Should you Refinance your Mortgage Plan

If you have decided to refinance your Bethany beach mortgage plan, you may find in Steve Morgan, a reliable Bethany beach lender.  This is the best time for refinancing mortgage plan with housing market looking favorable for home buyers. Increasingly more people are now investing in real estate with lower interest rate on mortgages.

Deciding on refinancing 

You will end up saving significantly with a reduction in your mortgage interest rate provided they are not clubbed with overwhelming charges and fees. So, you need to be careful with the math. Fees are a part of mortgage broker services. In addition, some other costs include home appraisal, insurance and credit reports. To get a sense of the actual cost, begin with a good faith estimate that shows projected cost with loans. The loan officer should be able to inform you about the total monthly payment for you post-refinancing.  As a general rule of thumb, you should be able to shave-off about 1.5 to 2 percentage points for refinancing to be favorable to you.

The rate you get should be low enough. You must have a proof of income and the ability to invest 20 percent equity. However, some lenders may require 30 percent equity for jumbo loans. When deciding on refinance do your math carefully and determine when you will break even. Explore different options with different lenders.

The current days is the best time for mortgage refinance with interest rate pendulum swinging in favor of homeowners. The location like  Bethany beach is top in demand, where you will have access to the top notch home lenders including Steve Morgan.  However, to get the best choice you need to do some math and shop around for favorable rate. 

Heading Towards Retirement? Buy a Second Home!

The majority of people heading towards retirement prefer to buy a second home in calm and serene places such as Bethany beach, Ocean city, and Panama City beach. Financial experts suggest buying a second home 5 to 10 years before you retire. So, you might want to look at your options for investing if you plan on retiring in the next decade or so.

What do you gain?

One of the benefits of buying a second home well before your retirement is its ability to generate rental income. If you plan to move into your vacation home once you retire, passive income generated from renting it will certainly be useful. Another benefit is that you get to live in a calm place which will keep you healthy.

If you are planning to buy a second home in Bethany beach, mortgage lenders like Steve Morgan can help you to qualify for a second home loan even under stringent regulations. They usually suggest you to make a down payment greater than 20 percent of the price. This significantly slumps down the monthly payment for vacation home and easily allows you to qualify for the mortgage.

If you feel that investing in a vacation home is what you need and afford right now, then by all means do. Having a home where you can spend your post-retirement days in peace is a dream for many and truth for a select few.

Why you should Buy a Second Home

Lower interest rates on mortgages, in recent years, have encouraged more and more people to invest in real estate. Most of them are opting for buying vacation homes. In fact, a recent survey from National Association of Realtors suggested that vacation home sales surged as much as 30 percent in 2013 compared to 2012. Popular places for buyers include Bethany beach, Ocean city, and Panama City beach.

Investing in second homes

Some people buy vacation homes as a place for relaxing with their families. Some buy it for generating passive income. Others purchase it to spend their post-retirement days in a calm and serene place. It’s all about personal preference.

Getting mortgage for a second home has been difficult for an average borrower after the new mortgage lending regulations. Now, mortgage lenders screen consumers’ complete financial picture before lending them home loans. The regulations also suggest that a borrower’s entire debt payment should not exceed 43 percent of their gross income prior to tax withdrawal.

If you are planning to buy a second home in Bethany beach, mortgage lenders like Steve Morgan can help you to qualify for a second home loan even under such stringent regulations. They usually suggest you to make a down payment greater than 20 percent of the price. This significantly slumps down the monthly payment for vacation home and easily allows you to qualify for the mortgage.

If you feel that investing in a vacation home is what you need and you can afford it right now, then by all means do. Having a home where you can spend your post-retirement days in peace is a dream for many and reality for a select few. Having a second home in a popular vacation spot can have its own perks in terms of a healthy passive income. 

Vacation Homes Preferred by Locals and Tourists

A growing number of people now prefer to invest in vacation homes to live in style. More importantly, vacation homes in calm and serene places like Bethany Beach are being preferred by people to avoid the pollution in the busy cities.

