Navy Fellas Realty Group

Real Estate, Residential sales and purchase

ITIN Loans: Are These Loans Right For You?

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ITIN Loans: Are These Loans Right For You?As you take a look at your mortgage options, you might find that a conventional mortgage presents a few qualification challenges. Fortunately, there are other options available, and you might be able to pursue an ITIN loan. This stands for Individual Tax Identification Number, and Individual Tax Identification Number loans could be beneficial for people cannot get approved for a qualified mortgage. What do you need to know about the process?

What Are The Requirements Of An ITIN Loan?

First, you need to get an Individual Tax Identification Number. While you do not need a Social Security Number, you might need to fill out Form W-7. Then, you need to provide supplemental documents, such as tax returns, that can confirm that you are not a citizen of the United States. They might ask you for other documents, such as your driver’s license or birth certificate.

With your Individual Tax Identification Number, you can apply for a home loan. Like any other mortgage, you should be expected to provide your proof of income, assets, or employment. Then, they will run a credit check before deciding whether to grant you a loan.

What Are The Benefits Of An ITIN Loan?

There are a few benefits of an Individual Tax Identification Number loan. This is a great way to build your credit score, and you can get this type of loan even if you are not a legal resident of the United States. You also do not need to have a Social Security Number to qualify for this type of loan. It opens the door to more flexibility and provides those without citizenship with the opportunity to buy property in the United States.

Consider Getting An ITIN Loan To Help You Buy A House

There are plenty of ways to qualify for homeowners, and an Individual Tax Identification Number loan could be right for you. Remember that there are plenty of loan options out there, and the right option for one buyer might not be the right option for someone else. Consider reaching out to an expert who can help you figure out if an ITIN loan is right for you. 

What Is an Assumable Mortgage Loan: What You Need To Know

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What Is an Assumable Mortgage Loan: What You Need To KnowEverything has its benefits and drawbacks, and that includes mortgage loans. There are plenty of options available, and you need to find the best one to meet your needs. You have probably heard about conventional mortgages, FHA loans, and even VA loans. On the other hand, have you heard about assumable mortgages? What do you need to know about this option, and how do you know if it is right for you? 

An Overview Of An Assumable Mortgage

So, what is an assumable mortgage loan? This means that the buyer is responsible for taking over the mortgage obligations of the seller. One of the biggest advantages of this is that the buyer can use the seller’s interest rate and terms. For example, if you have noticed that interest rates have gone up significantly between now and when the seller took out his or her mortgage, you might decide to take on the seller’s interest rate instead of getting your own interest rate. 

How An Assumable Home Loan Works

Now, it is time to take a closer look at how this works. Even though you might want the interest rate that the seller has, you still need to compensate the seller for the equity that he or she has built up. For example, the loan may only have a balance of $200,000, but the seller has already put in $100,000 of equity. As a result, you will either have to take out a second mortgage to cover the $100,000, or you will have to pay the seller $100,000 in cash. Even though you might have to take out a second mortgage for the remainder of the balance, the rest of the mortgage will still have the original interest rate, which could be lower. 

Are All Loans Assumable?

Not all loans are assumable; however, there are some examples of loans that are. For example, FHA loans, VA loans, and USDA loans are assumable. If you want to assume a USDA loan, you have to meet the qualifications to take out a USDA loan. VA loans are only available to veterans, but non-veterans are allowed to assume VA loans, which could help them save a significant amount of money.

 

What To Know About Living In A 55 And Up Community

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What To Know About Living In A 55 And Up CommunityAre you thinking about moving in the near future? If you are approaching your golden years, you might be able to move into a community specifically designed for people 55 years of age and older. What are some of the top reasons to consider this type of community? 

No Maintenance To Worry About

One of the biggest headaches of owning a home is the maintenance that goes along with it. As you get older, you might find that the maintenance gets more difficult, but in a 55 and up community, you might not have to worry about this. Many older communities have teams on staff that will handle the maintenance for you. This could include not only the landscaping but the interior maintenance as well.

A Variety Of Amenities Are Often Available

You might also get access to a variety of amenities in a 55 and up community. For example, if you like to go to the gym, there might be one in your neighborhood. Or, if you don’t want to cook, there could be a dining hall or restaurant in the neighborhood. Of course, you can also live your life in peace, as children are typically not allowed to live in the community. 

Homes Designed To Help You Age With Grace

Finally, many of the homes in a senior living community have been designed to help you age with grace. There might be railings throughout the house to help you keep your balance, and there probably won’t be as many stairs in the home. The floors throughout the house might also be designed with a bit more grip to help you keep your balance and prevent falls from taking place.

Consider Moving To A 55 And Up Community

These are a few of the most important points to keep in mind if you are considering moving to a community for people 55 years of age and older. They might not be right for everyone, but they do come with a host of benefits and amenities. Consider taking a look at some of the communities in your area, and partner with an expert who can help you find the right house for your needs.

What To Know About Living In A 55 And Up Community

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What To Know About Living In A 55 And Up CommunityAre you thinking about moving in the near future? If you are approaching your golden years, you might be able to move into a community specifically designed for people 55 years of age and older. What are some of the top reasons to consider this type of community? 

