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Small Town Fun

Feb 16
10:31
AM
Category | General

Small Town Fun

Looking for something new to do in the Gila Valley?  We may be smaller than the big city, but there is definitely no lack of excitement.  Especially, if you are a little creative.  Here are some ideas to start the ideas flowing.

Enjoy Downtown -  With our antique stores, restaurants, and charming local shops, get out of the house and take a stroll downtown to just take in the atmosphere. 

Spend Time Outdoors – From astronomy, to camping, to golf - the possibilities are endless!

Host a Get-Together – It's a great way to make new friends.  Outdoor grilling is popular, so are potlucks.  And then join around the table for some board games or cards afterwards.

Hit Up the Local Garage Sales – It's a great way to take up an entire Saturday morning.  And when you find your house overflowing with other people's treasures, maybe it's time to host a Garage Sale of your own.

Join Local Committees or Boards – Every organization and event has a committee heading it up.  Volunteer in some capacity to make our city great and support our community.  Community support is a hallmark of small-town life.

If you are in need of more ideas, check out the local Chamber of Commerce for new happenings in town. 

 

 http://www.graham-chamber.com/

 

http://www.visitgrahamcounty.com/


Tapping into Your Home Equity

Feb 6
1:39
PM
Category | General

Tapping into Your Home Equity

 

If you need some cash and would rather not sell taxable holdings or pay withdrawal penalties on retirement plan distributions, tapping into your home equity may be the solution.  There are several options available. 

Second Mortgage – Similar to your first mortgage, this is a second structured loan.  Interest rates are usually fixed for a certain loan term.  The amount borrowed is paid to you in a lump sum up front. 

Home Equity Line of Credit – This loan is pretty flexible.  You have the ability to draw upon your line of credit with a debit card when it is needed and then only make payments based upon the amount that has been withdrawn.  Usually these loans can be initiated with no closing costs.  This type of loan is great for homeowners that need to pay for expenses over an extended period of time. 

Cash-Out Refinance – This loan type does not involve a second loan.  Instead the homeowner simply refinances their home for a larger amount and takes home the difference in cash. 

Of course, the loan type and the actual amount that you can receive depends on your financial condition.  Here at Mann Mortgage, we can help you run the numbers so you can make an informed decision about which loan is best for the cash flow needs you may have. 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any govenment agencies.


You Don’t Need 20% Down

Jan 28
12:51
PM
Category | General

You Don’t Need A 20% Down Payment to Buy a House Anymore

Don't have 20% for a down payment? No problem! The housing market is improving. Mortgage lenders have made a multitude of low and no down payment programs available. What’s more these programs aren't just for first-time buyers. Repeat home buyers are getting access to zero down products as well.

The "20% down payment myth" is widely circulated; passed down from parents to children, friend to friend and teacher to student. There is a good reason why people say you need 20% down to buy a home. Without 20% down buyers are typically subject to mortgage insurance payments which can add to monthly housing costs. But often times it’s worth it to pay a little more each month and still have money in the bank.

There are 4 mortgage programs which allow for down payments of less than 20 percent; and each is a viable option:

 

FHA Mortgage: 3.5% Down Payment

The Federal Housing Administration (FHA) is part of the government's Housing and Urban Development (HUD) agency. HUD’s mission is to "create strong, sustainable, inclusive communities and quality affordable homes for all". Through FHA, HUD makes low-down payment mortgages available to U.S. buyers. FHA doesn't make mortgages. It insures them. The agency has standards which all of its loans must meet, lenders underwrite FHA-backed mortgages to these guidelines. Loans which meet the FHA's criteria are eligible for insurance, and can be approved.

FHA mortgage insurance premiums (MIP) have 2 components: The first is known as an FHA upfront mortgage insurance premium. Often times this is wrapped into a loan or paid in full at closing. The second is paid monthly as part of the monthly mortgage payment.

FHA loans do more than just offer low down payments. They provide flexible underwriting standards for individuals with lower credit scores and/or higher debt to income ratios.

 

VA Loans: No Money Down

Through the Department of Veterans Affairs, veterans of the U.S. Armed Services can access loan programs not available to the typical U.S. consumer. One such program is the no money down VA loan.

VA loans offer 100% financing and underwriting standards that are sensitive to the needs of a military family. VA loans do not require mortgage insurance, regardless of your down payment. The VA does charge a funding fee which, for some veterans, can be waived.

 

USDA Rural Home Loans: No Money Down

Like the VA loan, USDA mortgages do not require a down payment. Home buyers can finance up to 100% of a home's purchase price.

The USDA loan program is backed by the U.S. Department of Agriculture and the program is meant to help households of modest means. As such, the program enforces maximum income limits for its borrowers based on the typical income for the area.

USDA mortgage insurance rates are often the lowest and like FHA have 2 components: The first is the USDA Guarantee Fee. Often times this is wrapped into the loan. This does result in a higher loan amount than purchase price. The second is paid monthly as part of the monthly mortgage payment.

 

Conventional: 5-10% Down Payment

Conventional is often the best choice for home buyers with above-average credit scores. Monthly mortgage Insurance is required but your lender can shop to find you a lower mortgage insurance rate.

This program allows for a gift of a down payment. This gift can also be a gift of equity; this is helpful when purchasing a home from family members. Let’s say the home appraises for $300,000 but they are willing to agree on a purchase price of $285,000. They can gift you the $15,000 of equity and there is your 5% down payment.

 

It's a terrific time to be a home buyer. Home values are rising in many U.S. markets and there are an abundance of low and no down payment mortgages available for today's buyers.

Apply with Mann Mortgage today and see what you qualify for. This application can be done at no cost to you, with no obligation to proceed , is good for 4 months and will help you as you work with real-estate agents and make an offer.

Click here to get started: APPLY NOW!


Canceling Credit Cards Can Hurt

Jun 9
10:00
AM
Category | General

Did you know that canceling your credit cards can actually hurt your credit? 

Here is an article from U.S. News with 5 things to consider if you have any cards you want to cancel.

http://money.usnews.com/money/blogs/my-money/articles/2016-03-01/before-you-close-that-credit-card-5-crucial-considerations


With an adjustable-rate mortgage, it should not surprise you when your mortgage payment varies. But did you know that even with a fixed rate your payment can increase?

With an adjustable-rate mortgage, it should not surprise you when your mortgage payment varies. But did you know that even with a fixed rate your payment can increase?

Although your monthly payment with a fixed-rate mortgage shouldn't vary wildly, there are reasons why it won't always be the same.

  1. It's property tax assessment time
  2. It's homeowners insurance renewal time
  3. There's a low balance in your escrow account
  4. Lender error

Check out this article from AOL Finance to learn more about each of these changes and how you can predict it.

http://www.aol.com/article/2016/05/26/4-signs-your-mortgage-payment-is-about-to-go-up/21384493/


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