Home Financing Options for Homeowners in Disaster Areas

disaster recover home loans to rebuild

WR Starkey Mortgage offers home financing for qualified homeowners, first responders, veterans and active service members, whether the home is in need of repairs or is no longer habitable.

In these difficult times, it is important that homeowners work with a reputable home financing company to understand their options. Starkey Mortgage has experienced licensed loan officers in the affected counties who can offer a personalized review of each homeowner’s circumstances and discuss their options.

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Helpful Resources for Homeowners and Renters Impacted by Hurricane Harvey

helpful resources for homeowners effected by hurricanes

If you are a homeowner whose home has been damaged by Hurricane Harvey or you are a renter who has lost your home, and you need assistance to obtain emergency shelter and financial assistance, these resources may be able to help.

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5 Ways To Finance A Home Renovation

Whether you are purchasing a home that requires a renovation or want to remodel your current home, home renovations don’t come cheap. According to HomeAdvisor, the national average to remodel a kitchen is $21,751* while the national average for a bathroom remodel is $9,472**. These popular renovations can add value to your home, but you still have to finance the project.

Depending on the scale of your home renovation, here are five ways to finance your home improvement project >

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Reasons to Consider Refinancing Your Mortgage

Mortgage interest rates continue to remain near historic lows. While the opportunity to reduce monthly payments or shorten the duration of an existing home loan are two of the most popular reasons homeowners refinance their mortgage, here’s a few more reasons you may not have considered >

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Reduce Closing Costs with Seller Contributions

Struggling to save enough for your down payment and closing costs? There is an opportunity for you to reduce the amount of your final closing costs. Homebuyers have the opportunity to reduce closing costs with seller contributions, also known as seller concessions. Here’s how it works: An agreement is made between the buyer and seller where the seller contributes to the buyer’s home financing costs. Closing costs comprise of a variety of fees that can vary by city and state. The type of home loan, property occupancy, the home’s appraised value and the loan amount impact the amount a seller can contribute.

View the limitations on seller contributions for the four most common types of home loan programs >

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Townhouse Vs. Condominium Ownership

Townhouses and condominiums are often more affordable than single-family free-standing homes for home buyers looking to purchase their first home, but HOA fees can get high for communities with lots of amenities. Empty-nesters and retirees looking to downsize should consider the minimal maintenance and single level living that a condo provides while keeping in mind that convenience sometimes comes with a cost, i.e. the HOA and maintenance fees.

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Do’s and Don’ts for First-time Homebuyers

Buying your first home is an exciting, yet serious decision. It might seem intimidating to take the first step, but if you follow these tips you’ll be headed in the right direction long before you get pre-qualified for your home loa.

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How Soon Can I Buy A Home After A Bankruptcy?

It's almost ten years since the housing bubble burst, which resulted in millions of homeowners across the country declaring bankruptcy, or being forced into foreclosure or a short sale. According to the Wall Street Journal, over the next five years, about 6 million Americans will have their bankruptcies disappear from their credit reports, enabling more homebuyers to enter the housing market.

The question many former homeowners have, who’ve been able to financially recover from their bankruptcy, is “When will I be able to buy another home?”

 

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How Soon Can I Buy a House After A Short Sale?

buying a home after a short sale

If your home was sold through a short sale, your credit would have been negatively affected, although possibly not as much as if you had lost your home through foreclosure. The amount of time you must wait before applying for a new mortgage loan depends on the type of home loan and your financial circumstances. Learn the eligibility guidelines for a FHA, VA and conventional home loan following a short sale >

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How Soon Can I Buy A Home After A Foreclosure?

recovering from a foreclosure

It’s almost ten years since the housing bubble burst, which resulted in millions of homeowners across the country declaring bankruptcy, or being forced into foreclosure or a short sale. According to the Wall Street Journal, over the next five years, about 6 million Americans will have their bankruptcies disappear from their credit reports, enabling more homebuyers to enter the housing market.

The question many former homeowners have, who’ve been able to financially recover and can save for a down payment, is “When will I be able to buy another home?"

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Starkey Mortgage Launches Argos Management and Marketing Platform to Enhance Loan Officer Experience and Increase Business

Amplify your business with Argos

In today’s fast-paced and technology-driven world, loan officers need tools and resources that help them work smarter not harder. At Starkey Mortgage our goal is to provide best in class technology tools to make work simpler and grow the business. Several months ago we began a CRM assessment, and this search led the way to the development of Argos, our proprietary management, and marketing platform. Argos is designed to help loan officers gain more time in each day so they can focus on building relationships with customers, Realtors®, builders, among others.

 

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Difference Between Home Loan Interest Rate Vs Annual Percentage Rate (APR)

When you apply for a home loan, you will be given an interest rate and an annual percentage rate (APR). Understanding the difference between the rates, and how they are calculated could save you thousands of dollars over the duration of your home loan.

