Tips

When shopping for your home, you always look for the best price for the best house you can afford. That means visiting multiple properties, comparing neighborhood sales, and making sure that the home fits yours needs as much as your budget. You wouldn’t make a decision on a house without trying to save as much money on the purchase price as possible. The same goes for your mortgage.   Before taking out a mortgage to purchase your home, you should go through the same due diligence that you do when shopping for the…continue reading →

What is Streamlined Refinancing?

Refinancing is a popular way for homeowners to free up some cash for other purposes, or just to lower their monthly payments through a new interest rate. Refinancing is a common process and most lenders will be able to refinance a home for you. However, in 2008 when the recession spurred by the mortgage crisis hit, lenders came under a little more scrutiny than usual, which includes their refinancing practices. They ultimately had to tighten their lending practices.   Now, with interest rates at all-time lows and lenders open to refinancing more than…continue reading →

How Does a Reverse Mortgage Work?

People who are retired or about to retire may have prepared all their lives to live a quiet life in their old age. However, with the high costs of living in general, this may be more difficult than they thought. In this case, people over 62 have the option of taking out a reverse mortgage, but what is a reverse mortgage? How does a reverse mortgage work? For whom can this type of mortgage be useful? In this post, we will give answers to all your questions.   What is a Reverse Mortgage?…continue reading →

InstaMortgage Announces $625,000 Conforming Loan Limit for all Counties

  While all the other mortgage lenders are offering a base conforming limit of only $548,250 for 1-unit, InstaMortgage announced that they will allow conforming loans up to $625,000 for all the counties where the conforming loan limit is only $548,250. How does this work? If you are buying or refinancing a home in a county where the conforming loan limit is only $548,250, you can now qualify for up to a $625,000 loan amount following the same guidelines. The loans will still be backed by the same government agencies - Fannie Mae…continue reading →

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