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Blog Image: Should You Buy a Second Home as Your First Home?

Should You Buy a Second Home as Your First Home?

There is a new trend catching on among younger urban residents: renting in the city and buying a vacation home as their first house purchase. This unconventional approach to first-time homebuying is one way for these buyers to achieve homeownership and all its benefits when they are priced out of their own market.  Real estate prices in most major U.S. cities are rising so high that it is virtually impossible for young professionals to start their home-owning journey within city limits. The creative solution of buying a vacation home while renting a primary residence in the city allows...

February 12th, 2020 | Purchasing a Home, First-time Homebuyers, Should You Buy a Second Home as Your First Home?

Blog Image: What Fees Are Included in My Monthly Mortgage Payment?

What Fees Are Included in My Monthly Mortgage Payment?

You think you understand how much your mortgage payment is going to be and then your first bill comes. There seems to be more included in your payment than you expected. What are all the fees in your monthly mortgage bill? Mortgage Principal Your mortgage principal is the base amount of money you needed to borrow to buy a home. For example, if you are buying a $200,000 home and you put down $20,000, your principal is $160,000. Almost all home loans are amortized, meaning they are structured so that the amount of principal you repay each month starts out small and increases over time. Dur...

December 18th, 2019 | Purchasing a Home, What Fees Are Included in My Monthly Mortgage Payment?

Blog Image: Jumbo Loans for Veterans

Jumbo Loans for Veterans

If you are a veteran or a servicemember, you are probably well aware of VA mortgage loans. These loans offer excellent benefits, including no down payment or credit score requirements as well as allowing borrowers to forgo mortgage insurance premiums.  But what happens if you are looking to buy an expensive property or you live in a pricier area of the country, where home prices exceed the standard VA loan limits? Is it still possible to take advantage of VA mortgage financing? Thankfully, the answer is yes! You can apply for a VA jumbo loan. Jumbo Loan Defined A jumbo loan is for a...

October 24th, 2019 | Purchasing a Home, Government Loans, VA Loans, Jumbo Loans for Veterans

Blog Image: Is a Bigger Down Payment Always Better?

Is a Bigger Down Payment Always Better?

In the homebuying process, if you find yourself in the enviable position of having more cash than needed for a minimum down payment, it may be difficult to know just how much you should put down. A larger down payment can bring plenty of benefits, but is it always best to contribute the biggest down payment possible?  First, remember that every loan program has its own down payment requirements. FHA loans for example require a minimum of 3.5% while jumbo loans will require at least 10%. To get a conventional loan without PMI you’ll need 20%. USDA and VA, by contrast, do not requi...

September 25th, 2019 | Purchasing a Home, Preapproval, Mortgage Advice, Is a Bigger Down Payment Always Better?

Blog Image: What’s More Important: Lower Home Prices or Mortgage Rates?

What’s More Important: Lower Home Prices or Mortgage Rates?

When buying a home, there are several factors that affect how much mortgage you can afford. Two of the most important are the property prices and current mortgage interest rates. Is it better to search for the absolute lowest rate or is it more helpful to choose a less-expensive home? Here’s how the two factors are related and how to make the right choice. Mortgage Rate/Home Price Relationship Since higher mortgage rates make homebuying more expensive for buyers, you might think that home prices would tend to fall during high rate climates in order to compensate for those costs. Un...

July 31st, 2019 | Purchasing a Home, Interest Rates, What’s More Important: Lower Home Prices or Mortgage Rates?

Blog Image: Can I Qualify for Down Payment Assistance?

Can I Qualify for Down Payment Assistance?

One of the biggest obstacles to homeownership is coming up with enough cash for a down payment. When your own savings are not adding up quickly enough and you don’t have a rich uncle to tap for an early inheritance, you may find some help in a down payment assistant programs. Down Payment Assistance Programs Many state and local governments as well as local lending institutions and non-profit organizations have created down payment assistance programs because of their vested interest in helping residents and fellow community members become homeowners. Those who own homes are likely...

April 10th, 2019 | Purchasing a Home, First-time Homebuyers, Can I Qualify for Down Payment Assistance?

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Millennial Mortgage
(NMLS# 1211572)

5505 W Chandler Blvd # 3, Chandler, Arizona 85226
Phone: 480-426-1636 | Toll Free: 800-402-8884
Fax: 855-883-1938

Proudly serving Arizona, California and Washington.

Millennial Mortgage, Inc. is licensed by the Arizona Department of Financial Institutions (License AZ MB 0930862), the California Department of Business Oversight (License #60DBO59183) and the Washington Department of Financial Institutions (License WA 1211572).

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