Reason behind the interest 

There are a number of reasons for the increasing popularity of vacation homes. The first is that vacation homes have become good investment opportunities as the tastes of people are becoming very expensive. The second reason is that vacation homes can be rented out to others during the times when the owner is not using them. Rents of vacation homes in places like Bethany Beach can range from US$ 250 to US$ 1,000 per night depending upon the range of facilities available. Just like the normal houses, vacation homes too are bought on a mortgage due to their higher prices. Going through the paperwork involved in the mortgage process can be time consuming and difficult for busy professionals to manage on their own. Hiring a good mortgage lender like Steve Morgan can ease the mortgage process as they can guide through the whole process.

Buying the vacation home in locations like Bethany Beach has emerged as a good investment option for many rich and middle-class people. However, managing the mortgage process for buying a vacation home can be an excruciating process without help from a professional mortgage lender. So, pick a decent mortgage lender before you start looking for your dream vacation home.

What you should Know Before Getting a Vacation Home

A quick rejuvenating get away thrusts the life back into us. Vacations are as important as work days. In 2013, there was a 30 percent increase in the number of Americans who invested in buying a holiday home. There are many great escapes like the calm, serene and picturesque Bethany Beach area.

Before taking the big step 

Location of your vacation home is as important as the location of your regular home. Explore and find the ideal place where you will love to go and de-stress. Check out the locations personally. It is always better to first talk to someone who is a resident there than relying on the internet.

The next step after identifying the location is to raise the required capital. The market offers several mortgage options and mortgage lenders. Steve Morgan is a mortgage consultant who works with Bethany Beach lenders, a well known mortgage firm.

A vacation home shouldn’t be too far from your regular home making frequent commuting hard. Renting out vacation homes is a good idea too. They aren’t lived in for most of the year and it could add to your income.  Do look into the different tax laws because rental agreements are governed by different laws when compared to owner occupancy.

When it comes to a vacation home always think of the future. Do not over rent or under rent. Think of the market fluctuations. Consider the assistance of a mortgage broker to handle your mortgage application for the purchase. Make your holidays memorable, choose wisely and enjoys your time offs!

Buying and Paying for Your Second Home

When you already have a home of your own, buying a second home is more of a choice than necessity. So, the way you go about buying and financing one of these is also quite different. You tend to be more selective from various choices and review every aspect associated with the transaction in detail because you have the time and lack of urgency to do so.

Financing options

Steve Morgan at Bethany Beach Lender explains the differences in purchasing a second house. Interest rates and monthly payments are higher on these houses because lenders are aware that this is not your first home and you are not too worried about losing your shelter if mortgage payments are defaulted. So, they keep their payments high to keep their lending risks low. Show them your commitment to keep up payments by making larger deposits on the home. While other application procedures such as income and credit checks remain the same, the terms on which the loans gets approved differ.

You can choose to refinance on your first home, but only if you are confident that you can keep up with the increased mortgage payment on that along with the new commitment you will have in the form of your second home mortgage payment. Larger down payments can make you eligible for short term finances for about 15 years at low APRs. Others can go for the traditional 30 year mortgages. Many banks are happy to lend for such houses too, and as always, hiring a mortgage broker to deal with the shopping around, negotiations, and several application and closing documents makes the process all the more simpler and quicker.

Keep the loan term short so you can enjoy good mortgage rates, and go for this option if you know you can keep up with the payments. Try to avoid putting additional liens on your primary home and if you are a retired person, think more carefully before you use up your saved money in this venture. All said, with many people choosing to smartly invest their spare money in this manner and to have tax benefits, if applicable, buying second homes are a popular trend.

Four Mortgage Loan Types and its Affect on your Credit Score

Loans can be broadly classified into secured and unsecured loans. While the secured loans are backed up by assets, the repayment of an unsecured loan is not guaranteed by any assets and hence carries higher interest rates.

Impact on your credit-worthiness

There are different kinds of mortgage loans that are available in the market. The first is the fixed-interest mortgage where the interest rate remains the same all through your loan period. The second type of mortgage is the adjustable-rate mortgage where the mortgage rates keeps changing during the loan tenure depending upon the prevalent market conditions. The third type of mortgage is the hybrid mortgage where a fixed portion of the mortgage carries a fixed interest charge and the remaining is floating interest charge.

The last of popular mortgage plan is the Federal Housing Administration loan which enables borrowers to get loan on a low down payment. Credit-worthiness of the borrowers depends on the mortgage selected where fixed interest mortgages have a positive impact on the credit-worthiness. Going for a second mortgage can also have a negative impact on the credit-worthiness of the customers. Selecting a good mortgage lender like the Steve Morgan a popular Bethany beach lender can help in selecting a good mortgage plan that is most appropriate for you.

