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Happy 4th of July

We want to wish you a Happy Fourth of July! It is because of clients like you who believe in this great country and the dream of homeownership that we have reason to celebrate. "We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness." Declaration of Independence - July 4, 1776

July 3rd, 2019 | Mortgages, Happy 4th of July

5 Ways to Save Money on Your Mortgage

Mortgage interest rates have been near rock-bottom lows for many years but are likely to increase over the next few years. Even though you can no longer count on record low interest rates, there are plenty of things you can do to make sure you save money on your mortgage loan. Here are the top five: 1. Increase Your Down Payment By saving a little longer, getting money gifted to you by relatives, or selling off big assets, you could pull together a larger down payment. If you can bump up your down payment to 20% or more, you will avoid paying for private mortgage insurance, saving yourse...

March 27th, 2019 | Mortgages, Savings, Credit, 5 Ways to Save Money on Your Mortgage

How Long after Bankruptcy should I wait before Applying for a Mortgage?

Going through a bankruptcy, either personally or with your business, can affect your ability to qualify for a mortgage. Your credit score may drop, and you may need to wait before applying for a home loan. It all depends on the size of your down payment and how high of an interest rate you can tolerate. Here’s what you need to know if you have been through a bankruptcy: Types of Bankruptcy There are three common types of bankruptcy: Chapter 7, Chapter 11 and Chapter 13. Chapter 7 and 13 are for personal debts while Chapter 11 is for business debts. With Chapter 7, most of your asse...

February 27th, 2019 | Mortgages, Bankruptcy, Apply, How Long after Bankruptcy should I wait before Applying for a Mortgage?

30-year Mortgages vs. 15-Year Mortgages

The majority of American home buyers sign up for 30-year fixed-rate mortgages (FRMs) – the staples of mortgage lending. And yet there is another option that may serve many borrowers better: the 15-year fixed-rate mortgage. Both loans include an interest rate that does not change over the course of the loan but one is paid off twice as fast as the other. Both can be financially savvy in certain situations. Payments If you are looking for the lowest monthly payment, a 30-year FRM beats the 15-year. That is because the loan principal balance is paid off twice as slowly than the 15-yea...

November 7th, 2018 | Conventional Loans, Mortgages, Mortgage, 30-year Mortgages vs. 15-Year Mortgages

Attention, first-time homebuyers: Don't fear mortgage insurance.

by Shikma Rubin, NMLS # 1114873 Let me dispel one of the biggest myths in home buying: Mortgage insurance is something you must avoid at all cost. That is incorrect, and here is why. Mortgage insurance makes it possible to purchase a home even if one can’t make the traditional 20 percent down payment. The insurance allows one to keep more of his or her cash and achieve homeownership. Now that you understand why mortgage insurance plays a key role, let’s break it down on a more technical level. Mortgage insurance protects the lender for losses suffered if the borrower defaults on...

April 2nd, 2018 | mortgages, Attention, first-time homebuyers: Don't fear mortgage insurance.

Hampton Roads Right For Reverse Mortgages

In a recent study from Reverse Market Insight, the Hampton Roads Region was listed as a top twenty market for Reverse Mortgage growth.  What factors led to this designation?  Several areas were  considered, but here are a few of the prime reasons: Home price increases – for the second year in a row, the median sale price of existing homes increased from the previous year in 2013. While it was a modest 3.5%, it shows signs of some growth.[1] Numbers of eligible senior households – Hampton Roads has almost 132,000 senior households. Prior to 2013, only 6.67% of...

April 2nd, 2014 | Reverse Mortgage, home loans, mortgages, seniors, Hampton Roads Right For Reverse Mortgages

Tidewater Home Funding

Tidewater Home Funding, LLC NMLS# 41552
(www.nmlsconsumeraccess.org).
Equal Housing Lender.

Licensed in Virginia, North Carolina & Florida.

VSCC Bureau of Financial Institutions, P.O. Box 640, Richmond VA 23218-0640, (1-800-552-7945) www.scc.virginia.gov/bfi

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