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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When can I remove private mortgage insurance (PMI) from my home loan?

removing private mortgage insurance

If you were unable to purchase your home with 20% down payment, or refinance with less than 20% equity, it is likely that your mortgage program required you to pay private mortgage insurance or PMI, in addition to your monthly mortgage payment. There is a standard way to remove PMI, or you can request to have it removed earlier.

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Should I Build A New Home Or Buy An Existing Home?

For many people there is no replacing the feeling of being the first to live in a brand new, energy efficient home, while others want a home with character and a landscaped backyard with established trees.

Whether you sit firmly on one side of the fence, or are keeping your options open, we compare the pros and cons of buying a new home with an existing, older home.

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How to Buy a New Construction Home

new home contruction loan

New construction homes are not just for the mega rich. While the idea of buying a plot of land, hiring an architect and construction company, can be seen as an overwhelming endeavor, there are alternative options for those who want to be the first to live in their new home. Affordable turnkey new homes, ideal for first home buyers and growing families, are going up in desirable neighborhoods throughout the country.

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3 Tax Advantages of Buying a Home Before the End of 2016

real estate tax deductions for 2016

The end of the year is a great time of year to purchase your first home, move to a more desirable neighborhood or school district, or for those empty-nesters, down-size to a more manageable home. In addition to locking in still low interest rates, here are three ways buying a home before the end of 2016 could reduce the amount of tax you pay in 2017.

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New Starkey Mortgage Blog

Welcome to the new Starkey Mortage blog. Here you will find information on the tpyes of mortgage options for first-time home buyers, experienced home buyers, refinancing your home, buying a fixer-upper home and renovating it to your specifications, building a new home, and lots more.

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