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Hybrid Mortgages Gain Again in Popularity

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Hybrid Mortgages Gain Again in Popularity As mortgage rates continue to climb, many home buyers and homeowners are looking for alternative ways to keep their interest payments as low as possible. Re-enter the Hybrid Mortgage – a fixed/ adjustable rate combination loan that was popular last time interest rates were north of 5%, …and now making a comeback. What exactly is a Hybrid Mortgage? A...

Using Alimony to Qualify for Home Financing

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For families in transition, divorce often leaves one of the former spouses seeking a new place to live. It may also mean the task of buying-out their ex-spouse’s interest if they would like to remain in their current home and that home is jointly owned. If you find yourself unemployed or underemployed but receive alimony, you can use the alimony to qualify for a mortgage. The requirements set...

How to Finance your Home Remodeling Project

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Today’s housing market is a challenging one, with low inventory, higher prices, and lots of competition. This combination has more homeowners considering a home remodel instead of a move. Here are three common ways to finance your next home remodel;   Home Equity Line of Credit – A Home Equity Line of Credit (HELOC) is essentially a credit line against the equity in your home that you...

Keeping Your Home in a Divorce

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If I am the one to receive the home in the settlement, can I afford to maintain my home and mortgage? The answer to this question will take some thought and planning. Most likely your household income will be decreasing, so it’s important that you are aware of what your expenses will be. A thorough review of your current mortgage obligation, credit, family debt, utilities and other household...

Waiting to purchase a home could prove costly for home buyers

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While 2017 watched home prices increase throughout most of New Jersey (up 8.1% in Union County), home buyers caught a break as mortgage rates increased far less than anticipated – hovering near historical lows for most of the year before climbing to just under 4% by year end. However, analysts at the Mortgage Bankers Association (MBA) and other leading economists predict that 30-year fixed...

Divorce and Your Home

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Can I keep my house – what are my options? During the time of separation or divorce, there are many questions you might be asking with regard to your current home and credit. Let’s explore some of the more common ones. If I am the one to receive the home in the settlement, can I afford to maintain my home and mortgage? The answer to this question will take some thought and planning....

CRA 3% Down Payment – No PMI Financing

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No PMI with 3% down… Yes, it’s true! For many New Jersey First-Time Home Buyers, homeownership just became a bit easier – and more affordable – thanks to a special 3% down payment, No PMI home loan offered by American United Mortgage Corporation. As part of their commitment to community reinvestment (CRA), American United is offering this loan to qualified buyers that purchase a home located...

5 Common Home Buying Mistakes

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  Buying your first home can and should be an enjoyable life experience. One filled with pride and excitement as you set out to claim interest in a piece of American real estate to call your own.        Unfortunately the home buying experience for many consumers is the exact opposite, resulting in added stress, unanticipated expenses, and in some cases a failed home...

4 Tips to Conquer Buying and Selling a Home at the Same Time

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One of the biggest challenges of moving is figuring out how to buy and sell a home at the same time. The problem arises when you already own a home, but want to buy a new home to move into. You can’t ever be sure of the exact date when your existing home will sell, and you don’t know when you’ll be able to find and move into your new home. Unless you’re a cash buyer, dealing with the mortgage...

Howdy, Neighbor! 3 Steps To Choosing The Best Neighborhood

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Now that you have the power of a Full Loan Approval in hand, the next step is to choose the best neighborhood to set down roots. For this step, your Realtor® can be a valued resource. When you use American United’s Find a Realtor® tool, you can select a Realtor® who is an expert in the neighborhood you choose. Here are some tips for finding and choosing the best neighborhood. Make a “Wish...

Why Full Loan Review Is Important When Purchasing A Home

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As a first time home buyer in New Jersey, obtaining mortgage approval should be the first step in your search. Prequalified or pre approval may lead you to believe you are on the road to the home of your dreams, however, these terms are misleading. Having pre approval or pre qualification does not guarantee final loan approval will be granted by the lender.  Thankfully, American United...
Building Your Home Buying Team: 6 Steps To Success

Building Your Home Buying Team: 6 Steps To Success

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Completing a successful home purchase takes a series of steps that includes the gathering of “people resources.” You can’t do it alone. Others will automatically need to become involved in your home buying, so it makes sense to take a proactive approach since it’s best to start this process before you start looking at homes.  This will ensure that you have what you need from the top people in...
4 Proven Ways To Boost Your Credit And Buy A Home

4 Proven Ways To Boost Your Credit And Buy A Home

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Whether you’re seeking a mortgage for a new home purchase or looking to get a construction loan, your credit score plays a large part in your plans. The higher your credit score, the better off you’ll be; a high credit score can get you better financing terms and lower interest rates. Even if you currently have good credit, moving your credit score up even a few points can make a dramatic...

Looking for a Better Mortgage Rate? Improve your Score

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Your credit report and credit scores are a major part of your mortgage application.  In fact, they help determine the rate of interest you pay on your loan.  And since the rate of interest drives your monthly payment, managing your credit report so it produces a high score is important to obtaining an affordable mortgage. A good lending partner will ask to review your credit report 2-3 months...

Planning to Get Married in New Jersey? Say “I DO” to Homeownership

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Wedding planners will tell you, to have a successful wedding it’s important to begin the planning process months in advance of your special day. Preparing for the next phase of your life together – Homeownership – is not much different. In fact, home buying experts suggest that in order to have a successful home purchase would-be homebuyers should begin the home qualifying process at least...