Tag Archives: TaraMTG

Tara Mortgage Services featured blog: The Exciting Possibilities of a VA Cash-Out Refi

DHREA 12/06/2019
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(Each week we feature a blog from one of our fantastic affiliates, Tara Mortgage Services!)

If you’re a veteran, you have several options for refinancing — ones that work differently than a streamline refi. With a VA cash-out refi, veterans like you can take out some of the equity and use it however you want.

Just like any other big financial decision, you’ll want to understand it fully to see if a VA cash-out refi is what you need to reach your financial goals. Read over this guide for a quick overview and contact our office for more details.

Not a veteran? No problem! There are many refi programs available. Contact us today to find out how we can lower your rate or your monthly payment, or get some cash out from your equity to help pay for those future college expenses.

Why you should consider a VA cash-out refinance

The biggest draw of a VA cash-out refi is the cash, of course! How much cash depends on how much equity you have on your home. For example, if your mortgage is $200,000, but you’ve paid off $60,000, then the full $60,000 is available to you (less closing costs).

It gets even better! Refinancing your loan could also mean getting a lower rate or even lowering monthly payment. You aren’t required to take out the full amount with a VA cash-out refi. You can take out much less. Perhaps 10k is all you need, and that’s okay!

How do veterans use their cash-out equity?

The choice is yours! Everything from remodeling your kitchen to buying a car to taking a vacation to paying for school expenses is allowed with a VA refi. If you have a lot of credit card debt and the interest rates are higher than your refi rate, you may even want to use that cash to pay off your debt.

Here’s another benefit: if you’re a veteran with a conventional or FHA loan, a VA cash-out refi can erase the mortgage insurance that is required with those types of loans. Mortgage insurance isn’t required with VA loans and veterans are eligible to get a VA cash-out refi regardless of what their current home loan is.

What if you don’t need the cash?

If you don’t need the cash but are looking to lower your rate, then take a look at an IRRRL.  Interest rates with this type of refi tend to be lower, potentially saving you money in the short term as well as the long run.

The goal of an IRRRL is to refi into a lower rate and it’s also a requirement. So if your current home loan rate is lower than an IRRRL, then you will not qualify. Note that with a VA cash-out refis don’t have that “lowered rate” requirement.

Things you’ll need to apply for a VA cash-out refinance:

A VA appraisal may be required as well as a current copy of your credit. Of course, you’ll also want your VA certificate of eligibility. The only thing left is to apply! We’ve made it easy. You can get started right on our website. Click on the “apply now” buttons found throughout our site, and we’ll take care of the rest!

Network with nearly 700 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
685 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

Join Alex Deacon’s fast-growing Pittsburgh Landlord Group on MeetUp.com! Connect with other Landlords for monthly seminars with Q & A! Click below!

Pittsburgh Landlord Group

Carnegie, PA
154 Members

This is a great venue for Real estate investors, real estate agents and property managers to expand your knowledge and to help others in the field of being a landlord. We will…

Next Meetup

Landlord FAQs

Thursday, Jun 13, 2019, 6:30 PM
15 Attending

Check out this Meetup Group →

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

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Tara Mortgage Services Featured Blog: Mistakes to Avoid as a First-Time Homeowner

DHREA 15/05/2019
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(Each week we feature a blog from one of our fantastic affiliates, Tara Mortgage Services!)

Buying your first home is a thrill. Browsing homes online, daydreaming when driving through neighborhoods, and creating a Pinterest board to save remodeling ideas is great fun. But don’t let the excitement of buying your first home cause you to make silly mistakes.

Here are the most common and avoidable missteps for first-time homebuyers.

1. Falling in love with a home before applying for a home loan

Many first-time buyers start by looking for a home before applying for a mortgage. What happens if you actually find a home you want to buy? Without pre-approval, you have no way to make an offer on your dream home. Instead, start by applying for a home loan. That way you’ll know how much you can afford as well as have a letter of approval showing that you are a qualified buyer. 

2. Going over on your budget

A little bit here and there may not cause too much harm. But going over your homebuying budget can eventually cost you your home if you’re unable to make payments. In other words, just because you were approved for a $300k home loan may not mean that you can afford the monthly payment.

Instead, consider the required monthly payment as well as how much you qualify for. Make sure that you can comfortably make the monthly mortgage payment and avoid the temptation of buying more than you can afford.

3. Rushing to move

Buying a home in 2019 is much faster than it was two years ago thanks to digital convenience, but the actual process of moving still takes time. Rushing to move could cause cost you –and the last thing you want to do is charge up your credit card or tap into your savings to cover a rushed relocation.

Instead, plan well ahead of time to save up for your downpayment, extra for buying appliances and furniture, packing supplies, a moving company or truck rental, and other “surprise” expenses for moving.

4. Being casual with credit use

One of the first things we do when you apply for a home loan is pull your credit. However, many first time homebuyers don’t realize that it’ll get pulled out again just before closing to make sure that nothing has changed. If significant changes are found, then your approval status could also change!

Instead, attempt to keep your credit the same or, if possible, improve it. Try to keep existing balances down to about 30 percent of the credit limit and make your payments on time. You also want to avoid opening new credit cards and keep your credit rotating on the ones you currently have.

