Why you Need a House by the Seaside

A house on the coast of Bethany Beach is a much sort after location for home buyers who are looking for a home, away from the hustle and bustle of city life.  A house by the beach is a perfect idyllic living that especially appeals to retirees and baby boomers. Homes, condos, villas and more are available at Bethany Beach. Take your pick!

Why get a house at Bethany Beach

Getting a house by Bethany Beach is a great decision indeed! Oceanfront houses or villas at a walking distance from the beach, are  great choices. It depends on what you expect from your home. The strongest plus point that stands out is the opportunity to live and be  with nature. Every day is greeted with wafts of ocean breeze, the sound of the rushing waves, the awe-inspiring sunrise, or sunset, and the serene beauty of it all. It’s tranquility right at your doorstep. You can quickly step out and have a splash in the waters, an evening out with kids for some fun, or take a walk on the wild side by trying your hand at some water sports like kayaking, surfing or sailing.

If you are keen to invest in a beach house, now is a great time, given the low interest rates! At present, the market in Bethany offers favorable conditions for interested buyers. Well renowned mortgage lenders like Steve Morgan can ease the entire process of house buying, by tailoring the right loan process that’s best suited for you. The Bethany Beach lender hosts several loan application options. Based on your requirements, a suitable one will be recommended for you. Take advantage of these commendable mortgage lenders!

In conclusion, a house by the beach is perfect either as a home or as a vacation beach house. The perfect getaway from the stress of everyday living, at a place you can call your own, where you can keep your feet up, relax and unwind. With favorable market conditions prevailing right now with no certainty of how long it’s going to last this way, now is an excellent time to invest in a beach house!

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.

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.

Home Loan Mortgage Interest Rates

The first thing you look for when shopping for mortgages is the APR. With so many mortgage providers, it is a well-known fact that the plethora of APRs offered are vast. They all tend to circle around the general rates levied by the big banks in the USA such as BOA, but specialized mortgages such as those provided for Veterans or by the US Dept. of Agriculture have different APRs and their applications.

Interest rates for different home loans

Steve Morgan of Bethany Beach Lender has made a few observations in respect of some of these mortgages:

1. Mortgages provided by Federal Housing Administration are useful for people with average credit scores of about 580 and pay a 5 percent deposit for the house. Their APRs are also comparatively lower. Their monthly mortgage insurance premiums (MIP) however are higher and so it is at the time of closing so that should be accounted for when you review this mortgage option.

2. Provided by the Department of Veteran Affairs, these mortgages having everything going for them – their APRs are the lowest, they do not require MIP no matter how low our down-payment is, you can get 100 percent financing under this mortgage (no deposit payable at all) and the deal-clincher is the mortgage portability to the new buyer, should you choose to sell the house. Your course should have some military background to consider this mortgage.

3. Conventional Mortgage APRs – Provided mainly by Fannie Mae and Freddie Mac, this lending duo provides mortgages at reasonable APRs provided your credit score is above 680 and you make at least 20 percent of the asking price as the down payment. Lower your deposit, higher your APR goes except under special rate schemes.

4. Department of Agriculture mortgages – Loans are made available to people of rural backgrounds at extremely low APRs even with zero deposit. Their main criteria are the credit score (more than 620) and the debt-to-income ratio must be reasonable.

With so many options available in the mortgage market, it should not be too difficult for you to choose the right one provided you are able to furnish all necessary documents and keep a track of your credit score. Depending on your background, see if there are concessional APR-backed mortgages available before you apply for one.

When Can Your Mortgage Application Get Rejected?

Filling out mortgage application can be a tedious job that not many of us like doing. It is important to give it a few extra minutes and complete the application carefully with all details correctly and fully mentioned. There are several reasons for a mortgage application to get rejected, a few of which are discussed here.

Areas where you went wrong

Baffled with a mortgage rejection? Well, one of these may have been the reason!

1. Unsuitable credit history – A lender will check your past records to see how well you have managed your finances – both incoming and outgoing, to decide if you will be able to manage a mortgage. Poor credit history equals rejection.
2. Insufficient credit history – Quality and quantity matter with this one. Those who have been using only cash for all transactions and have never had a loan or credit card in the past don’t have any credit history to be checked.
3. Employment issues – Be sure to be gainfully employed for a good amount of time, on a regular basis before you apply for a mortgage. How stable you are with your earnings is a deciding factor for mortgage lenders.
4. Incorrectly filled application form – By deliberately hiding information or omitting to mention important details, you are giving an opportunity for the lender to reject your application. For this issue, using a mortgage broker is beneficial as he/she can check your form and give you advice on filling it before submission.

Steve Morgan of Bethany Beach lender is a reputed mortgage broker who helps you understand the reasons of a loan rejection before helping you to tackle them. Be sure to hire the right broker to avoid frustrating mortgage delays and rejections.

Things you Must Know Before Refinancing your Mortgage

News from the Mortgage Bankers Association has put many home buyers and mortgage shoppers on the alert. They have estimated that the APRs may go up by a percent from the current 3.4 percent for a long-term fixed mortgage of 30 years. Does that imply you should refinance quickly? Steve Morgan at Bethany Beach Lender gives you a few helpful tips.

