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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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Top Metros Leading the Underwater Mortgage Recovery

November 06, 2013

The housing recovery is fully underway in most markets in the U.S. A recent negative equity report by Zillow further emphasizes the rebound by illustrating the top ten big cities that are leading the underwater mortgage recovery. We wanted to take a moment to highlight the markets we serve that are on this list. As […]

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Why You Should Make an Offer Before November 16

November 04, 2013

Credit is about to become a lot more limited for some potential homebuyers—and it has nothing to do with the government shutdown or America’s debt ceiling. On November 16, Fannie Mae will be going through extensive changes, which will drastically change the kind of loan you’ll have access to. So what are the changes? And […]

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