Mortgage FAQs & Articles | omega-financial

Jun 13, 2019
3 min

Buying a New Home and Renting Out Your Current Home

With rental rates on the rise, if you’ve ever thought about buying a new home and renting out your current home, now may be a great time to do just that. Buying and renting out your home at the same time can be a little bit tricky, however, so you’ll need to plan ahead and make sure this is the right step for you. Why Do You Want to Rent Out Your Home? Many homeowners who opt to rent out their home do so as a way to generate income. According to the latest figures from Zillow

Mortgage FAQ: Should I Get a Home Inspection Done Before the Closing?

omegafinancialinco

May 23, 2019
2 min

Mortgage FAQ: Should I Get a Home Inspection Done Before the Closing?

"I’M CLOSING ON MY FIRST HOME AND MY REAL ESTATE AGENT SAID I SHOULD GET A HOME INSPECTION DONE BEFORE CLOSING. WHAT WILL THE INSPECTION ENTAIL AND HOW DOES IT WORK?" Getting a home inspection is important because you’ll want to know ahead of time—before you go to settlement—if there are any defects, damages or other problems with your new home. As for what the inspection will entail, the home inspector will thoroughly check all areas of the home including the plumbing, wirin

omegafinancialinco

Apr 11, 2019
2 min

Summer Home Buying: 7 Things to Do Now

With the summer buying season closing in, here are seven things you should do now to get ready: 1. Make a housing budget. Buying a home involves more expenses than just a new monthly mortgage payment, so you’ll want to sketch out a good preliminary budget. Make sure to leave plenty of extra room in your budget for any unplanned expenses. 2. Set your financial limits. Don’t take on a mortgage that you may not be able to afford. Also, consider the size of the home. If you buy a

omegafinancialinco

Oct 3, 2018
2 min

Your Credit Score May Have Gone Up

Over the past year and a half, the big three credit bureaus of Equifax, TransUnion and Experian have made some subtle yet important changes to the way negative information is reported on credit reports. What does this mean for you? It could mean that your FICO credit score has risen recently—even if your debts and monthly payments haven’t changed. Following a study by the Consumer Financial Protection Bureau, all three credit bureaus began scrubbing all civil judgments and ta

Mortgage FAQ: Should I Invest in Smart Home Technology?

omegafinancialinco

Sep 18, 2018
2 min

Mortgage FAQ: Should I Invest in Smart Home Technology?

I’VE HEARD THAT SMART HOMES ARE ALL THE RAGE LATELY. IF I’M GOING TO SELL MY HOME, IS IT WORTH IT FOR ME TO MAKE UPGRADES TO MY HOME TO INCORPORATE SMART TECHNOLOGY?" The answer to that question may be found in the old saying about “knowing your audience.” Smart home improvements—technology upgrades that make your home more convenient and efficient—can make your home more attractive or unique, but it may be more of a turn-off (no pun intended) to many buyers. Although control

Stay in Touch With Your Pros—Even If You Aren't Buying Yet

omegafinancialinco

Jul 19, 2018
2 min

Stay in Touch With Your Pros—Even If You Aren't Buying Yet

Do you think that the services of a real estate agent and a mortgage broker are useful only when you’re getting ready to buy, sell or refinance? You might want to think again. Even if you’re not ready to buy, sell or refinance, you should stay in touch with your real estate and mortgage professionals. Here’s why: Why You Should Keep in Contact With Your Mortgage Broker: Having good credit is essential when you buy or refinance and since fixing your credit won’t happen overnig

omegafinancialinco

Mar 7, 2018
2 min

What it Takes to Get In Your Dream Home

For a lot of people, the number one excuse for not buying a home is that it’s not affordable. However, when all of the costs of buying and owning a home are broken down, you can see that it’s much more manageable—and much more affordable. Your Down Payment: Although your down payment may be one of the largest expenses in the homebuying process, getting a loan with a low down payment requirement is easier today than it’s ever been. Of course, the amount you’ll need to put down

omegafinancialinco

Nov 8, 2017
2 min

Selling Your Home in The Winter Months

Here are a few tips for selling your in the winter: Price your home fairly. Although home prices continue to rise across the U.S., prices do tend to be lower in the winter and many potential buyers are hunting for deals. With that in mind, you and your real estate agent will need to set a fair list price. Make sure you understand the market conditions—which do include the current season—and price your home accordingly. Curb appeal is critical. Making your home look enticing f

