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Mortgage Pre-Approval: Putting Your Money on the Table to Show a Seller You Mean Business

The time has come for you to buy a home and put down some roots in a Philadelphia neighborhood. You've identified how much you can afford and how much you want to spend along with having an idea of what type of house you like. Why not get pre-approved and move into your dream home sooner than later? Pre-approval for a mortgage lets you know how much house you can buy makes you more attractive to a seller and increases your chances of getting the home. Here's why it's a good idea to get pre-approved for a mortgage through a Philadelphia mortgage company.

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Interest Rate Fluctuations: Should You Get an Adjustable Rate Mortgage or Fixed?

Interest rates are stable until they're not. That is to say, the Federal Reserve, aka the Fed, controls monetary policies that are designed to help the economy in various ways. For many years, interest rates were kept low to encourage a wide variety of economic activities including home building and buying. Now the Fed is tinkering with rates in order to keep the economy from overheating and that means the interest rates for mortgages are fluctuating as a result.

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How Interest Rate Changes Affect Monthly Mortgage Payments

Mortgages are financial instruments offered by lenders that help you buy property in Philadelphia. You repay the lender that money and interest at a rate that was offered at the time you obtained your loan. When it comes to the interest, much is made about the fact that an increase in the rate affects your monthly payment along with your ability to repay the loan. While this is true to an extent, a change in the interest rate doesn't have as much impact as you may think. It's true you will pay more in interest on the money you borrowed over time, but you may still be able to afford the house of your dreams.

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What is Mortgage Insurance and Why Do I Need It?

Mortgage insurance is something that helps homebuyers get a loan that they might not have otherwise qualified for. It's designed to protect the lender in case you default on your mortgage, but it doesn't protect you from the consequences of non-payment. Typically you get this insurance if you put less than 20 percent down on your home. The good news is that it's not something that lasts the life of the loan and you can eventually refinance to eliminate it from your mortgage.

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You’re a Name, not a Number: Don’t Accept Poor Customer Service From Your Mortgage Provider

There's a saying that gets repeated often: buying a house is the biggest purchase you'll ever make in your life. The same is true if you're buying your first home in Philadelphia or upgrading to a bigger property. In light of this fact, you'd expect to be treated well during the process as you're taking out a loan for a large sum of money. But oftentimes bankers haven't gotten this message and don't give you personalized service or pay attention to the details that are important to you.

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Is 20 Percent Down the Only Way to Buy a Home in Philadelphia?

How much money should I put as a downpayment for a Home Mortgage? There's been a prevailing mindset for decades that you need 20 percent down to buy a home in Philadelphia or the bank won't talk to you. What was rarely discussed by bankers is that you can buy a home with less than 20 percent, but the underwriting requirements are tighter and there's less room for mistakes when applying for a traditional mortgage

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Is It Possible to Time the Philadelphia Housing Market?

The thinking is, and you're probably one of them when you hear this kind of news, is that it's better to wait out the bubble and buy on the dip. This is a great strategy for the stock market, but it doesn't work as well for buying a home. A home is a long-term investment, true, but it's also the place you live. Taking the time to talk with a Philadelphia mortgage broker about the market can help you make an informed decision on buying. It's far more important to be satisfied with your living situation than it is to worry about its value in the short term.

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Is a Conventional Mortgage the Right Kind of Mortgage for Me?

When you're searching for the right mortgage in the Philadelphia, New Jersey area millions of results show up. How do you know which mortgage company is best, let alone which type of mortgage? We believe in educating our clients because we know most mortgage companies offer very similar mortgage programs and mortgage interest rates. The thing that makes us stand out is our commitment to our clients and our desire to make sure you're happy and in the know of everything going on during the mortgage process.

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Understanding How FHA Loans Work

FHA loans which let you put down as little as 3.5 percent of the sale price to get the keys to the home. It almost sounds too good to be true, but an FHA loan is not a conventional mortgage product. It's a government-backed loan that's offered through qualified lenders like us at the Ranieri Team. Let us help you today!

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Tips on Selling Your Home Yourself

Selling your home can require a lot of work, but it is easier than most people think. This guide will help you navigate the For Sale by Owner process to save money and make the selling process a little easier.

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