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Employers Can Now Add to Down Payments

Employers Can Now Add to Down Payments

A new program allows employers to help workers put a down payment on a home, similar to how companies contribute to a 401(k). HomeFundMe, a Fannie Mae and Freddie Mac-approved down payment crowdfunding platform, allows borrowers to crowdfund their down payment from several sources, including their employer. CMG Financial, a mortgage banking firm, created the HomeFundMe program. Employers can contribute directly to employees’ HomeFundMe accounts to help raise funds for a down payment on a home. HomeFundMe explains: “The HomeFundMe…

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Beware the HELOC

Beware the HELOC

Does this rapidly-inflating real estate market look suspiciously familiar? With many communities in our country still feeling less than financially recovered from the recession, we have to wonder if the more fortunate (i.e. prosperous) communities have learned any lessons from the bust. Some financial analysts insist that we are NOT headed for another bubble because banks are no longer giving away money as feely as they were in the early 2000’s. However, another reason that we (collectively) got in trouble…

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How to shave years and dollars off your existing home loan

How to shave years and dollars off your existing home loan

Did you know that by making one extra mortgage payment per year — either in one lump sum or divided into twelve months — you can reduce a 30-yr. loan term by up to 7 years and save thousands (maybe tens of thousands) of dollars in interest over the life of the loan? It’s true. To find out how much you could save, go to www.BankRate.com and choose  the Amortization Schedule Calculator. If you can’t afford to make a whole…

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The first step in buying a home

The first step in buying a home

Are you thinking about buying a home? Wondering about how to get started with the whole process? The first thing you should do is talk to an experienced, trustworthy lender (aka loan officer) to get an accurate assessment of your credit status and financial fitness. A loan officer will help you determine the amount of money you can qualify to borrow, i.e. how much house you can afford. How and where do you find a trustworthy lender? I recommend you…

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