To buy a home, you’ll undoubtedly need a mortgage. A big indicator of whether you can qualify for a conventional mortgage will be your credit score. This three-digit number is a representation of your credit report which provides a lender with your history of paying your debts. A perfect credit score is 850, with an excellent score being anywhere from 750 – 850 Read More...
Don’t Do This After a Mortgage App
February 24th, 2021
Applying for a mortgage can be a complicated process. What many home buyers don’t realize is that although you may be on sound financial footing when you complete your application, there are actions you could take after your application that could jeopardize your mortgage approval. This article from NerdWallet explains what you should NOT do, including applying for new credit, missing credit card or loan payments, making any large purchases, switching jobs or making large deposits without creating a paper trail Read More...
Refinancing Fee Delayed
September 16th, 2020
If you’re considering refinancing your mortgage and taking advantage of the currently low interest rates, here’s good news. A new fee on mortgage refinances that was set to take effect September 1 has been delayed. The Federal Housing Finance Agency (FHFA) will delay enforcing the fee until Dec Read More...
Lower Interest Rates. Higher Standards.
September 1st, 2020
Mortgage interest rates continue to be at historic lows. That makes it a great time to buy a home – if you can qualify. While the pandemic has kept rates down, banks are hedging their bets against economic uncertainty by raising the qualification standards for getting a mortgage. According to Michaelle Bond, writing for the Philadelphia Inquirer, some lenders are raising the minimum credit score by 100 points, and taking a more restrictive view of debt Read More...
Mortgage Lenders Become More Demanding
June 23rd, 2020
If you planned on buying a new home prior to the COVID-19 pandemic, the good news is that builders, including Sal Paone Builders, are still moving forward with construction. The possibly not-so-good news is that mortgage lenders are demanding higher credit scores and larger down payments. They’re also triple-checking employment status and eliminating some kinds of loans altogether Read More...
Mortgage Help During COVID19
April 7th, 2020
Whether you’ve recently purchased a home, or you’ve been in your home for many years, the mortgage comes due every month like clockwork. Unfortunately, paychecks aren’t as predictable during this time of COVID19. If you anticipate having trouble paying your mortgage, your bank or mortgage holder may be willing to work with you during this difficult time Read More...
Which Mortgage is Right for You?
March 24th, 2020
Unless you’re wealthy enough to be a cash buyer, purchasing a home will inevitably require getting a mortgage. But, there’s more to mortgages than you might think. Depending on your circumstances and qualifications, there are actually five different types of mortgage financing. They include conventional mortgages, jumbo mortgages, government-insured mortgages, fixed-rate mortgages and adjustable-rate mortgages Read More...
Will 2018 be Your Year?
January 3rd, 2018
If you’re thinking about a new home in 2018, or at least about planning for a new home in the near future, January is the time to get your house in order. We’re talking about your financial house, of course! You’ll need to be on sound financial footing to qualify for a mortgage and to purchase your dream home Read More...
Mortgage Rates are Moving. Is Now the Time to Buy?
March 22nd, 2017
According to U.S. News and World Report, the answer is “yes!” Reporter Theresa Mears notes that analysts expect rates to rise this year, but probably not by more than one-half to three-quarters of a percent, which means rates are predicted to stay below 5 percent for a 30-year, fixed-rate home loan Read More...
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Sal Paone, Montgomery county pa residential home builder, headquartered in Spring House, Pa., has long been recognized as one of the Greater Philadelphia area’s premier custom builders.
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