What to expect while mortgage refinancing

There are a few simple but vital things you must do before you rush to get a better finance option.

1. Be prepared – Financing means money and a financer would like to ascertain that your repayment ability is up-to-the mark. Documentary evidence is mandatory, so it would help if you keep copies of pay stubs, proofs of your assets and liabilities and tax returns filed handy.
   
   
2. File an application – With all documents ready and an impressed financer, the next few steps are relatively easy for you. Fill out the lender’s application accurately and honestly. You must make time; shop around for the best financers. Approaching your current provider, provided you have a good payment history, would not be a bad idea too, if they offer better refinances. Once an application has been submitted, be patient. Processing applications takes a while. They need to verify your suitability and go over every aspect of your finance with a fine-toothed comb.
   
   
3. Choose a rate and seal the deal – Once approved, choose an optimum mortgage, preferably with a locked rate for the initial months so you do not worry about soaring APRs. Make sure you clarify every small doubt you have before the mortgage closing takes place and you land a new deal.

As you see, it’s not that easy to choose a better mortgage. Helpful personnel like Steve Morgan at Bethany Beach ensure that you understand every stage of the process. So follow these basic steps and enjoy a more convenient mortgage for a long period of time!

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.

When Can Your Mortgage Application Get Rejected?

Filling out mortgage application can be a tedious job that not many of us like doing. It is important to give it a few extra minutes and complete the application carefully with all details correctly and fully mentioned. There are several reasons for a mortgage application to get rejected, a few of which are discussed here.

Areas where you went wrong

Baffled with a mortgage rejection? Well, one of these may have been the reason!

1. Unsuitable credit history – A lender will check your past records to see how well you have managed your finances – both incoming and outgoing, to decide if you will be able to manage a mortgage. Poor credit history equals rejection.
2. Insufficient credit history – Quality and quantity matter with this one. Those who have been using only cash for all transactions and have never had a loan or credit card in the past don’t have any credit history to be checked.
3. Employment issues – Be sure to be gainfully employed for a good amount of time, on a regular basis before you apply for a mortgage. How stable you are with your earnings is a deciding factor for mortgage lenders.
4. Incorrectly filled application form – By deliberately hiding information or omitting to mention important details, you are giving an opportunity for the lender to reject your application. For this issue, using a mortgage broker is beneficial as he/she can check your form and give you advice on filling it before submission.

Steve Morgan of Bethany Beach lender is a reputed mortgage broker who helps you understand the reasons of a loan rejection before helping you to tackle them. Be sure to hire the right broker to avoid frustrating mortgage delays and rejections.

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.  

Qualifying for a Mortgage Loan in Bethany Beach De

It is not very easy to get loans from banks and they look for certain factors when it comes to granting a mortgage loan. This is because they want to make sure that the applicants are financially capable of paying back the loan. Banks therefore assess loan takers thoroughly before loans are sanctioned to them.

What can you do to qualify for a loan?

If you are planning to get a mortgage loan for a Bethany Beach home, some of the factors that you need to keep in mind when applying for your loan are:

• Get adequate cash reserves for the mortgage down payment.
• Have an acceptable credit score.
• Be employed in the same field for two years or more.
• Have a monthly income that is higher than your monthly mortgage loan amount.

Apart from banks, there are also other ways of getting a mortgage loan easily. You can take the help of an owner to completely or partially fund the expenditure of your new home. Another option available is to take the help of a family member or a friend either as a co-signor or as the person purchasing the house in his or her name.

Utilizing the services of a mortgage broker is another way of acquiring a mortgage loan. Since they have a vast network of lenders at their disposal, they are the best people to help you find a lender who will give you the required loan amount. In this context, you can engage the services of well-known Bethany Beach lender, Steve Morgan.

Although the bank route is the most preferred option, you need to plan accordingly to save time, as well as to avoid the rejection of your loan application. At the same time, remember that there are options apart from bank loans that you could try.

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.

Why Pick a Mortgage Broker

Buying property is not an easy task. You may have found the house you have always wanted in glorious Bethany Beach, and thought that the days of hard decision making are finally over. But in actual fact, you are quite very wrong. It is time to banish all thoughts of buying wallpapers and appliances and instead focus on something which may probably outlast all your appliances and even your furniture - the mortgage.

Selecting the correct mortgage has always been a troublesome affair, and as recent years reveal, the market has changed beyond anything that was anticipated. The days of choosing between a fixed rate and a variable rate are long gone. Every lender nowadays appears to have created their own financial services, which range from offset mortgages which set savings interest against the mortgage interest to self certification mortgages for the self employed. It is almost impossible to make sense of all the various options available to figure out which one suits your needs the best. This is where a mortgage broker comes into the picture.

A mortgage broker, like Steve Morgan, (steve@steve-morgan.com) is a financial adviser with expert knowledge about the mortgage market. Steve will isolate the mortgage ideal to your financial plan, negotiate with the lender for you, and get you a much better deal than you would get if you had done it on your own.

A good mortgage broker is a boon, as having a good mortgage option means less stress in the long run. However, a great mortgage broker may not come cheap. You must ensure that you have selected the right person or company, and make sure that you get the worth of what you have paid when you are negotiating with them.