When looking for buying property on hot properties like Bethany beach always remember to select the right mortgage lender so that you get the best possible deal in terms of the interest rate paid and post purchase service. 

Talking to Bethany Beach Lender for Vacation Home

Having a house of your own in a city is one of the biggest achievements in life for many. However, wouldn’t it be great if you could also have a place to rest, away from the hustle-bustle of a metropolis? If you are looking for a vacation home or second home to occasionally take a break from your hectic city life, you should invest in a property at Bethany Beach.

Why Bethany Beach?

Home to one of the best beaches in the Middle Atlantic, you know time is going to just fly by when you are sunbathing at the shore or enjoying a quick game of volleyball here. By hiring a mortgage broker to get you the desired property at an affordable price, you will have one less thing to worry about.

Steve Morgan, who has been helping people looking for property in Bethany Beach by providing them suitable mortgage schemes, can help you with a plan that suits your needs the best. He will guide you through the various options, explaining you the details of each. He will also recommend a scheme that will work for your budget, based on which you can make a choice.

You will also be able to save yourself the trouble of going to various offices and banks to get your loan sanctioned. Your mortgage broker will take care of all of that. So, isn’t it better to hire a mortgage broker and let him look into the related formalities, while you can start calling your friends and family to have a relaxing stay at your new vacation home?

Advice from a Mortgage Expert

Having a place to call your own is something that everyone wants. With the soaring realty prices, taking out a mortgage is the only available option. Many mortgage companies like Bethany Beach Lenders offer attractive interest rates. Mortgage brokers like Steve Morgan will also assist you with all the paper work and legal documents that are synonymous with buying a home.

What do the experts suggest?

The market is constantly fluctuating. The rates that are prevalent today are replaced tomorrow. Experts suggest that there is no better time to invest in property than today! Two experts: NY1’s Tara Lynn Wagner and Ross Kenneth Urken say that the best time to buy a house will be within the next five months. The prices are going to soar  which  in turn will increase the interest rates. They speculate a rise of 5 percent in the interest rates over the next twelve months.

Urken says, "I really think it's chicken and egg”. People are seeing interest rates rise so they are more compelled to get into the market . If you are looking to buy a home, your biggest priority right now should be getting your financial house in order. Credit score is really your golden ticket to getting a great rate from lenders and thus a more affordable mortgage.

Choosing a mortgage is as important as choosing a house. Mortgage brokers help in shopping for the best deals. They also handle all the legal paper work and assist through-out the entire process. Steve Morgan is a certified mortgage broker who has clients in Delaware, Maryland, Virginia and Washington DC.

Bethany Beach, the quiet town in Delaware is gaining popularity as the ideal retirement and/or second home. The booming real estate industry has made this small town into a  perfect get away. Waiting on the interest rates to drop is as good as shooting arrows in the dark- unpredictable! Once you have your finances in order and a good credit score start shopping for the perfect home.

Mortgage Mistakes to Avoid

Everyone needs a quiet retreat away from the hustle-bustle of the city life. Be it a vacation home or a retirement home Bethany beach is gaining popularity for its quiet and scenic atmosphere. Once you have a house you would like to buy, it is important to get the legal and financial aspects in order. 

What not to do

There are many types of loans and mortgages. It is important that you consider all the options and compare different mortgage rates. Acquiring a mortgage is a tedious and time consuming process. A few common mistakes that most of us do can be easily avoided if:

• We check our credit card to ensure that we don’t have a bad credit score that can increase mortgage rates. It should also be noted that applying for a new credit card at the same time is risky. 
• Mortgage payment is the sum of principal, interest, taxes and insurance. Do not overlook property taxes and insurance. The borrower also needs to have seasoned assets.
• Job hopping may reduce your chances of getting a mortgage because its approval depends on a steady income. 
• It is advisable to get the mortgage pre-approved. Mortgage brokers, like Steve Morgan can help you choose.
• Be practical and do not fall prey to an offer that sounds too good to be true. 
• Lock the interest rates so that you don’t pay different rates each time.
• Most importantly, ensure that you read through the offer document carefully, understand all the clauses before you sign the documents.

