New Way Mortgage Blog
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Mortgage Broker New Way Mortgage is your resource for a fast, easy, and cheap home loan. They use fresh technology and over-communicate so you're never in the dark. Read the latest mortgage and real estate news on Sacramento's best mortgage blog! From homebuyers to sellers, they cover it all!
New Way Mortgage Blog
1w ago
How a Divorce and Mortgage Eligibility Work Introduction
Divorce can be a tough journey. Not only does it take an emotional toll, but it can also impact your financial stability, especially when it comes to mortgage eligibility. Understanding how divorce affects your mortgage can help you navigate this complex process. In this article, we’ll explore the various ways divorce can impact your mortgage eligibility, offering tips and insights to help you make informed decisions.
Financial Implications of Divorce on Mortgage Eligibility
Impact on Credit Score
Divorce can be like a double-edged swor ..read more
New Way Mortgage Blog
2M ago
Getting a Mortgage with a 680 FICO Score
Understanding Your 680 FICO Score Are you Rocking a 680 FICO score? That’s like being the solid middle act in the credit score concert – not headlining just yet but definitely not the opening act. This score whispers, “I’m responsible” but also hums, “I’ve got room to grow.”
The Significance of a 680 FICO Score in the Mortgage Process In the mortgage world, a 680 FICO score is like being on the VIP list – you’re in the club, but the bouncer might not let you into the VIP lounge. It’s a decent score that opens doors to homeownership, though not always ..read more
New Way Mortgage Blog
2M ago
Understanding the Prepayment Penalty for Non-QM Loans
What are Non-QM Loans? Non-QM loans stand out from the crowd, giving a lending hand to those who don’t fit the usual borrower mold. Think of them as the financial world’s square pegs – not quite fitting into the round holes of traditional loan requirements. These loans are a go-to for folks with unique income situations or credit stories.
What is a Prepayment Penalty? A prepayment penalty, in simple terms, is what you pay if you say “adios” to your loan earlier than planned. It’s like the lender saying, “Hey, we had a deal!” and you need t ..read more
New Way Mortgage Blog
2M ago
How to Remove PMI from Your Mortgage
Ever stared at your mortgage statement and wondered how you could reduce those payments? You’re not alone! One culprit could be PMI, or private mortgage insurance. Let’s dive into how you can kick it to the curb and save some cash.
What is PMI and Why Do You Need to Know?
The Basics of PMI
PMI is like that friend who crashes at your place for a bit but ends up staying way longer than expected. It’s insurance that protects your lender if you stop making payments but can be a thorn in your budget.
Why Removing PMI Matters
Shedding PMI means more money for ..read more
New Way Mortgage Blog
2M ago
Debt Consolidation Refinance: Don’t Wait Until It’s Too Late
Introduction Ever thought about tidying up your finances before things get messy? That’s where debt consolidation refinance comes into play. Waiting too long could turn your financial woes into a nightmare. Let’s dive into why proactive steps are your best bet.
Understanding Debt Consolidation Refinance So, what’s this all about? Imagine combining all your debts into one, with a lower interest rate. It’s like having one clean plate instead of several messy ones!
Signs You Need Debt Consolidation Noticing your bills piling up faster ..read more
New Way Mortgage Blog
3M ago
Loan Denial: Avoiding Common Mistakes After Pre-approval
Introduction
Ever wondered why some people get their loan denied after getting a pre-approval? Well, it’s often due to some not-so-smart moves. Let’s dive into what you should NOT do after getting that initial thumbs up from your lender.
Understanding Pre-approval
Being pre-approved is like getting a green light in traffic. It means you’re likely to get the loan, but it’s not a guarantee. Don’t get too comfy and start making big financial changes; it might just switch to red!
Quitting Your Job
Thinking of quitting your job after pre-app ..read more
New Way Mortgage Blog
3M ago
Getting a Mortgage with a 500 FICO Score
Have you ever wondered, “Can I get a mortgage with a 500 FICO score?” Well, buckle up, my friend, because we’re diving into this topic headfirst!
Understanding Your FICO Score
So, what’s this FICO score thingy? It’s a number that tells lenders how risky it is to lend you money. A 500 score is like having a C- in credit; not the worst, but there’s room for improvement.
Challenges of a 500 FICO Mortgage
Getting a mortgage with a 500 score is tricky. Lenders see it as a gamble. It’s like betting on a horse that’s never won a race.
Loan Types Available f ..read more
New Way Mortgage Blog
3M ago
One-Time Close Construction Loans vs. Traditional Construction Financing Introduction
Ever found yourself scratching your head, trying to figure out the best way to finance your dream home construction? You’re not alone! The world of construction loans can feel like a labyrinth, but fear not! We’re here to guide you through the maze, comparing the nifty one-time close construction loans with the traditional two-step construction financing. Let’s dive in and make sense of it all, shall we?
Understanding One-Time Close Construction Loans
What exactly is a one-time close construction loan, you ..read more
New Way Mortgage Blog
3M ago
Dream For All Phase 2: A Dream for Some?
Hey there, future homeowner! Have you caught wind of the latest buzz around the CALHFA Dream for All Program Phase 2, especially its Phase 2 updates? Let’s dive in, but with a twist of lemon – because, you know, not everything is as sweet as it sounds.
Understanding the Dream for All Program
Initially launched to turn the homeownership dreams of Californians into reality, the CALHFA Dream for All Program is like a fairy godmother for first-time homebuyers. It’s designed to offer a leg up with down payment assistance. But here’s the catch: with its ..read more
New Way Mortgage Blog
3M ago
Ditching Down Payment Assistance for Grants: A Smart Move?
Ever thought about buying a home but felt bogged down by the hefty down payment? You’re not alone! But here’s a twist: What if I told you there’s a way to ease that financial burden without relying on traditional down payment assistance? Enter the world of grants – a golden ticket for many homebuyers.
Understanding Down Payment Assistance
Down payment assistance programs are like that friend who offers to lend a hand, but with a few strings attached. They’re great for getting your foot in the door, but sometimes those string ..read more