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Financing & Insuring

New Home Loan Limits for 2020

January 29, 2020

Curious how new loan limits may affect your homebuying journey? Good news! Home loan limits have increased in the new year in several areas across the country. That means more homes may qualify for a greater variety of loans—potentially offering more ways to finance your dream home! While not all areas experienced increases, it’s definitely worth checking to see if your desired county got a boost. Conventional Loans and FHA Loans Conventional loan limits and FHA loan limits at many Richmond American communities saw increases ranging…

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Financing & Insuring

What Does Home Insurance Cover?

November 14, 2019

Insurance is a crucial part of being a homeowner. In fact, most mortgage lenders require that buyers carry a homeowner’s insurance policy. While policies may vary, there are certain items and events that are typically covered in many policies. Typically covered: Dwelling Coverage Dwelling coverage includes the actual structure of the home. This means walls, flooring, doors, etc. Other Structures This protects structures not physically attached to your home such as an unattached garage or shed. Personal Liability Homeowner’s insurance covers the physical home, but…

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Financing & Insuring

How Does PMI Help Homebuyers?

November 12, 2019

If you’re familiar with private mortgage insurance (PMI), your gut reaction to that question is probably: it doesn’t. After all, the insurance is paid for by the homebuyer and it only protects the lender. Most articles about PMI focus on how to avoid paying it (have a 20% down payment ready!) or how to stop paying it (bring your loan-to-value ratio down to 80% and start the cancelation process). But, there are reasons so many people decide to go with a loan despite its PMI…

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Financing & Insuring

Finding Home Insurance

October 19, 2019

Purchasing home insurance makes good sense, and not just because it’s often a condition for home loan approval. It’s also a good idea for peace of mind and financial security. You definitely don’t want to find yourself wishing you’d purchased the right insurance after something unexpected happens. So if you’re in the market for a new home, check out the following tips for finding a plan that covers your home’s needs. Compare insurance quotes Consult an insurance agency with brokers that can compare costs and…

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Financing & Insuring

Lock in a Mortgage Rate Through Late 2020

October 1, 2019
Extended rate lock

Planning to buy a home this year? If you’ve been keeping a nervous eye on news from the Federal Reserve, wondering if you’re missing out on your best mortgage rate because you’re not ready to close, an extended rate lock might be just the thing you need to move forward with confidence. What is an extended rate lock? A buyer typically has sixty days to close a loan after locking in a mortgage rate. With an extended rate lock by HomeAmerican Mortgage Corporation, you can…

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