Posts Tagged ‘iowa home loan’

FHA Increases Insurance Premiums.

Thursday, February 24th, 2011

Hello Des Moines, Ia Mortage readers!

So if you are looking to take out a home loan in Des Moines, IA you may also be reading about how the FHA will raise Insurance Premiums by .25%  starting April 18th of this year. Why are they doing this? Well if you’re searching for an Iowa home loan and you are going FHA you know you are going to have to pay Mortgage Insurance, so to you this is a slight raise in costs from 2% to 2.25%. A lot of realtors  and loan originators may be upset because it’s an extra cost they have to work around for buyers looking for Iowa homes. Now back to the “why”, well the plan is to raise funding for FHA capital reserves. This hike in premiums is projected to raise between 2.5 and 3 billion dollars annually which analysts are saying will help in the housing markets steps to recovery. So even though the raise in premiums sounds like something bad, especially in todays struggling economy, it’s good to know there are moving parts to a plan that is in motion so they can work towards helping borrowers get a mortgage in Des Moines, IA. Before the market can flourish again we have to take steps to get sections of the market, such as FHA, to a point of stability. So when you check Des Moines mortgage rates, be sure to keep in mind that if you go FHA after April 18th, you’ll be expected to pay that extra .25% in premiums.

-Dan

www.sayhalo.com

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Home buying with Less than Perfect Credit.

Wednesday, January 26th, 2011

Hello Des Moines, IA Mortgage Readers!

So far in our steps to landing that Iowa home loan we have looked at taking care of your total debt, finding out how much you can afford, and searching for the right loan program for you. Today we’ll discuss how to get a mortgage in Des Moines, IA even if you have less than perfect credit.

In today’s world many people find themselves struggling to stay on top of bills which can cause financial discomfort and possibly some dings here and there on credit scores. Well many lenders and the government have taken that into consideration and there are many programs available to help you get into your Des Moines, IA home. We talked about FHA loans before and how, even with less than perfect credit, you can get a loan up to 97% of the value of your Iowa home purchase. The lesson here is, even if your credit is not perfect that doesn’t mean you can’t get the Iowa home your looking at. Call your local Iowa mortgage broker and see what rates are available for your exact situation.

-Dan

www.sayhalo.com

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Hey Iowa Homebuyers!

Monday, January 10th, 2011

Hello there Des Moines, IA mortgage readers!

Thinking about getting a home loan in Des Moines? Well in the next few posts we will be walking through some tips and things to keep in mind during the whole process.

First we’re going to take a look at existing debt. If you’re starting to save for a down payment on Des Moines, IA homes than stop. Stop. Stop because you first need to take a look at any current debt you may have. Especially credit card debt since it can be very expensive over time. Why pay off the debt before getting into a home loan in Des Moines? Well it’s pretty easy, you want to get rid of existing debt if you can becuase it will help you save more money in the long run. Lori Vella, Senior Vice President of national lending for Washington Mutual, says that even though you won’t have as much of a down payment it makes sense to use cash on hand to pay off credit card debt. Another reason to pay off debt before trying to work your way into a mortgage in Des Moines, IA is because the more debt you have, the less lenders are willing to work with you. Lenders won’t give you access to the funds you need if your debt ratio is too high. Basically if you can lower the amount of money you owe, you’ll be more likely to get the funds your requesting for your Iowa home loan.

-Dan

www.sayhalo.com

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5 tips for homebuyers during the recession.

Thursday, December 30th, 2010

Hey Des Moines, Ia mortgage readers!!

Well I have been skimming through article after article to hear some of the professional opinions on what is believed to be the most useful tips for getting a mortgage in Des Moines, Ia and buying a home in today’s market. After doing some research these five seemed to be the tips mentioned the most.

1. Research your local market. This is one of those situations where you can’t just look at the big picture. Keep in mind that even though a seller may be eager to sell their home, it’s not necessarily a bargain. Your main objective here is to look at the prices in front of you and determine if they are high or low compared to other Iowa homes for sale in your area.

2. Weed out the desperate and eager sellers in your area. If you’re going to get an Iowa mortgage it would make sense to do some local shopping and determine who is more willing to negotiate pricing. Also be aware that when you call a listing phone number you’re probably talking to the selling agent who is trying to get the most profit out of the property, but at the same time may be more than ready to negotiate in this market.

3. Let your realtor know you expect them to work to keep your business. If that means using new creative ways to sell the home and being more aggressive with sellers than so be it. Also you can help them out by simply being pre-approved for an Iowa home loan, it will help them know just how aggressive they should be.

4. Details. There are hundreds of tiny little details when buying Des Moines, Ia homes. You have to remember that you are not the only one looking for a good deal, so make sure when you find one, all of your ducks are in a row.

5. Make sure you take an extra close look at the title. If there are judgemenst against the home you will want those to be taken care of before you try to purchase it. You do not want to find out about a lien later on down the road.

-Dan Morgan

www.sayhalo.com

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