No Maintenance To Worry About

One of the biggest headaches of owning a home is the maintenance that goes along with it. As you get older, you might find that the maintenance gets more difficult, but in a 55 and up community, you might not have to worry about this. Many older communities have teams on staff that will handle the maintenance for you. This could include not only the landscaping but the interior maintenance as well.

A Variety Of Amenities Are Often Available

You might also get access to a variety of amenities in a 55 and up community. For example, if you like to go to the gym, there might be one in your neighborhood. Or, if you don’t want to cook, there could be a dining hall or restaurant in the neighborhood. Of course, you can also live your life in peace, as children are typically not allowed to live in the community. 

Homes Designed To Help You Age With Grace

Finally, many of the homes in a senior living community have been designed to help you age with grace. There might be railings throughout the house to help you keep your balance, and there probably won’t be as many stairs in the home. The floors throughout the house might also be designed with a bit more grip to help you keep your balance and prevent falls from taking place.

Consider Moving To A 55 And Up Community

These are a few of the most important points to keep in mind if you are considering moving to a community for people 55 years of age and older. They might not be right for everyone, but they do come with a host of benefits and amenities. Consider taking a look at some of the communities in your area, and partner with an expert who can help you find the right house for your needs.

What’s Ahead For Mortgage Rates This Week – February 13, 2023

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What's Ahead For Mortgage Rates This Week - February 13, 2023Last week’s economic reporting included coverage of Federal Reserve Chair Jerome Powell’s speech to the Economic Club of Washington and the University of Michigan’s data on consumer sentiment. Weekly readings on mortgage rates and jobless claims were also published.

 

Federal Reserve: Chairman Jerome Powell Says the “Disinflationary Process” is Ongoing


Fed Chair Jerome Powell said in remarks made to the Economic Club of Washington that the “disinflationary process” has started, but he also indicated that January’s unexpectedly strong jobs report indicated that further interest rate hikes are necessary: “We think we need to do further rate increases and we think we’ll need to hold policy at a restrictive level for a period of time.” 

 

Several other senior Fed officials said that further interest rate hikes would be required to keep inflation in check; as 517,000 jobs were added last week after analysts predicted declining job growth as compared to the expected reading of 187,000 jobs added.The national unemployment rate fell to a 54-year low of 3.4 percent.

 

Analysts cautioned that the Fed would likely continue to raise rates to control inflation but Chairman Powell said that the Fed would likely raise rates only “a couple more times.”

 

Mortgage Rates, Jobless Claims Rise


Freddie Mac reported higher mortgage rates last week; the average rate for 30-year fixed-rate mortgages was three basis points higher at 6.12 percent. The average rate for 15-year fixed-rate mortgages rose by 11 basis points to 5.25 percent. 

 

Jobless claims also rose last week with 196,000 new claims filed as compared to the previous week’s reading of 183,000 initial claims filed. 1.69 million continuing jobless claims were filed as compared to the prior week’s reading of 1.65 million ongoing claims.

 

The University of Michigan reported that its initial consumer sentiment reading for February rose to an index reading of 66.4 as compared to the expected reading of 65.1 and last month’s index reading of 64.9. Consumer sentiment readings over 50 indicate most survey respondents were positive about current economic conditions. 

 

The University also released monthly readings on year-over-year inflationary predictions. February’s early reading predicts 4.2 percent year-over-year inflation as compared to January’s reading of 3.9 percent year-over-year inflation.

What’s Ahead


This week’s scheduled economic reports include readings on home prices, inflation, retail sales, and data on building permits issued and housing starts. Weekly readings on mortgage rates and jobless claims will also be released.

The Top Reasons To Stop Renting And Buy Today

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The Top Reasons To Stop Renting And Buy TodayBuying a house can be expensive, and it can take a long time to save up money for a down payment; however, it might be time for you to stop renting and buy your own place. What are some of the top reasons why it might be time to put down some roots?

Your Rent Is Going Up

The reality is that your rent will go up with time. Every time you renew your lease, it can be frustrating to see that rent check continue to increase. If you are tired of your rent going up, get a mortgage. You could lock in the same payment for 30 years.

You Are Going To Stay Put For A While

Are you planning on staying put for a while? If so, you don’t have to worry about buying a selling a house too quickly. Go ahead and purchase a house! You are going to be here for a while anyway, so you might as well get a stable mortgage.

You Don’t Want To Pay Someone Else’s Mortgage

Did you know that you might be paying someone else’s mortgage with your rent check? Why not use that money to pay off your own mortgage? After all, there’s no reason why you should feel obligated to use your money to pay down someone else’s home loan.

You Want To Build Wealth

If you want to build wealth for yourself and your family, one of the best ways to do so is to own property. Your property should go up in value over time, and 100 percent of the capital appreciation is yours because the value of your loan will remain the same, regardless of the capital appreciation of your house. If you want to build wealth, owning property is one of the best ways to do so.

Stop Renting And Buy Today

Clearly, there are plenty of reasons why you might want to stop renting and consider buying a house. You need to work with an expert who can help you find the right loan option to meet your needs. There are attractive opportunities out there, so if you are ready to build financial wealth, consider buying a house today.