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Strategies for Preparing to Purchase Under New Lending Guidelines in 2014

December 20, 2013

Is one of your New Year’s Resolutions to purchase a home in 2014? With the economy in recovery and more stability and predictability in the housing market, you’re not alone. But like any other large financial or life goal, preparation is required to make your resolution come to fruition. If you’re preparing to purchase a […]

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7 Important Things Your Homeowners Insurance Doesn’t Cover

December 02, 2013

Accidents happen, which is why homeowners insurance is so essential to protecting your property. Your house is your home, but it’s also your investment. In the event of an emergency, you need to preserve the money, time, and care you’ve put into it. Every homeowner should have insurance, but they should also be aware of […]

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What to do If You’re Over-Extended on Your Mortgage

November 26, 2013

Since the housing recovery began, mortgage defaults have become rarer and rarer. All the same, 9% of home-owners need 40% or more of their monthly income to make debt payments, which means many people are at risk of default or over-extending their mortgage. With student loans, credit card bills, and other random debts, mortgage payments […]

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Mortgage Shopping Snafus to Avoid

November 20, 2013

A lot depends on obtaining the right mortgage.  Where you shop for a mortgage can determine the interest rate, maximum loan size, and lending fees, but how you shop can hugely affect these details as well. One mistake can throw a wrench in the whole system, so you need to know how to shop wisely. […]

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FHA Home Loans Explained

November 13, 2013

Most industries have a lot of acronyms, and the mortgage world is no exception. Lenders throw around terms like HELOC, HARP, and ARM’s regularly, because they’re so common to insiders, other mortgage professionals understand what they mean, immediately. We at First Option believe our clients deserve to be informed about the loans they’re considering. FHA […]

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Stiffer Lending Requirements Expected in 2014

November 08, 2013

Changes are coming to the mortgage market, and they’re coming all the way from Congress. The Dodd-Frank Mortgage Reform Act is set to go into effect in 2014, and its goal is simple: set tighter restrictions on lending. Many new qualifications will be required from borrowers, restricting the number of people who can access a loan—and […]

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