5. False believe a 20 percent down payment is necessary

You don’t NEED a 20 percent down payment to buy a home. You can buy a home with 0-3 percent down. The advantage of having a 20 percent down payment is that you can avoid the cost of private mortgage insurance (a requirement if you put less than 20 percent). However, many home loan programs allow for little down, so there is no need to spend years saving for a large downpayment.

Instead, consider an FHA loan. It requires only 3.5 percent down or sometimes even zero down. If you’re a veteran or qualify for a USDA loan, there are even more perks! VA loans are for active-duty and veteran military service members as well as for their spouses. They don’t require a down payment, but a funding fee is sometimes necessary. USDA loans are meant for moderate- to low-income borrowers that want to buy homes in rural areas. There are specific eligibility requirements and some qualify for zero down.

Network with over 650 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
670 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

Join Alex Deacon’s fast-growing Pittsburgh Landlord Group on MeetUp.com! Connect with other Landlords for monthly seminars with Q & A! Click below!

Pittsburgh Landlord Group

Carnegie, PA
144 Members

This is a great venue for Real estate investors, real estate agents and property managers to expand your knowledge and to help others in the field of being a landlord. We will…

Check out this Meetup Group →

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

Read More

Tara Mortgage Services Tuesday Blog: Housing Market Cools Making it Sizzling Time to Buy

DHREA 07/05/2019
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(Each week we feature a blog from one of our fantastic affiliates, Tara Mortgage Services!)

If you’ve been on the fence about buying a home, we have some excellent news for you! Recent changes in the market have made it an ideal time to purchase a home. So what changes have occurred that make us so confident?

Bidding wars have gone down significantly, even in the most competitive areas! Read on to find out more and if you haven’t already applied for a home loan application, click on over to our homepage to get started today!

It’s Going to Be a Sizzling Summer for Home Shoppers

Since early this Spring, we’ve seen a downward trend in bidding wars. This drop was likely triggered mortgage rates that crept up higher starting late last year. Though mortgage rates are still on the low end of the spectrum when looking at trends over the past ten years, the slightly higher rates were enough to put investors on ice and make some homebuyers hesitant.

The result is a much less competitive housing market! There’s been an overall 61 percent drop in “bidding wars” across the country…and that’s not all.

This Spring, houses are staying on the market two days longer than they did during the winter months. This change may not seem like much, but we haven’t seen an increase like this since January of 2015!

With houses on the market longer than they have been in years past, housing supply is up, further contributing to a less competitive market. Even areas that are notorious for bidding wars, such as San Francisco and Boston, have seen a dramatic decrease in receiving multiple offers per home.

Hot Housing News Gets Even Hotter!

Rates have also gone down. So despite home prices remaining on the higher end, home shoppers can still get a great deal.

To Recap on Our Current Less Competitive Housing Market:

What this overall drop means that you have more options and negotiating power in buying the home you want, in the area you want, and at a monthly payment you can afford.

Just like the weather, home sales heat up during the summer. We recommend you apply NOW, lock in the rate, and start your home shopping before summer is in full swing. It’s easy to get started and can be completed online.

Yes! Applying for a home loan really is that simple. Contact Tara Mortgage Services today!

Network with over 650 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
670 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

Join Alex Deacon’s fast-growing Pittsburgh Landlord Group on MeetUp.com! Connect with other Landlords for monthly seminars with Q & A! Click below!

Pittsburgh Landlord Group

Carnegie, PA
141 Members

This is a great venue for Real estate investors, real estate agents and property managers to expand your knowledge and to help others in the field of being a landlord. We will…

Check out this Meetup Group →

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

Read More

Tara Mortgage Services Featured Blog: “Getting a Home Improvement Loan: Scenario by Scenario”

DHREA 01/05/2019
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(Every week we feature a blog from one of our fantastic affiliates, Tara Mortgage Services!)

Home improvement loans can be used for minor upgrades or major repairs or even complete remodels. Everything from replacing old plumbing to making your home more energy efficient are great reasons to consider a home improvement loan. With much better rates than a credit card and more options for repayment, homeowners just like you are discovering how easy it is to make those necessary home improvements.

Speaking of options, you have quite a few and there are some that are better than others depending on the situation.

For a clearer picture of which home improvement loan is right for you, please contact Tara Mortgage Services!

Home Improvement Loans by Scenario

Little or No Equity Scenarios

If you’re doing minor repairs: An unsecured loan would be your only option. An unsecured loan means that your home is not used as collateral. Since you have little to no equity AND the repairs would not increase the value of your property, there is essentially nothing to use as collateral.

While not the best scenario to be in, we understand that there are circumstances that require getting a home improvement loan. Despite having a higher interest rate than other home loans, it’s often a more attractive option than putting it on a credit card.

If you’re doing major repairs remodeling: A few options in this scenario. If your current mortgage rate is low, consider a second mortgage. In this case, you keep your current low-interest home loan. However, if your current home loan has a higher rate than what is now available to you, refinancing your loan under a renovation loan or a cash-out refi would be the way to go.

