Services & Programs

How do Condos measure against Single Family?

How does a condo measure up against a Single Family? Annette Bui | Updated April 28, 2020 | Lifestyle Mortgage Blog While you shop for your dream home, the possibilities may seem overwhelming. Whether you want to be near your hometown, close to work or proximity to quality school districts. One of the bigger questions as you venture to different neighborhoods is the lifestyle differences between choosing a town home or a single-family residence. The debate brings some serious considerations into light such as amenities or association dues as opposed to guard gated neighborhoods or extra space for a growing family Here are a few factors to consider while you list your pros and cons and review your options. Single Family or Condo? The first priority is to determine where you want to live, whether it is in a large urban city like New York or a suburb in Long island that means it would take a bit more of a commute to get to downtown? These questions are all essential because t

How do Renovation Loans work?

How do Renovation Loans work? Annette Bui| Updated June 05, 2020 | Mortgage Programs 101 The purpose of renovation loans or 203k is that it allows both homeowners and home buyers to build the cost of doing a rehabilitation project on a house and roll it into the mortgage. The benefit of this program is that it makes the upgrade process more affordable without having to incur expensive credit card interest and maxing out your debts. You can finance the cost into your mortgage at a lower interest and have a fixed payment. Additionally, the projected renovation updates will improve the value of the collateral and better secures the lenders position. This is designed to help save both time and money for homeowners to gain access to more prospective homes rather than be limited to the homes already in good condition. How can a Renovation Loan be used? The scope of the rehabilitation loan covers expenses of a minimum of $5,000 in costs and up and can be used for virtually any u

How do Investment property Mortgages work?

How do Investment property Mortgages work? Annette Bui |Updated May 29, 2020 | Mortgage Programs 101 Investment properties are a great way to leverage assets to create wealth, whether it is a property purchased with existing tenants that occupy the whole house or a multi-family unit with multiple tenants. The intention is to acquire income producing property so essentially another party is paying the mortgage for you for either a short term or possibly long-term investment. When qualifying for this type of loan, depending on whether there is an existing tenant or not. The income may be used to offset your mortgage and other expenses. Unlike primary and secondary homes, an investment property does not have restrictions such as a minimum distance from your primary residence and does not have to be near a resort. In some cases, such properties do not get mortgaged to generate rental income but rather upgraded or remodeled and later sold for a profit by real estate flipping. A

Lifestyle Mortgage Blog

Search This Blog