You may not be familiar with a joint mortgage – this is where there are two or more parties on a mortgage. Commonly friends, family or a partner will combine their incomes and assets to buy a house. This is often done when one party cannot qualify or can’t afford a property on their own. Unlike a typical mortgage all parties are on the mortgage and all assume responsibility for paying it.
The main benefit of a joint mortgage is being able to afford or qualify for more of home than one party is able to on their own.
As you may have guessed this creates a more complicated situation where you can have co-ownership, and may be dependent on multiple parties making payments. Further you could have one party wanting to sell or refinance in the future. It can also affect one parties ability to get a loan in the future as they are tied to the joint mortgage.
So its best to be aware of all the requirements and scenarios before applying. And make sure you have a strong relationship between both parties including having similar interests and goals regarding the property.

2.625% FOR A 30 YEAR FIXD WTH 0 POINTS AND FEES!!

PMI is private mortgage insurance. If you’re getting a conventional loan and are making of down payment of less than 20% of the purchase price, you generally need to purchase PMI.
This insurance is designed to protect the lender in case of default on the loan and it also allows the borrower to buy a house when they can’t afford to make the traditional 20% down payment.
PMI is provided by a third party, requirements and rates will be provided before the closing. Once you reach 20% equity in the home – either through mortgage payments or rising home values, the PMI will be terminated.
PMI rates are generally between 0.5 percent and 1.8 percent of the original loan amount. According to Freddie Mac, it estimates that most borrowers pay between $30 and $70 each month for every $100,000 borrowed.
The key factors in determining the PMI rate are the loan to value ratio. If you put down 5% you are typically going to have a higher PMI rate than if you put down 15%. The other key factor is the borrower’s credit score.
There are different types of mortgage insurance and borrowers normally make an annual lump sum payment or pay in monthly installments.
Of course we can give you a more detailed explanation of what to expect and your options based on your borrowing needs.

Many people know the traditional formula of mortgage down payments – 20% of the purchase price of the home is required to get your mortgage.
A down payment is a lump sum payment used to make a large payment, like a house. In the traditional formula if you buy a $500,000 home you would pay a $100,000 down payment and you would get a loan for the remaining $400,000.
With today’s hot housing market, the 20% down may be a substantial obstacle, however there are many loan programs that require as little as 3% down. There are pluses and minuses to making the 20% down payment. With the traditional $20 down, you can often qualify for a lower rate, you won’t need to have mortgage insurance and you’ll have lower monthly rates.
The benefits of making a smaller down payment obviously is you won’t have to get the money for a large lump sum payment, so you can move in to a new home sooner and you’ll have money left for home improvements.
Contact us to see what programs you can qualify for and how much you’ll need to put down.

If you thought you missed the opportunity to refinance and lock in low rates, you didn’t!
We’ve seen a wave of refinance activity in the last week as rates dropped to an average of 2.78% for 30 year fixed mortgages according to a survey from Freddie Mac, which is not far from the all-time record low of 2.65%.
Fannie Mae estimates that there are millions of home owners that can benefit from refinancing in today’s rates, with either lower monthly, cash-out or both. Getting the best rates, will depend on a number of factors, including credit scores, debt to income and how much is currently owed on your house. Call us or fill out a quick refi analysis on our website and we can see how much savings you are eligible for!

Rates have just dropped again! If you are paying 3.00% or higher – you can save big!

There is still time to capture these once-in-a-generation FIXED MORTGAGE RATES!
CONSIDER:If you did a cash out refinance in 2020 let’s take a look at converting that to a rate and term refinance at a much lower rate.
Keep your payment the same but reduce the loan term generating MUCH more equity in your home at a MUCH faster rate.

Choose a cash-out refinance and you can easily consolidate high-interest debt into one new primary mortgage using the equity from your home. Use it to pay off high-interest credit card debt or student loans, and you can improve your overall monthly finances. Contact us, and we’ll get you started. NMLS1921588
317-372-4923SUPPORT@ADVENTHOMEFUNDING.COM

Spring is traditionally the busiest home buying season but is it a good idea to close on a home during the winter?
According to a recent ATTOM Data Solutions seven year market study, it showed that buyers who closed on January 26 actually got some of the best deals, paying market value in a competitive market while buyers in June paid close to seven percent premium above market value! An example of this in actual numbers would have a $300,000 house costing almost $25,000 more in June than January!
Currently inventory is tight in most markets which applies upward pressure on pricing, and the spring buying season is likely to show this, however housing construction was up five percent last fall to help meet demand. Rates are also at record lows and if the economy rebounds their will be pressure on rates to rise.

A question a lot of potential home sellers are asking is should I put my house on the market now? 🤔
Every situation and location varies of course, but there are some general pros and cons. One pro is rates are historically low right now, so that is a pro. Another reason is well lets be real, there is economic uncertainty so you may want to sell now for that reason.

The cons would be that while we are starting to open up again ( 🥳 ), there are still going to be people apprehensive about going house shopping right now. There are great virtual open house tools that will help (but we usually recommend checking out a house in person before actually purchasing.

Of course we won’t be in the current Covid world forever and hopefully sooner than later, this will soon be a memory! 🤞