Blog - steadfast mortgage

10 Mistakes to Avoid with Elevated Mortgage Rates

Homebuyers face a unique set of challenges in today’s real estate market, characterized by elevated mortgage rates and fluctuating conditions. While the temptation to time the market or solely focus on mortgage payments looms, falling into these traps can lead to costly mistakes. 

Let’s look at the ten most common pitfalls and how to steer clear of them.

1.) Trying to time the market: Attempting to wait for the perfect moment can be futile. Market conditions are unpredictable, and delaying a purchase could mean missing out on opportunities to build equity and secure a favorable mortgage rate.

2.) Focusing only on mortgage payments: Homeownership entails various expenses beyond mortgage payments, such as insurance, taxes, and maintenance…

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The Scoop on Conventional and Non-Conforming Loans

When it comes to buying a home, understanding your mortgage options can feel like learning a new language. Let's break down the essentials of "conventional" and "non-conforming" loans and see how they fit into your home-buying plan.

What's a Conventional Loan?

Imagine you're shopping for a mortgage not backed by the government. That's a conventional loan for you. These loans stick to rules set by Fannie Mae and Freddie Mac, two big names in the mortgage world. Most home loans out there are conventional and pretty straightforward to get.

Conforming vs. Non-Conforming Loans

Now, within conventional loans, you've got "conforming" and "non-conforming" types. A conforming loan is governed by Fannie Mae and Freddie Mac’s rules, especially…

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When Should I Consider a Cash-Out Refi?

So, you're a homeowner. Maybe you've been in your cozy abode for a while now, or perhaps you're just starting to nest. Either way, there comes a time when you might consider a cash-out refinance. But when is it a good time to take the plunge into the world of cash-out refinancing? Let's explore.

When It’s a Smart Move

First off, what exactly is a cash-out refinance? Well, it's like hitting the reset button on your mortgage, but with a twist. You snag a new loan that's a tad bigger than your current one, pocket the difference in cash, and then kick back and ponder what to do with it.

Now, picture this: you've been keeping up with your mortgage payments, and your home's value has soared over the years. Suddenly, you find yourself with some…

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Navigating Your Next Home Purchase

So, you're ready to dive back into the exhilarating world of homebuying for the second time around? As your local mortgage pro in the heart of our community, we're here to walk you through the process and answer some burning questions, including whether you can utilize government loans again. 

The Requirements and Challenges:

First things first, let's talk about the nitty-gritty. Unlike your first venture into homeownership where grants and initiatives might have eased the burden of a down payment, as a second-time buyer, you won't have access to those same perks. You'll likely need some cash upfront.

If you're selling your current home, you can channel those sale proceeds right into your next down payment. Now, about those stricter…

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The Power of Co-Signing on a Mortgage

If you're exploring the world of mortgages, you might have come across the term "co-signing" at some point. But what does it really mean, and how does it work? As your local mortgage pro, let Steadfast Mortgage guide you through the ins and outs of co-signing on a mortgage.

So, what exactly is a co-signer? Essentially, a co-signer is someone who is willing to vouch for your mortgage application by using their financial credentials. They step in to help you qualify for the loan or secure a better interest rate. However, by co-signing, they're also agreeing to shoulder the responsibility of repaying the loan if, for any reason, you're unable to meet your obligations.

What's the difference between a co-signer and a co-borrower?

While both…

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Do's and Don'ts After a Mortgage Application

Once you've submitted your mortgage application, it's crucial to tread carefully in the financial landscape to ensure a smooth approval process. Here are 10 things you should avoid after applying for a mortgage:

1.) Steer Clear of Significant Purchases

Resist the temptation to make large purchases, whether it's a new car or extravagant furniture, in the period following your mortgage application. Lenders analyze your debt-to-income ratio, and substantial new debts can raise concerns about your financial stability.

2.) Maintain Job Stability

Lenders appreciate stability, and changing jobs during the mortgage application process might send red flags. Try to stay in your current job until the mortgage is approved, as it reflects…

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Sneaky Ways to Beat High Mortgage Numbers

Eyeing that perfect house but feeling a bit flustered by the talk of high mortgage rates? Don't let those numbers scare you off just yet! Here are some nifty tricks to navigate these high rates. Think of them as your secret weapons to bag that dream home, even when rates are playing hardball.

Let's dive into seven smart moves that could make those seemingly daunting rates work in your favor!

1.) Seller Sweeteners: Ever heard of seller concessions? Picture this: sellers covering a chunk of your closing costs, throwing in a shiny home warranty, or even leaving behind some dreamy appliances. When rates climb, sellers are often more game to negotiate these goodies.

2.) Closing Cost Cushion: Feeling the pinch of those upfront costs? Some…

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Warning Signs to Watch for When House Hunting

While a professional home inspection is a crucial step in the home-buying process, there are some warning signs you can spot even before that inspection. During your home tour, keep an eye out for these atypical "red flags." They could indicate underlying issues that might not be immediately evident. Here are seven of them:

Unusual Odors

Pay attention to any strange or persistent odors in the home. Unpleasant smells could be a sign of hidden problems such as mold, mildew, pest infestations, or issues with the plumbing or sewage system.

Patchy or Mismatched Repairs

Be cautious of walls or ceilings with uneven patches, inconsistent paint jobs, or areas that look recently repaired. These could indicate past damage or ongoing issues that…

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Creative Ways to Monetize Your Home

So, you've got a home --that cozy nest where you can rest, relax, and create memories. But did you know your house can do more than just be a roof over your head?

Whether you're a prospective homebuyer or a current homeowner, there are creative ways to turn your property into a money-making machine beyond building equity or renting it out to travelers. Let's explore some exciting options.

Store and Earn

Got a garage or storage space you're not using to its full potential? Rent it out! People are always on the lookout for extra storage. Search for neighborhood storage online to help you connect with renters. Your unused space could turn into a monthly paycheck.

The Host With the Most

If you have a large and attractive outdoor area,…

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How To Tell if it's Time for a Jumbo Loan

In the world of real estate financing, a myriad of options awaits those seeking to purchase their dream homes. One such option often arises when dealing with high-priced properties is the jumbo loan. But what exactly is a jumbo loan, and when should you consider it?

A jumbo loan is a mortgage specifically designed to finance properties that exceed the limits of a conventional conforming loan. These loans are a practical solution if you're eyeing properties that come with a hefty price tag, going beyond the thresholds set by the Federal Housing Finance Agency (FHFA) for conforming loans.

As of 2023, the maximum limit for a conforming loan is $726,200 in most counties. Properties that surpass this figure are the ones that necessitate a jumbo…

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