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8 Tips for Identifying a Credible Lender Who Securely Protect Borrower Information

consumer protection online

When applying for a home loan a lot of personal and financial information is transmitted between the borrower and lender. This week being National Consumer Protection Week makes it a suitable time to review ways to identify a credible home loan lender who provides secure transmission and storage of documents.

Before supplying personal and financial information online, look for these indicators to ensure the company meets your privacy expectations >

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6 Ways to Make a Winning Offer in a Competitive Housing Market

how to make a winning offer in a competitive housing market

The weather is warming and the spring selling season will soon be here, bringing more homebuyers competing for fewer homes. Homebuyers in competitive markets often need more than just money to get the home they want. They must be prepared to give sellers enough reasons to pick their offer over other buyers. Here are six ways to make your home offer stand out and get selected >

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Are You Ready to Buy Your First Home?

People have many motivations for wanting to own a home, including providing family stability, having control over their living space and creating financial wealth. As a renter, it can feel like you’re throwing money away each month and only building net worth for your landlord. Ask yourself these four questions to determine if you are ready to become a homeowner.

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Buying a Home Together Before You Get Married

Whether you are a couple living together or engaged, it might be tempting to buy a home together while interest rates are still historically low. But is it wise?

State law governs what happens if a marriage dissolves before the mortgage is paid off. For unwed, domestic partners who want to jointly own a home together, the law is less clear. This includes same-sex couples, depending on the state where they reside. Again, it all depends on the laws of the state of residence. So, couples are best advised to proceed with some caution and invest in professional advice.

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Is It Time to Consider an Adjustable Rate Mortgage?

Interest rates on the popular 30-year fixed rate mortgage are at their highest since October 2014, but there are other mortgage options that still offer lower rates, including adjustable rate mortgages (ARMs). Could an adjustable rate mortgage be right for you?

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How Do I Qualify for a VA Home Loan?

how to qualify for a VA home loan

VA home loans can be used to buy a house or a condominium, purchase and renovate a home, or build a new home, with no down payment required in many circumstances. To be eligible for a VA home loan, applicants must meet the basic service requirements as stipulated by the Department of Veterans Affairs. Learn the eligibility requirements and how to apply for a VA home loan through Starkey Mortgage.

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How to File for Homestead Exemption in 2017

how to file for homestead exemption

A homestead exemption on your residence can help you save on your property taxes. The exemption deducts part of the value of your residence from taxation and lowers your property tax bill. Learn how to file for a homestead exemption on your primary residence.

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Mortgage Programs for First-Time Home Buyers

mortgage options for first time home buyers

A mortgage is a serious long-term financial commitment and a legally binding contract which should not be entered into lightly. As a first-time home buyer it’s easy to get overwhelmed by the many home loan options available in the market. Here is an overview of home loan options available to first-time home buyers through Starkey Mortgage.

 

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When Does It Pay to Buy a Fixer-Upper?

Low housing inventory is making fixer uppers more appealing to many home buyers. Home buyers can stretch their budget by buying a fixer upper home in a more desirable location or with less long-term compromises than their budget would usually allow. For first-time home buyers, a fixer upper provides the opportunity to enter the market at a lower price point than a fully renovated home. We look at the factors to consider when deciding if a fixer upper  is a good investment for you.

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Credit Score Tips for First-Time Homebuyers

young couple reviewing their credit score

If your News Year’s Resolution is to buy your first home, before you start looking at houses you’ll need to get your finances in order. To know the state of your finances, you’ll first need to review your credit reports and obtain your FICO® credit score to better understand your creditworthiness.

Knowing how the data influences your FICO® credit score will enable you to monitor your score which will affect the type of home loan and interest rate you qualify for.

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Increases in Conforming, FHA & VA loan limits effective 1 January, 2017

FHA, VA and conforming home loan limits increase January 1, 2017

December 2016 saw announcements that increased the loan limits for three of the most common home loan products. These increases should make it easier and cheaper for some first-time homebuyers to enter the market, as the down payment and credit requirements for government-backed mortgages are often looser than those of jumbos. Repeat and first-time homebuyers in higher-priced markets should also find it easier to qualify for a mortgage. Here is an overview of each home loan option with the loan limit increases as of January 1, 2017.

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Giving & Receiving a Down Payment Gift

home down payment gift funds

Mortgage lenders allow gift funds to contribute to the down payment on numerous loan programs including FHA loans, VA loans, USDA loans and conventional loans.

If you receive a check towards your down payment this holiday season, there are specific guidelines you must follow to not jeopardize your home purchase. Share this post with the donor so they know their obligations, too.

 

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How can I pay off my mortgage early?

how to pay off your mortgage early

This holiday season, give yourself a gift that can save you significantly over the term of your mortgage – an additional payment. If you are unable to gift the full amount this month and your lender doesn’t charge a penalty for paying off your mortgage early, consider implementing one of these budget-friendly strategies year-round.

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