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We are pleased to present below all posts archived in 'August, 2014'. If you still can't find what you are looking for, try using the search box.
Home Improvements for New Home Owners
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Benefits of Home Ownership
Walkscores are Real
From one of our preferred lenders Prospect Mortgage
An often overlooked benefit of Federal Housing Administration (FHA) loans is that they’re assumable, meaning the buyer can take over the seller’s home loan, and, more importantly, the loan terms.* This is particularly important given the current historically low interest rate environment and that rates may rise over the years to come.
An assumable loan provides the buyer with a seller’s advantage because lower interest rates dramatically affect affordability when it comes to purchasing a home.
To determine how valuable an assumable FHA loan could be, we can look at the following scenario: On a $200,000 mortgage, if interest rates increase from 4.5% to 5.5%, the cost of the mortgage payment increases $123 a month. If interest rates increase from 4.5% to 6.5%, the cost of the mortgage increases $251 a month.
In another scenario, assume the buyer purchases a home today with a $300,000 FHA loan at 4.5%. The principle and inte ...
Renovate Your Bathroom
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