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Financing & Insuring

Financing & Insuring

New Home Loan Limits For 2017

January 3, 2017
New 2017 Home Loan Limits

Wondering about financing a new home in 2017? Good news! Home loan limits have increased in the new year for several areas across the country. That means more homes may qualify for a greater variety of loans—potentially offering you more ways to finance your dream home! While not all areas experienced increases, it’s certainly worth checking to see if your county got a boost. Here’s a breakdown of the recent changes by loan type. Conventional loans Conventional loan limits at many Richmond American communities saw increases…

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Financing & Insuring

Applying for a Mortgage Soon?

December 7, 2016
Get your credit mortgage ready with these 8 tips

We’ve created this handy infographic to help you understand and work to improve the factors that affect your credit score—an important consideration for any lender reviewing your mortgage application. Your credit score may influence what types of loans you can qualify for and what rate lenders will offer you, so it’s best to make it a priority as soon as possible in your home search. For more detailed information, download our free guide, 8 Credit Score Management Tips.

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Financing & Insuring

Should I Lock in My Interest Rate?

November 25, 2016

Should I lock in my interest rate today? Many people ask their loan officers, “When should I lock in my rate?” There’s no easy answer. It’s a little like asking when you should sell your stock or which mutual fund will perform better. It all depends on the market and your individual situation. Are you a well-qualified buyer? If you believe that rates are going to stabilize or improve, it might make sense to wait to lock in your interest rate. However, less qualified buyers…

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Financing & Insuring

What is a PITI Payment?

November 18, 2016
Two-story Citrine model home

Buying your first home? Be prepared to learn a list of delightful new acronyms—APR, PMI, FICO, FHA, LTV and DTI, just to name a few. When it comes to establishing your home buying budget, PITI is the first term you should tackle. What is PITI? PITI stands for Principal, Interest, Taxes and Insurance, and calculating it can help you decide how comfortably a home’s monthly costs will fit into your future financial plans. How to calculate PITI: Add together these four costs to get your…

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Buying a Home, Financing & Insuring

5 Signs You’re Ready to Buy a New Home Now

November 8, 2016
Couple holding keys to new home

Think you may be ready to write your last rent check or upgrade to that larger home you’ve had your eye on? Following are five signs that could indicate that now is the right time for you to buy a new home.   You have good credit. Your credit score can affect your ability to get approved for a mortgage and impact your interest rate. Generally, the higher the score, the better the rate. So, if you want to qualify for lower monthly payments, it’s…

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