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Latest Articles on our Blog

Jun 14

How the Fed Impacts Mortgage Rates

The Federal Reserve Open Market Committe (FOMC) meets at least eight times per year to discuss and vote on US monetary policy.  The Fed controls the Fed Funds rate, which is essentially a bank’s cost of money.  When the Fed increases the Fed Funds rate, short-term interest rates such as the Prime rate and LIBOR go up.  These are often used to determine interest rates on adjustable rate mortgages, home equity lines of credit, credit card balances, and business loans. However, interest rates on fixed-rate mortgages are not tied to changes in the Fed Funds rate.

May 24

Renters: Are You Ready to Buy a Home?

Renters: Are You Ready to Buy a Home?

If you would like to buy a house at some point in the future, it is never too early to start preparing.  Between deciding how much of a payment you are comfortable with, saving up for a down payment and maximizing your credit score, there is plenty you can be doing.  Here are some tips and advice that can help you get ready to make the transition from renter to homeowner. Do the Rent vs. Own Math If you are used to renting, there are some homeownership costs

May 11

How much can I borrow on a VA loan?

How much can I borrow on a VA loan?

If you are planning to use your VA home loan benefit to purchase or refinance a home, you may be wondering how high you can go. VA does not set a cap on how much you can borrow to finance your home.  However, they do set a cap on how much liability VA will assume, which affects the amount of money you can borrow on a VA mortgage. Loan Limits The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow with

May 4

Relationship Benefits to Owning a Home

Relationship Benefits to Owning a Home
Apr 27

Mortgage Guidelines Getting Easier

Mortgage Guidelines Getting Easier

I always love to hear about guidelines loosening.  In a business where everything is so complicated, it is nice to get some good news every now and then!  Fannie Mae made some changes the other day that will make it easier for some applicants to qualify for a mortgage.  Here are a few of the highlights: Student Loans – If you have student loan debt that is deferred or in any kind of forbearance, we can now use the student loan payment that shows on the credit report. 

Apr 18

Unique conditions in Yuma housing market make NOW the perfect time to upgrade your home

Unique conditions in Yuma housing market make NOW the perfect time to upgrade your home

If you are a homeowner in Yuma county, I want you to know about a unique situation going on right now in the housing market that might present an opportunity for you. The Dual Market It is what we call a Dual Market, and it means that you can essentially sell your house in a seller’s market; and at the same time buy a house taking advantage of a buyer’s market. How does this work? The best way I can think to describe this is to show you

Apr 17

Shopping for the lowest rate on a mortgage

Shopping for the lowest rate on a mortgage

Mortgage rates change every day, sometimes multiple times throughout the day. So when you get prequalified and start looking at houses, it is important to keep in mind that your rate could be higher or lower depending on the market when you are ready to pull the trigger. (Hopefully lower!)  Depending on the day, it may or may not pay off to look at options for getting a lower interest rate by “paying points.” Due to the nature of rates changing so frequently, there is no one bank that

Apr 13

Buying a House After

Buying a House After

If you or someone you know is one of the many Yumans who lost their home as a result of a foreclosure, short sale or bankruptcy, there is hope! Not only is homeownership possible again, but it may be easier than you think. In most cases there is a waiting period before you are eligible to qualify for a home loan. But buying a house again doesn’t have to be complicated once you know the waiting period that applies to your personal situation and take the necessary steps to

Mar 13

Do Something Different Today

Do Something Different Today

I recently started researching my ancestors.  For some, it is easy to track their whole life story.  There are public records of land ownership, boat travel, holding public offices, journal entries and stories written down by family and friends.  For others, there is absolutely no information.  There are even some people we know existed, but there is no record even of their name.  How does that happen? Doing this research has turned my thoughts to what we are leaving behind.  We all come to this earth and live

Mar 10

Mobile App

Mobile App

The NOVA Now Mobile App is an exciting tool Nova Home Loans provides to make the home buying process easier for our clients.      Mortgage Calculator The app contains a mortgage calculator that is more accurate than anything you will find online, with options to choose Conventional, FHA, USDA or VA loan type.  Just plug in a few numbers and it will give you an accurate payment including estimated taxes, insurance and mortgage insurance. Home Buyer Features There are also some extremely useful features for homebuyers, including Property