Steve Morgan a mortgage broker, for Bethany beach Lender, can help you choose the right mortgage. A broker will help you find the lowest interest percentage. They compare multiple banks and lenders to get the best rates while guiding through the paper work and the legal aspects.

Should I still consider a mortgage?

When you have a reliable mortgage broker like Steve Morgan and you have found the perfect retirement home in the beautiful Bethany Beach, don’t hesitate, start your paper work immediately. When we have experts who can help you get the best deals, why not make the best use of it?

Finding a Mortgage Lender for your Second Home

For people who wish to invest  heavily in the real estate sector by buying a second home, one part of the task is to find the right house and the second part is to find a suitable lender. Many aspects such as the mortgage amount, interest rate, repayment type and term need to be looked into before the right one is chosen.

Hiring a lender

Experienced mortgage brokers, such as Steve Morgan at Bethany beach Lender, can point customers in the right direction. Details of their credit history, repayment ability and type of investment are collected before they are provided with options. Some of the best ones  approach banks of credit unions in which they already hold an account or have a loan. Talking to other people who have already been through this process is a good option as they are great source of information and guidance.

Hiring a mortgage broker would be beneficial because they can make the application process easier and simpler for you. Moreover, they have access to information about mortgage deals with various small and large scale lending institutions which you may not have access to. If you were to have a chat with your real estate agent, you will realize that mortgage brokers make the process smoother and can help you during periods of booms and recessions alike. After all, they are obliged to find the best deals for their customers at any given time.

So having an experienced mortgage broker is definitely beneficial if you are looking to increase your real estate portfolio. Get the best deals based on your credit score and the type of house you want to invest in under the guidance of a broker with more information and options for you, provided you choose your broker carefully.

Second Homes vs Investment Properties – Which Option is Better

If you have money to spare and would like to invest it in properties, you should understand the concepts of second homes and investment properties well. Steve Morgan, a Bethany Beach lender explains the difference between the two. Investment property generates income on a regular basis because you buy it to let it out. A second home on the other hand, is more of a vacation house which you may hope to sell when real estate prices in the area are booming.

Weighing both options

Now that you know the difference between these two types of properties, think about what would best suit you. If you have money as well as time to spare to look after the rental properties and attend to it various demands such tenancy agreements, repairs of utilities and collection of rent, then an investment property is the best option for you. It is an additional source of income. As people tend to buy these properties as close to their current residence as possible, communication and travel should not be an issue.

Vacation homes of course, are a little away from homes and may or may not be rented out. People who want a change of place from time to time, who like playing long investment shots, the ones who don’t want the hassle of maintaining another home and who don’t want their money to sit idle in a bank account should consider consulting a reputed mortgage broker to scout for and buy such homes with a reasonable mortgage.

Your Second Home Mortgage Options

Are you planning to buy a second home for vacation in exotic places like Bethany Beach or in a city that you frequently visit? Buying a second home is the time when you need to exhibit some sound financial skills.

Choose wisely

Mortgages on second homes also offer the same tax benefits as those offered by the first homes. If the decision to purchase the home is taken before retirement, it is advisable to opt for longer repayment periods of up to 30 years so that the mortgage repayment will not eat up much of your monthly budget. Opting for the right mortgage lender like Steve Morgan, one of the top mortgage house lenders in Bethany Beach, can ease the process of loan application and repayment.

A good mortgage lender can give you the right advice at the time of applying for a mortgage so that you can make an informed choice. Lenders like Steve Morgan also give  multiple loan application options like quick, standard, and 5-step application depending on your need as well as requirement.

Rules for applying for a second mortgage are generally tougher than for applying the first mortgage. However, banks allot second mortgages easily if you have good payment record for your first mortgage and any other loans. Choosing a right mortgage lender for your second home is more crucial due to the limited repayment period that come with these homes. A second home in an exotic location is after all an indicator of your achievement in your life and career.

Tips to Lower your Mortgage Interest Rate

Mortgage rates at Bethany Beach are at their lowest this year, being quoted at about three percent. Getting an even lower mortgage rate is easy; you just need to know how the lenders of the loans are assessing the rate given to you.

