Mortgages For Bigger FamiliesHaving a large family can be a source of joy and pride for both you and your several children. However, it will require more space to house everyone comfortably and to meet their needs. First, examine your budget and the type of home you will need. Then, speak to an experienced licensed loan originator who can help you evaluate your financing options and learn how much home you can truly afford. If you currently own your home and need to make a change, your loan officer can help you review your options more thoroughly to fit your unique goals.

Getting a preapproval letter from a lender will allow you to know exactly how much home you can purchase, and streamline your home search because you won’t waste time looking at homes you can’t afford. Homes outside of your price range will be off grounds.

Once you have a better understanding of your financing options, follow the tips below in order to choose the most comfortable home option.

Choose a Home with a Finished Basement or Attic Space
As your kids get older, they are going to want their privacy and space to have their friends over. You will likely want and need places to entertain or for your friends and family members to sleep when they come over for the night or for a longer period of time. Choosing a house with a sizeable finished basement space or attic can ...

Slow growth in China and the Brexit vote in the U.K., have played a major role in driving down mortgage rates, according to Freddie Mac's recently released monthly Outlook for July. In the most recent Primary Mortgage Market Survey, the 30-year fixed-rate mortgage fell to 3.41 percent, just slightly above the all-time record low. This is likely to result in a boost in housing activity, particularly refinance, as homeowners take advantage of the current low rates.
"With the U.K.'s decision to exit from the European Union, global risks increased substantially leading us to revise our views for the remainder of 2016 and all of 2017,” says Sean Becketti, chief economist, Freddie Mac.

“Nonetheless, the turbulence abroad should continue to create demand for U.S. Treasuries and keep mortgage rates near historic lows; thereby, allowing home sales to have their best year in a decade, along with a boost in refinance activity."

Results lead experts to expect growth rebound in the remaining quarters of 2016 to show GDP at 1.9 and 2.2 percent in 2016 and 2017. In light of recent global pressures, the 30-year, fixed-rate mortgage forecast has been revised down for both 2016 (by 30 basis points) and 2017 (by 50 basis points) to 3.6 percent and 4.0 percent, respectively. 

Based on these low mortgage rates, expect the refinance share of originations to rise to 49 percent for 2016, 8 percentage points above last month's forecast. This translates to about $100 billion ...

Numbers from the most recent housing reports from June show that low mortgage rates are keeping housing on track, according to recently released data from Freddie Mac. The report examines current projections of homeownership rates in the years to come from among various experts, as well as the latest results on refinance statistics from current homeowners.

According to the report, “For the second time, Gross Domestic Product (GDP) for the first quarter of 2016 was revised upward from a seasonally adjusted annual rate of 0.8 percent to 1.1 percent. Upward revisions to growth in exports and nonresidential fixed investment were primary drivers in the adjustment to GDP growth.” After the initial estimate of 0.5 percent growth, this newest figure suggests the start of 2016 was not as bad as originally thought. Regardless of May's disappointing employment report, expect unemployment to average 4.9 percent in 2016 and 4.8 percent in 2017.

The house price appreciation forecast for 2016 has increased by 20 basis points to 5.0 percent, and in 2017 by 40 basis points to 4.0 percent. During the first quarter of this year an estimated $10.9 billion net of home equity were converted to cash during the refinance of conventional prime-credit home mortgages, down from $11.0 billion in the fourth quarter of 2015 and substantially less than during the peak cash-out refinance volume of $84.0 billion during the second quarter of 2006.

"Despite ...

VA home loan programs may be used to finance the purchase of homes, condominiums or manufactured homes, refinance an existing home loan, or install energy-saving improvements. These flexible, no-down payment loans have helped more than 21 million service members become homeowners since 1944. NJ  Lenders Corp is proud to be a direct lender of VA Loans. The three main types of guaranteed home loan benefits are:

  • Purchase Loans
  • Cash-Out Refinance Loans
  • Interest Rate Reduction Refinance Loans

Most members of the military, veterans, reservists and National Guard members are eligible to apply for a VA loan. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply.

Active-duty members generally qualify after about 6 months of service. Reservists and members of the National Guard must wait 6 years to apply, but if they are called to active duty before that, they gain eligibility after 181 days of service.

Qualified vets need suitable credit, sufficient income and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. Private lenders underwrite and fund VA home loans according to VA standards. VA’s partial guaranty for these loans means that ...

"Seller-paid points" are where the seller pays points to reduce the interest rate on your mortgage.  Consider a home where the list price is $300,000 and the seller is willing to accept a bottom line of $291,000.  If the seller reduces the price by $9,000, you would be able to purchase the home for $291,000.  Both you and the seller would be happy.  

However, what if you purchase the home for $300,000 and ask the seller to contribute $9,000 toward your closing costs?  The seller still walks away with his/her bottom line of $291,000.  However, there are four extra benefits to you in this scenario:

#1 - Lower Interest Rate and Lower Monthly Payment

Your mortgage interest rate would likely be 0.5% - 0.75% lower if the seller pays 2 or 3 points on your behalf. This means that your monthly payment will likely be lower as well. This is true even though your mortgage balance would be slightly higher, and based on a $300,000 purchase price vs. $291,000 purchase price.

#2 - Less Interest Cost Over the Life of the Loan

Your total savings over the life of the loan is likely be significantly more with seller-paid points vs. a reduction in purchase price. In our example, if you purchase the home for $291,000, you would save $9,000 vs. the list price. ...

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