In the latter scenario, we would need an itemized repair and remodel plan so that we could better assess the “after-improvements value” of your home. Both of the loans mentioned above have lower interest rates than an unsecured home loan, but remember to still include closing costs.

Significant Amount of Equity Scenario

If you’re doing minor updates: Consider getting an unsecured loan or even a line of credit if you’re in this situation. With a loan this small, it’s often better to use the option that has low or no closing costs. Another benefit of a home equity line of credit (HELOC) is that you can reuse it if needed.

If you have major updates or remodeling: In this scenario, you’re eligible for several different home improvement loans. A HELOC, a second mortgage, or a cash-out refinance are ones to consider. Ultimately, what will determine the best option is your particular financial situation or the desired goal. For example, if you want to keep your current interest rate, get a HELOC or second mortgage.

While they have higher interest rates on these, you’ll save on closing costs. However, if you prefer cash flow or can lower your interest rate on your first mortgage, look into a cash-out refinance.

We’ve outlined the basic situations for choosing the right home improvement loans, but there are many more factors to consider. Contact Tara Mortgage Services today for a no-obligation consultation with a mortgage professional.  We look forward to helping you!

Network with over 650 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
670 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

Join Alex Deacon’s fast-growing Pittsburgh Landlord Group on MeetUp.com! Connect with other Landlords for monthly seminars with Q & A! Click below!

Pittsburgh Landlord Group

Carnegie, PA
140 Members

This is a great venue for Real estate investors, real estate agents and property managers to expand your knowledge and to help others in the field of being a landlord. We will…

Check out this Meetup Group →

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

Read More

Tara Mortgage Services Featured Blog: Severe Weather and Your Mortgage…What to Expect and How to Prepare!

DHREA 12/03/2019
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(Every week we feature a blog from one of our fantastic affiliates, Tara Mortgage Services!)

Across the U.S., severe weather is disrupting daily life. From hurricanes to heavy snow, torrential rains and flooding, cold snaps and other extremes seem to be affecting every corner of our country.

Even if severe weather hasn’t affected you directly, it serves as a reminder that we all need to be prepared should nature take a turn for the worse. The first place to start –put together an emergency kit.

Keep in mind that your emergency kit needs contain enough supplies to maintain you and your family for at least 72 hours without transportation, food, electricity, or water. Customize your kit according to needs and family size but here is a basic list to help you get started building your kit:

One gallon of water or more per day, per person.

  • Three days’ worth of non-perishable, ready-to-eat food. Remember the can opener!
  • First aid kit
  • Cell phone, charger, and backup battery
  • Flashlight with extra batteries
  • Personal care items such as toilet paper, soap, moist towelettes, paper towels, toothbrush and toothpaste, hand sanitizer.
  • Tools such as screwdrivers, pliers, wrenches as you may need to turn off utilities.
  • A few changes of clothes, shoes, and jackets.
  • Important family documents in a watertight bag (or scan and store in cloud-based storage.)
  • Sleeping bags, pillows, blankets
  • Large plastic sheets and duct tape in case you need to make an emergency shelter.
  • Medication, extra eyeglasses, eye solution, etc.

Of course, those are just basic suggestions. There are products such as water purifiers, “space blankets,” pop-up shelters, and other innovations that you may want to consider for your kit.

Remember your pets need a kit too! Here are some ideas for a simple emergency kit for pets:

  • Medication and documentation for your pet
  • First aid kit
  • Non-perishable pet food
  • Collar and leash
  • Cat litter
  • Bottled water and bowl.
  • Where to Store Your Emergency Kit

The best place to store your kit is in a dark, dry, and cool place. Make sure everything is in an airtight, plastic container and easily accessible. Though a basement may seem like a convenient place, retrieving it in an emergency (or flood!) could make it impossible. You’ll also want to make sure that everyone in the family knows where the kit is located.

Remember to check it every year to ensure everything is still in good repair and the food has not expired.

What about your home and mortgage?

There are federal, state, and private programs that you can use to help repair your home and provide temporary housing if needed. Depending on the disaster, the location, and whether it has been declared a state of emergency, you may qualify for federal aid from FEMA. Private home and disaster insurance (this is separate from the insurance you may have on your mortgage) also provides much-needed assistance during times of disaster.

Your mortgage payments may also qualify for forbearance or partial payment. Call Tara Mortgage Services for more information.

At our office, we don’t just work with loans, we work with people –that’s why we feel it’s important that you prepare for an emergency. And please, forward this information to friends and family!

Alex Deacon’s Pittsburgh Landlord Group meets this Thursday, March 14th! Come network with other landlords as we continue last month’s conversation: Tenant Screening!

Tenant Screening II

Thursday, Mar 14, 2019, 6:00 PM

552 Washington Ave
552 Washington Ave Carnegie, PA

20 Members Went

Last month we had a Q and A about tenant screening and we ran out of time. Its such an important topic so this Thursday we will continue our conversation. One of our members is bringing a version of Landlord software that we can all use. If you have 1 unit or 100 units you can use this software which he is now currently using and its a very reasona…

Check out this Meetup →

Network with over 650 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
668 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

Read More
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