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First Time Homebuyers Can Save Energy and Save Money This Summer

Posted by Eric Skates on

Typically, the rate of buying homes increases during the summer months. So does the amount of energy we use. Between family members being home more often in general this time of year, and using more energy, and the spike in heat- and need for cooling- it makes sense that our energy use (and those bills) are going to increase....Read More

Mortgage Pre-Qualification: How Much Home Can You Really Afford?

Posted by Eric Skates on

Many first-time homebuyers are eager to qualify for the highest home value they can get. That’s understandable when you think about checking off all the comforts on your homeowner wishlist. But if you think you can comfortably afford the home you qualify for, you might need to look a little closer at your individual finances, and think again....Read More

Get to know Fannie Mae, Freddie Mac and Ginnie Mae

Posted by Eric Skates on

If you’ve been thinking of buying a home, you may have heard the names Fannie, Freddie, and Ginnie thrown around in relation to home mortgages. We’re going to share with you the story behind these names, how they are different from each other, and why prospective homeowners should know about them....Read More

Not Just for Farmers; What You Should Know About USDA Loans

Posted by Eric Skates on

USDA Home loans are a government backed loan program like FHA and VA loans. Originally, the program was designed for people who wanted to purchase properties in rural areas, and had limited financial options. The mission of the USDA was, and still is, to promote economic growth in rural areas. Today, as more and more people are embracing the idea of leaving the city for more space, USDA home loans have given many families who otherwise wouldn’t qualify for a mortgage, an opportunity to do just that....Read More

Not Just for Farmers; What You Should Know About USDA Loans

Posted by Eric Skates on

USDA Home loans are a government backed loan program like FHA and VA loans. Originally, the program was designed for people who wanted to purchase properties in rural areas, and had limited financial options. The mission of the USDA was, and still is, to promote economic growth in rural areas. Today, as more and more people are embracing the idea of leaving the city for more space, USDA home loans have given many families who otherwise wouldn’t qualify for a mortgage, an opportunity to do just that....Read More

Understanding Escrow: The Why and How

Posted by Eric Skates on

A lot of first-time homebuyers have heard the term escrow, but don’t really know what it means when it comes to their mortgage. The team here at EPM wants to demystify some of the industry-specific words, phrases, and concepts you’re likely to encounter during the mortgage lending process, and break them down in practical terms so you can be educated and empowered while making critical decisions about your future. We are giving you a breakdown so you will know how it can benefit you whether you are buying, selling, or already own your home....Read More

Common Mistakes You Should Avoid When Purchasing a Home

Posted by Eric Skates on

When you’re ready to buy a home, there are so many things the right lending team can help you with to make sure the process goes smoothly and you get into the right home. HOWEVER, there are some things you could do to accidentally sabotage your home purchase that we want to help you avoid....Read More

Is a 203k Loan Right For You?

Posted by Eric Skates on

Found a home you love that needs some TLC? Or do you already live in a home you love...EXCEPT for some part of it that needs renovation or upgrades? Maybe you are purposely looking for a fixer-upper so you can afford a home in the neighborhood you have been eyeing. If any of these are the case for you, a 203(k) renovation loan might be right for you....Read More

Buying a Home With a Low Credit Score- Here's What You Should Know.

Posted by Eric Skates on

Traditionally, it’s been recommended that prospective homebuyers try to ensure that their credit score is as high as possible before shopping for a mortgage loan. Many large banks won't even consider lending to people with a credit score lower than 620, which knocks a lot of people out of the running for homeownership. The unique thing about EPM is that we are NOT like those big banks and have many mortgage options for borrowers with credit scores as low as 500. But there are some things you should know and be prepared for if you fall into this category and are looking to get a home loan....Read More

Demystifying Closing Costs for First Time Buyers

Posted by Eric Skates on

This week we’ve put together a list of all the closing costs every first-time buyer will want to be aware of. Keep in mind that if you are applying for a VA or FHA loan, these costs will vary, and the buyer may cover some costs, but you can expect conventional loans will include the following:...Read More

Qualifying for a Home Loan When You're Self Employed

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Self-Employment has its perks from a financial standpoint. People who are self-employed often report enjoying having a better work-life balance, higher earning potential, and they have more control over how to structure those earnings to reach financial freedom....Read More

Applying for a VA Home Loan? Here's What You'll Need

Posted by Eric Skates on

While looking for the best type of home loan for you, there’s a lot to keep in mind. The reason a VA loan is so desirable to prospective homeowners is because- unlike conventional and FHA loans we have discussed in other blog posts- if you or your spouse has served in the United States Armed forces, you have some great opportunity for savings. You aren’t required to have a downpayment and you won’t pay private mortgage insurance because VA loans are backed by the federal government. You’ll also qualify for competitive mortgage rates!...Read More

6 Ways to Check if you are Ready to Refinance your Mortgage

Posted by Eric Skates on

Refinancing your home can be a great way to shorten the length of time you are paying on your mortgage, or a way to save on monthly payments and have more money to put towards other things. It’s a complex option, and it is important to know some of the pros and cons to assess whether this is the right time to refinance. Rates are at historic lows right now, and it is tempting to take advantage. EPM has some questions to ask yourself as you begin the research process about whether you’re ready to refi or not....Read More

FHA vs Conventional Loans: Which is Better for You?

Posted by Eric Skates on

There are lots of programs and pathways to getting into the homebuying market. For first-time homebuyers especially, two types of low downpayment loans are FHA and Conventional loans. Your Lender at EPM can help you take a deeper look and decide which mortgage is right for you. But we also want to take some common questions and lay out the pros and cons of both types of mortgage loans, so you can get a head start on understanding what the lending requirements are, and which type of loan might fit your needs best....Read More