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Home Mortgage Info | Coldwell Banker Realty Blog

Sunday, February 25, 2024   /   by Steve Ticknor

How Bankruptcy Affects a Home Buyer

According to the US Court website, more than 430,000 people filed for bankruptcy last year. The decision to do so brings many emotions along with it: shame, embarrassment, depression, anger. It also affects your finances for several years afterward. If you want to buy a Lake Havasu home, how does it affect your chances? Will you ever be able to buy one again?


How Bankruptcy Affects a Home Buyer

Will I Ever Be Able to Buy a Home?

First, let's answer the big question. Will you ever be able to buy another home again? Short answer? Yes. It takes a little time and some discipline. But you can become a homeowner down the road.

How Long Do I Need to Wait?

Typically, it takes anywhere from seven to ten years for a bankruptcy to come off your credit report after a discharge. A discharge is when the court officially releases you from responsibility for the debt included in your filing. Fortunately, you don't usually have to wait that long before you are considered creditworthy eZ ...

  lake havasu real estate, home buying tips, home mortgage info

Sunday, August 6, 2023   /   by Steve Ticknor

Fixed-Rate Mortgage Pros and Cons

In this blog, we've discussed FHA loans and conventional loans. We've also talked about adjustable-rate loans. So it made sense for us to tell you about the pros and cons of a fixed-rate mortgage as well.
Fixed-Rate Mortgage Pros and Cons
What is a Fixed-Rate Mortgage?
The best place to start is probably to explain what exactly a fixed-rate mortgage entails. Well, as the name implies, the mortgage rate remains the same throughout the entire life of the loan. If you paid any kind of attention to the real estate market over the past few years, you saw mortgage rates go up and come down and then go back up again. In November 1981, mortgage rates for 30-year fixed-rate loans hit their apex at 18.39% over the last 50+ years. After the bubble burst in 2008, rates began to plummet. By the end of 2020, they hit their lowest point of 2.67%. Currently, we see them settling in at just under 7%, according to Freddie Mac. Someone who locked in their rate at 2.67 in December 2020 pays a lot less Z ...

  lake havasu real estate, home mortgage info

Sunday, June 18, 2023   /   by Steve Ticknor

What is an FHA Loan?

Unless you pay all cash for a Lake Havasu home purchase, you probably need to contend with a lender. They may offer you the option of a conventional loan, a government-backed loan, or a VA loan. While conventional loans are the most common, many buyers opt for a government-backed loan. However, unless you are a military veteran or active member, a VA loan is off the table. That leaves FHA and USDA loans. Most Havasu home buyers utilize an FHA loan. What exactly do you know about it and how it works?


FHA Loan Explained

What is an FHA Loan?

This type of loan is backed by the Federal Housing Administration (FHA). However, that does not mean that they actually issue any money or approve a mortgage loan. Instead, they insure the loan. This helps buyers with a lower credit score obtain approval for mortgages that they would not receive with a traditional private lender.

Who Qualifies?

In order to qualify for this type of loan, you must have at least a 500 credit score. But jZ ...

  lake havasu real estate, home buying tips, home mortgage info

Thursday, October 27, 2022   /   by Steve Ticknor

Is an Adjustable-Rate Mortgage a Good Option for Me?

For the past few years, interest rates hit historical lows. Unfortunately, that is no longer case. We keep seeing rates go up, up, and UP! With the lower rates, financial experts suggested that a fixed-rate mortgage was the better option for home buyers. However, that may no longer be the case. How do you know whether to choose a fixed-rate (FRM) or an adjustable-rate mortgage (ARM) when it comes to your home loan options?

Adjustable-Rate Mortgage for the Home Buyer
How Does an ARM Work?
Unlike fixed-rate mortgage loans, the interest rate on an adjustable-rate mortgage fluctuates over time. Initially, it starts out lower than a fixed-rate mortgage. For example, Freddie Mac shows the average 30-year FRM at 7.08% as of the writing of this post. However, they show the ARM at 5.96%. On a $400,000 mortgage, that means a difference of almost $300 a month ($3600 in the first year). But this will not always be the case. The rate may go up or down.
For a set period of time (usually the fi. ...

  lake havasu real estate, home buying tips, home mortgage info

Thursday, December 16, 2021   /   by Steve Ticknor

Why Loan Pre-Approval is Important to Your Havasu Home Search

In the past, homebuyers could visit a lender, answer a few questions, and get a rough idea about what they would qualify for in a home loan. That was enough to start their home search. However, nowadays, buyers need to include a pre-approval letter with their offer. And in a seller's market like Lake Havasu's, you may only have a few days to find a property and put in an offer before someone else snatches it up. Therefore, we at the Sunstone Real Estate Group highly recommend that you make an appointment with your lender before you start looking for your new Havasu home.

Why Loan Pre-Approval is Important to Your Havasu Home Search
Pre-Qualification vs Pre-Approval
It might help you understand why pre-approval is preferred over pre-qualification if you know the difference between the two. Pre-qualification takes just a few minutes. The lender asks you about your income, employment, and if you have any assets among other things. Then, they may perform a "soft credit check" to see . ...

  lake havasu real estate, home buying tips, home mortgage info

Coldwell Banker Realty
Steve Ticknor And Bob Ulery
2148 McCulloch Blvd N #105
Lake Havasu City, 86403
928-302-6177

Copyright 2024 WARDEX Multiple Listing Service. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable, but not guaranteed. This data is provided by the Western Arizona REALTOR Data Exchange, Inc.
IDX information is provided exclusively for consumers’ personal and non-commercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed accurate by the MLS.
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