10 Years After the Bubble: Buying Then vs. Buying Now

omegafinancialinco

Oct 18, 2017
2 min

10 Years After the Bubble: Buying Then vs. Buying Now

Back in 2007, we were just starting to see what would become known as the bursting of the housing market bubble. That was ten years ago. And today? Is buying a home a better option than it was then? Without a doubt, the answer to that is yes. Let’s look at how things have changed in ten years: Interest rates then…In 2007, the average interest rate on a 30-year fixed-rate mortgage was 6.34 percent, according to Freddie Mac’s Primary Mortgage Market Survey. We didn’t see rates

Mortgage FAQ: How is a Jumbo Loan Different than a Regular Loan?

omegafinancialinco

Apr 18, 2017
2 min

Mortgage FAQ: How is a Jumbo Loan Different than a Regular Loan?

"I’M BUYING A LARGER HOME THAN I HAVE NOW AND MY BROKER SAID I MAY NEED A JUMBO LOAN. I KNOW THAT A JUMBO LOAN IS A MORTGAGE FOR A HIGHER AMOUNT, BUT HOW ELSE IS IT DIFFERENT THAN A REGULAR LOAN?" A jumbo loan is a mortgage that exceeds certain limits set by Fannie Mae and Freddie Mac. Generally, that limit is between $424,100 and $636,150, with $424,100 being the most common amount in most areas of the country. In high-cost or “competitive” real estate markets, the limit is

The Best (and Worst) Bang For Your Remodeling Buck

omegafinancialinco

Apr 12, 2017
2 min

The Best (and Worst) Bang For Your Remodeling Buck

Whether you’re considering making upgrades before you put your home on the market or simply looking to add to the overall value of your home, figuring out which remodeling projects will give you the best bang for your buck can be tricky. Should you replace your front door? Do a minor kitchen remodel? Or do something larger such as adding in another bathroom? If you’re unsure of which project to tackle, Remodeling magazine’s “Cost vs. Value Report” for 2017 may be helpful. The

omegafinancialinco

Apr 5, 2017
2 min

Save Money When You Buy a New Home

If you’re looking to save money when you buy, there are different ways you can do that (besides buying a less-expensive home, of course). Save money on one-time and continuing home costs. With a new home, you’ll have plenty of new expenses—but also plenty of ways to save money. Although buying a new home often means new furniture, think about delaying your purchases until after you’ve moved in. You may find that some of your old furnishings are perfectly good for your new hom

Mortgage FAQ: Should I Refinance Now or Wait Until Rates are Lower?

omegafinancialinco

Mar 9, 2017
2 min

Mortgage FAQ: Should I Refinance Now or Wait Until Rates are Lower?

"WITH THE INTEREST RATES GOING UP RECENTLY, WOULD IT STILL MAKE SENSE FOR ME TO REFINANCE NOW OR SHOULD I WAIT UNTIL THE RATES ARE LOWER?" Whether or not you should refinance depends on several different factors with the current interest rates being only one of those factors. You may still want to refinance your mortgage if you’re looking to change the term of your loan, such as going from a 30-year mortgage into a 10-year mortgage. You can also refinance in order to tap into

The New Year: The 2017 Real Estate and Mortgage Outlook

omegafinancialinco

Jan 4, 2017
2 min

The New Year: The 2017 Real Estate and Mortgage Outlook

Many real estate and mortgage experts are unsure of how the new year will play out—and “uncertainty” seems to be the catchword for 2017. Let’s take a look at a few of the questions that will be front and center in 2017 and see if we can dispel some of that uncertainty: Will the Federal Reserve Continue to Raise the Key Interest Rate? In December, the Fed increased the key interest rate by 0.25 percent to a range of 0.5 percent to 0.75 percent. Although the Fed also hinted tha

Mortgage FAQ: What Paperwork Do I Need For a Mortgage?

omegafinancialinco

Oct 20, 2016
1 min

Mortgage FAQ: What Paperwork Do I Need For a Mortgage?

