Anthony LaForge

Refinancing costs typically range from 2% to 6% of the loan amount and include fees such as appraisal, title insurance, and closing costs. Factors like your loan type, location, and credit score can significantly impact these expenses. Our team can help to provide strategies that can help minimize costs.

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To determine how much home you can afford, you’ll want to assess your financial situation. This includes your income, expenses, and debt-to-income ratio, to ensure your mortgage fits comfortably within your budget. A general guideline is to spend no more than 28% of your gross monthly income on housing costs and 36% on total debt.

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A good credit score typically starts at 620 for conventional loans, while FHA and VA loans may accept scores as low as 500, though higher scores offer better terms. A strong credit score can help you secure lower interest rates, saving you significant money over the life of a home loan.

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A Home Equity Line of Credit (HELOC) is a revolving line of credit that allows homeowners to borrow against the equity in their home. HELOCs function like a credit card, giving access to funds up to a set limit, which can be used for expenses like renovations or debt consolidation. You only pay interest on the amount you borrow, and the repayment terms typically include a draw period followed by a repayment period.

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To calculate your mortgage payments, start with your loan amount, interest rate, and loan term. Your payment will depend on the interest charged over time and the repayment schedule. You can use a monthly mortgage payment calculator or connect with us to learn more.

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1. Pre-qualify for a home loan

2. Check your credit report

3. Meet with a CCM loan officer

4. Establish your homebuying budget

5. Get pre-approved

6. Work with a real estate agent

7. Find your dream home

8. Submit your mortgage application

9. Make an offer

10. Get a home inspection

11. Close your loan

12. Move into your home!

It depends on the home loan. For example, conventional loans require a minimum credit score of 620. But VA and FHA loans may allow homebuyers to qualify with a credit score as low as 500. It’s important to note that lower credit scores often come with additional requirements or higher interest rates.

It typically takes a few months to buy a home. The exact length of the process will depend on the market, home and other financing factors.

At CrossCountry Mortgage, we’re dedicated to making the mortgage side of homebuying smooth and stress-free – offering full approvals quickly through our FastTrack program.

First, let’s see if you qualify for certain government-back loans. If you are a Veteran or Service Member, VA loans require 0% down. Same goes for rural homebuyers with USDA loans.

Second, talk to a CCM loan officer about local, state and national down payment assistance programs that may cover your down payment costs.

That is more about you than the market! You’ll want to consider if you are ready to take on the homebuying process and then calculate your purchasing power with a CCM loan officer. Once you know your homebuying budget, it’s time to house hunt and explore your desired community for the home of your dreams.

Before you find your dream home, it will help to have:

• Your credit score
• Proof of employment and income
• Cash or assistance for a down payment
• The right loan
• A homebuying budget
• An expert real estate agent
• Your dedicated CCM loan officer

1. Contact your CCM loan officer to find the right renovation loan.
2. Complete a loan application with required documentation.
3. Choose a reputable contractor and review your project in person.
4. Provide the contractor’s estimates and validation documents to verify their qualifications.
5. Complete underwriting for review of all your loan documents.
6. Close your loan and start your renovation.

• Cost factors: Costs vary widely based on project scope. You’ll need to understand your renovations and get contractor estimates.
• Budgeting tip: Add a percentage for unexpected costs, including changes later in the project.
• Loan options: CrossCountry Mortgage offers renovation loans from cosmetic upgrades to complete expansions.

Renovations may be tax-deductible or qualify for a tax credit, but only a professional tax advisor can guide you. Four categories of home renovations may qualify for tax breaks:

• Home office improvements
• Energy-efficient home improvements
• Improvements for medical care
• Rental property maintenance

While you could use a credit card or personal loan, a home loan will give you a better interest rate and financing to suit your project and your goals. CCM has several loans that combine your purchase or refinance with your renovation costs and provide disbursement management, so your contractor is paid correctly and on time.

The time for your renovation will depend on the project’s scope. While cosmetic work might take a week, a complete renovation could take a year or more. Loans have different time limits, too, so be sure to discuss this with your CCM loan officer. Experienced contractors and remodelers will tell you to allow extra time (within reason) to keep your stress level down and be prepared for delays.

Reverse mortgages allow homeowners age 62+ (55+ for some proprietary reverse mortgages) to borrow against their primary residence equity, and receive the funds as a lump sum, fixed monthly payment, or line of credit. The loan doesn’t have to be repaid until the borrower sells, moves out, or passes away. (Equity is the difference between what you owe on your home [mortgage] and your home’s worth.)

With a traditional mortgage, you borrow money to buy or refinance a home and make monthly principal and interest payments to the lender. With a reverse mortgage, you borrow money based on your home equity (and other factors) and receive the funds directly, but monthly mortgage payments are optional. You must pay property taxes, homeowners insurance, HOA dues (if applicable) and home maintenance.

There are pros and cons to reverse mortgages, so it’s best to meet with an experienced reverse mortgage loan originator to understand if it’s the right choice for you. It’s important to know that there’s a lot of misinformation about these loans, so listening to a knowledgeable source is a good first step.

HECM stands for Home Equity Conversion Mortgage. It’s a Federal Housing Administration (FHA) insured reverse mortgage for borrowers age 62 and over. By far the most popular type of reverse mortgage, you can use it to borrow funds and stay in your current home or buy a new home if you want to relocate or rightsize. It’s for your primary residence only.

The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM), followed by the proprietary reverse mortgage (often a jumbo loan) and the single-purpose reverse mortgage (funded by a nonprofit, state or local government).

You don’t need to repay the loan until you no longer occupy your home as your primary residence. The loan is most often repaid through the sale of the property, but it can also be paid through a refinance. Any remaining equity after paying off the reverse mortgage belongs to the borrower or their heirs.