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Estate Manager Taking Money for Down Payment

Down Payment Assistance 

If you’re a first-time home buyer (FTHB) with good credit, but you don’t know how you’ll come up with enough cash for a down payment, consider looking into down payment assistance (DPA). DPA helps first time home buyers, who qualify, cover their down payment through grants, loans, and other programs. These are typically offered by government agencies and some non-profit organizations.

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How much cash do I need to buy a house? 

You’re ready to be a homeowner. Do you know just how much cash you need to buy that home? The total cash needed upfront to close your mortgage is known as “cash to close.” Once you’re in the mortgage process, your lender will give you that number, but before you start the process, it’s good to understand what cash expenses are involved in purchasing a home.

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Financial growth concept, real estate tax

Cash-Out Refinance 

There are different reasons to refinance your home. You may want to take advantage of the lower rates or change the terms of loan. You may need cash for home improvements, college tuition, medical expenses, or to pay off debts. If you’ve built at least 20% equity in your home, then a cash-out refinance is an option for you.

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Refinance your home concept

What is a Mortgage Refinance? 

After you’ve taken out a mortgage, there may come a time when you want to consider refinancing your home. A simple way to understand a refinance mortgage is to think of it as replacing your old mortgage with a new one that has more favorable terms or advantages for you.

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Happy romantic senior couple hugging and enjoying retirement at home

Reverse Mortgages 

Are you well into retirement or about to retire and wondering if you have enough to cover your expenses or enjoy this season of life? If, after years of paying down your mortgage, you now need access to that equity, a reverse mortgage may be the right option for you. With a reverse mortgage, you can “borrow” against the equity in your home and have the funds to cover expenses that may not be covered by Medicare and your Social Security payments.

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USDA Loans 

When you hear “USDA”, you’re more likely to think of your local grocery store than your local mortgage broker. Believe it or not, the USDA is in the mortgage backing business. What’s the connection? Rural development. USDA government-backed loans make it possible for low-income individuals in designated rural areas (geographic eligible areas) to purchase homes. It benefits individuals, families, and improves the communities and quality of life.

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VA Home Loans 

One of the benefits of serving in the military is the VA home loans program. VA loans are a great option for veterans, active-duty service members, and qualifying spouses. There are unique VA loan benefits offered to disabled veterans as well.

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Real estate agent working in his office

What is PMI?

If you purchase a home with a conventional loan and your down payment is less than 20% of the purchase price, you will pay PMI (private mortgage insurance) as part of the mortgage payment. PMI allows you to obtain a conventional loan with a lower down payment. This insurance fee is added to your monthly mortgage payment.  

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Property investment and mortgage financial concept.

How to Get Rid of PMI

PMI is private mortgage insurance. It’s a monthly insurance payment tacked onto your mortgage when you’re unable to make a down payment of at least 20%. Though you may not like having to pay PMI, there are two good things about it: 1) It gives you the opportunity to obtain a mortgage with a smaller down payment. 2) It doesn’t last forever.

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