Paying less for your FHA, VA, or conventional mortgage

Federal Housing Administration insures FHA mortgages and so has guidelines on how the rates are done. A high credit score means lower rates, and vice versa. Hence, it is advisable to get a credit report before applying for a mortgage from a lender, so that any discrepancies in it can be sorted out and your credit rating can be raised.

VA mortgages leave very little room to get that lower rate, but it is possible. It can be done by reducing your loan’s length or by getting energy efficiency benefits from VA. Currently, a reduced time in years of a mortgage can get you rates almost a point lower than say double that period.

Conventional loans are assessed on their Loan Level Pricing Adjustments model, which means the rates are determined by your credit rating and purpose of the loan. So, comparison of a conventional loan to a FHA loan is advised to get the lower interest rate.

Getting lower rates on your mortgages is actually easy. The rates are the lowest they have been this year, and reducing them only takes a little bit of effort. Contact Steve Morgan at Bethany Beach Lender to know your best rates.

Cutting Down Your Mortgage Payment

Purchasing a home can be a cumbersome and difficult process to maneuver around. Fortunately for property buyers in Bethany Beach, there are now a variety of loan schemes on offer that help reduce both their down payments, as well as their monthly Private Mortgage Insurance (PMI). A PMI is an additional sum that is integrated into the overall mortgage payment. Schemes that allow individuals to place under 20 percent of a property’s value as a down payment, typically involve a PMI. 

80/10/10 scheme

PMIs can amount to significant monthly sums depending on the total value of the property. However, there are a variety of ways in which buyers can avoid or reduce their PMI premiums. The f80/10/10 scheme permits buyers to put down just 10 percent of the total property purchase value at first. The lender will then place down 80 percent of the property value. Buyers can then use the same Bethany Beach lender or another lender to place a second mortgage of the remaining 10 percent of the property’s value, thereby taking care of the monthly PMI. 

Gift of equity

For individuals who live in family-owned properties, or those looking to purchase properties from their landlords, there is the gift of equity scheme. This scheme allows the current owner of the property to place 5 percent down payment on behalf of the buyer. However, to do this, the buyer will need to provide a letter of motivation from the owner of the property, detailing the reason of sale. 

It is important to remember that most of these schemes require individuals to have a credit score greater than 700. Before availing of these methods, it is always advisable to consult an experienced mortgage professional like Steve Morgan. 

Interest on Mortgage Loans Remains Firm

Here’s some good news for you if you are looking to buy an attractive house! Mortgage interest rates have remained steady for the year. So cast those worries of wildly fluctuating interest rates and exorbitant monthly payments. Read on to know why Bethany Beach lenders think this would make a vast difference to you.

Good opportunity to buy home   

Big players like Bank of America, Sun Trust and Wells Fargo are offering term loans for 30 years at an average APR of 4.14 percent and short-term mortgages at 3.31 percent. Whether you are looking to refinance or buy a new property using a mortgage, steady rates for this year as compared to the last year indicate a healthy property market. 

Steve Morgan, a Bethany Beach lender thinks this is an ideal time for opting for a mortgage. Whether you are looking for a fixed or flexible APR mortgage, short-term finances, term mortgages, refinances or plan to consolidate some other debts while  refinancing your home, keep a sharp eye on the APR caps and the base rates so you get the best out of the deal that affects your monthly payments.

The residents of Bethany Beach can make the most of this favorable period in the real estate markets boosted by steady, low rates offered by banks. By using the opportunity now, you can ensure that you move into your dream house with an affordable mortgage that does not throw alarming curves down the long repayment lane.

Turning your Vacation Home into an Investment

A vacation home at Bethany Beach is a source of great joy and can be a good investment that can be leveraged by renting out the property, when you are not using it personally . The act of turning a vacation home into an investment property has the added advantage of getting tax breaks along with the extra income that it brings in. A property is recognized as an ‘investment’ according to IRS Pub 527, if it is rented out for more than 14 days in a year or 10 percent of 365 days, whichever being the most.

What to consider?

People who are keen on investing in a beachfront property must figure out the maintenance costs and other related details like tax and insurance. A beach house is prone to wear and tear owing to the  sand and salt that it has to withstand, which means it will need a coat of paint every two or three years.

The thought of building a beach house from scratch can be an exciting prospect which again will need time and effort on your part along with the limitations of sticking to the budget. This is where a real estate agent comes in handy as they can help you acquire that beautiful beach house with little to no efforts.