"I’M GETTING READY TO APPLY FOR MY FIRST MORTGAGE. I KNOW I HAVE TO FILL OUT AN INITIAL LOAN APPLICATION, BUT WHAT PAPERWORK WILL I BE REQUIRED TO PROVIDE?" Besides the lender-supplied mortgage application and a few other forms and documents you’ll be asked to fill out by your lender, you’ll be required to submit the following when you apply: Your W-2 forms from at least the past two years. Your federal tax return from at least the past year. Recent paycheck stubs or proof of

Rate Update: Is This the New Normal in Terms of Mortgage Rates?

omegafinancialinco

Sep 21, 2016
2 min

Rate Update: Is This the New Normal in Terms of Mortgage Rates?

You probably haven’t heard much about interest rates lately because there’s been very little movement in the rates. However, interest rates should be front-page news becausethe lack of fluctuating rates is something we rarely see—and the rates are within striking distance of all-time lows. In the chart below, the monthly interest rates—according to Freddie Mac’s Primary Mortgage Market Survey—have remained somewhat steady, falling only slightly over the last five months. Alth

Mortgage FAQ: How Do I Buy a Home that I'm Renting?

omegafinancialinco

Jun 22, 2016
2 min

Mortgage FAQ: How Do I Buy a Home that I'm Renting?

"THE OWNER OF THE HOME THAT I’M RENTING HAS DECIDED TO SELL AND I’M VERY INTERESTED IN BUYING THE HOME. HOW DO I GO ABOUT DOING THAT? DO I NEED TO HIRE A REAL ESTATE AGENT?" If you want to buy the home, you should approach it like you would any real estate transaction, which includes hiring a real estate agent. The process of buying a home that you’re currently renting may seem simpler than a “normal” home purchase, but problems can arise and having an experienced agent is a

omegafinancialinco

Jun 15, 2016
2 min

Is a Home Upgrade Worth the Cost?

If you’re considering a home remodeling project, the big question is this: Will you recoup your costs when you sell? Although the real estate market is thriving in many areas of the country, that doesn’t necessarily mean undertaking a major remodeling project is the right decision. In some cases, it’s not. For almost all major projects, you probably won’t recoup all of your costs when you sell. On the other hand, almost all home remodeling projects do add some kind of value t

Your New Loan: Deciding on the Length of Your Mortgage

omegafinancialinco

May 20, 2016
2 min

Your New Loan: Deciding on the Length of Your Mortgage

With myriad different loan products available, you may have difficulty choosing the length (commonly known as “term”) of your new mortgage. To avoid getting bogged down with all of the different options, here are a few questions you should ask yourself: How important is the interest rate to me? Generally, the shorter the term is, the lower the interest rate will be. The spread between interest rates can be quite dramatic, although some differences—such as between a 15-year

Mortgage FAQ: When Is the Best Time to Refinance?

omegafinancialinco

Apr 18, 2016
2 min

Mortgage FAQ: When Is the Best Time to Refinance?

"HOW MUCH LOWER DO THE INTEREST RATES NEED TO BE IN RELATION TO THE RATE ON MY CURRENT LOAN BEFORE REFINANCING MAKES SENSE? IS THERE A GOOD RULE OF THUMB OR A FORMULA TO FOLLOW?" No, there’s really no mathematical formula that determines whether or not refinancing is right for you. In fact, although refinancing to get a lower interest rate is one of the most common reasons to refinance, it’s far from the only reason. With a refinance, you can: Convert an existing adjustable-r