The location of a beach home is crucial for it to make a great rental. A beach house  that suits the needs of an average vacationer should be fully furnished and must be ideally located within walking distance from the beach. Although such properties tend to cost more, they do make up for great rentals that bring in more money.

The low interest rates and easy mortgage programs in the state of Delaware, particularly around the Bethany Beach is a good reason to buy that lovely beachfront property you have been dreaming of. Steve Morgan at Fairfax Mortgage Investment, Inc. is a Bethany beach lender and a mortgage broker who can help you realize your wish of acquiring the best beach property to spend some quality time with your loved ones.

What You Need to Know about Mortgage Loans

Retirees often look for places where they can settle for a peaceful life. They also prefer quite and scenic locations like Bethany Beach De. People looking to buy a vacation home or a second home also find Bethany Beach De a great option because of its location and weather.

Factors to know

If you are also among those who wish to buy and own a home at Bethany Beach, you must ensure that the required legal and financial aspects are taken care of properly. Once you find the right house, you will need to obtain a loan to finance your purchase. You need to understand the various types of loans available and select the right loan for you.

Loans come with different interest rates and you will find that almost every Bethany Beach lender offers a more or less similar rate. However, you can push for a lower rate without much hassle. All you need to do is ask for the daily rate card, which gives you the lowest rates charged for various loans.

Also make it a point to understand the mortgage insurance terms in a precise manner. Make sure you know the conditions you need to meet before it is fine to stop paying for the insurance.

It is important to find a reputed and reliable Bethany Beach lender like Steve Morgan, who will not only offer you mortgage at affordable rates, but also guide you through the maze of paperwork and legal angles.  

What Makes Bethany Beach De a Popular Real Estate Pick?

A new home is always welcome, especially if that home at in a beautiful and scenic location, where you can while away your time, enjoying nature’s beauty and grandeur. Bethany beach is one such place and to pick the right homes, you can take the advice of real estate experts like Steve Morgan who can help you negotiate with a beach lender.

Why choose Bethany Beach De?

If you have always dreamed of owning a quaint seaside second home where you can relax and forget all your earthly worries, head straight to Bethany beach. This place has been named one of the “Best Secret Beaches on Earth!” by Travel + Leisure Magazine.

Here, you will be welcomed by Chief Little Owl who has welcomed visitors since 1976. This place is a part of the state’s seven-mile stretch of Atlantic beach. Its beauty has led an increasing number of people to buy properties here. And real estate gurus like Steve Morgan can give you the best deals against beach lender opportunities.

There are various attractions surrounding the beach, like stand-up paddling, kayaking, windsurfing or surfing and boating. You can indulge yourself in tax-free shopping or try your hand at the delicious seafood in the restaurants around the beach. There is a nature’s trail and an ecological reserve as well. If you go on the Fourth of July, there is a parade complete with fireworks.

If your heart is inclined toward this scenic place, then do not delay in buying a property here and become a proud resident of this place. To take care of all your technicalities, get in touch with Steve Morgan who can negotiate with your beach lender to help you secure your desired property. 

Buy a House on Mortgage in Bethany Beach

Buy a House on Mortgage in Bethany Beach

The pleasant town of Bethany Beach is not heavily populated, but is a hit among the tourists. It is a favorite among visitors in summers looking to spend quality time on the beach with their family and friends. Many visitors have fallen in love with the beauty of the place and even invested in summer vacation homes and second homes in Bethany Beach.

Steve Morgan is a well-known Bethany Beach lender who can provide you easy mortgage solutions if you are looking to buy a house in this beautiful town. He can help you get a good deal in your budget, at a minimal fee.

Importance of hiring a mortgage broker

If you may think you would be able to do just fine without the help and service of a mortgage broker, you need to think again. Finding a beautiful house in Bethany Beach may not be difficult, but getting it for the right price will certainly be a little tricky. Figuring out the right mortgage price is especially difficult for the ones who are not well-aware of the housing trends and rates of Bethany Beach. A mortgage lender who is updated with the knowledge of various mortgage options and market rates will guide you through the whole process smoothly.

Steve Morgan specializes in residential mortgage loans and can help you get your desired house without any hassles in Bethany Beach at a good price.