Finding the balance between saving or paying off debt first can be tricky. It is always important to evaluate your finances early so you can improve your chances of being approved.

You might be asking yourself what is the right amount of debt, while also having a healthy down payment?

We are here to help offer some guidance on how to tackle this question.

Saving for a Down Payment

When it comes to saving, having more cash in your pocket is never a bad idea. It is never too early to start saving for you for your down payment even if your mortgage...

Are you looking to tap into extra equity while in retirement? Is most of your equity tied up in your home? Are you age 62 or older?

A reverse mortgage may be an option for you and our team can assist - check out https://sunnyreverse.com/

What is a Reverse Mortgage?

A reverse mortgage is a loan available to homeowners ages 62 or older, who own their homes. Generally reverse mortgages are federally insured products, however many lenders have proprietary reverse products that they can lend with, which may help you tap into your home...

Whether you are buying your first home, refinancing or looking to purchase another property, the mortgage world can feel like people are speaking a completely different language. From the acronyms to the specific documentation needed for your mortgage. Not to worry.

We have compiled a list of common terminology, so you can familiarize yourself with the vocabulary used when discussing your mortgage.

Preapproval

Preapproval is the process of receiving a letter from a lender, to approve the amount they will let you borrow for a home. Many times, this is the...

As you start exploring different mortgage options the term “amortization” will be brought up quite a bit. Not to worry. We are here to breakdown amortization and how it impacts your mortgage.

What is Amortization?

Amortization is making a fixed payment over time, with a portion of your payment going towards the loan principal and the other remaining portion towards interest, based upon a predetermined schedule.

Once you start making payments on your mortgage, our amortization schedule will help you determine how much of your monthly mortgage payment is...

Has your family member or someone close to you offered to help with your down payment or closing costs? This is becoming an increasingly popular way for home buyers to receive assistance. However, there is more to the process than just receiving the funds. We will dive deeper into the process of receiving gift funds and what you will need to do to communicate this with the lender.

How the Process of Gift Funds Works

Your lender will need some specific details regarding these funds before they can be accepted.

When you have decided to use gift funds for...

Homebuying can be quite a stressful time and finding the funds for a down payment can add to this stress. Not to worry, there are many different ways you can fund your down payment. It is important to evaluate your assets and determine where you may be able to supply the funds from. There are many different ways to satisfy a down payment requirement, depending on what options you qualify for.

What is a Down Payment?

A down payment is the cash you’ll pay toward the purchase of your new home. The more you are able to put down upfront, the less you will have to...

Have you started searching for that new place to call home?

You’ve scoured the internet for the perfect home. Taken drives through neighborhoods and pictured the new life you can build there? Before you start visiting all of the open houses, pre-approval needs to be added to the list.

What does Preapproval mean and how can it help you during your home buying journey?

Preapproval is much different that pre-qualification. Preapproval brings you much more power. This is the start of the process to qualify for a mortgage. A lender is now approving the...

Refinancing is a word used frequently in the world of mortgages and Homeownership. What is it? Is this an option for me? When should I? How can I? These are all questions we ask ourselves as we explore mortgage decisions. Deciding to refinance can help you save money on your mortgage or help you shift debt to a more favorable position using the equity you have built up in your home.

What is Mortgage Refinancing

When you choose to refinance your mortgage(s) you are simply paying off your current mortgage loan(s) with a new mortgage. The process...

Are you ready to make the leap but don’t know where to start?

We are here to help you along your journey. Whether you are refinancing, purchasing a new home or still trying to figure what you would like to do, we are here to help.

One of the best tools to start with is our mortgage calculator.

Using our calculator will help you estimate your monthly mortgage payment easily.

Mortgage calculator

Key Things You Will Need to Know:

...

One of the best ways to create success in a situation is to perform mental modeling. Pro athletes, Navy Seals, Nobel Laureates, successful CEOs and performance driven individuals use mental modeling to visualize high pressure, new situations before they perform them.

You might ask, what does all this have to do with mortgages? Good question. More than you might think. For a lot of borrowers, the mortgage process is new and can be daunting. And even for home buyers with previous experience, the home loan marketplace is constantly changing. Rates are tied to decisions made by the Fed...

Buying your first home is a great moment in life that will lead you to form lasting relationships with your community and neighbors. There are lots of exciting choices to make, City Center vs. Suburbs or you be more inclined to live in a rural area. Whichever you choose SunnyHill Financial can help you meet that goal, through our lending partnerships. Based our our many many years of collective experience, here are SunnyHill Financials' tips on how to approach the first time home buying process.

Figure Out What Type of Home You Are Looking to Buy

Dreaming...

Comprando su primera casa es un gran momento. Te va llevar a relaciones duradas con tus vecinos y comunidad. Hay muchas decisiones emocionantes que hacer como en cual barrio vas a vivir, cual casa vas a comprar, distrito escolar y mucho mas.

Aqui estan SunnyHill Financial’s consejos para compradores de casa por primera vez.

Descifrar Cual Tipo de Casa Estas Buscando Comprar

Sonando en que tipo de casa quieres es emocionante. Entender que características quieres en tu primer casa es importante. Factores como el numero de baños y recamaras, el espacio en...

Many people enter into the mortgage process and are unfamiliar with the products that are available, while some borrowers are have been through the mortgage process before. Whichever category you fall into, it is worth understanding an Interest-Only ("IO") mortgage when you are looking at all the options. Interest-Only loans are attractive to buyers wanting to save money on their monthly payments and who may be looking for different amortization timelines.

What Is An Interest-Only Loan?

An Interest-Only Loan is a loan where you pay only the interest portion of...

Adjustable Rate Mortgages, ARMs for short, got a bad wrap during and after the credit crisis, because many borrowers felt that they were not informed nor educated about the product when they purchased an ARM. It is important to work with a patient loan officer who will take the time to understand your needs, and educate you on any loan that may fit your needs. Google and internet searches can help in your education as well. Simply make sure that you are using a trusted source to gather your information

What Is An Adjustable Rate Mortgage, an ARM?.

With an...

Whether you are looking to purchase a home or refinance an existing one, the current appraised value of the property is as important of a factor as, if not more than, other loan characteristics such as your FICO score or debt-to-income ratio. The majority of loans originated in today’s mortgage market require a full appraisal, meaning an interior inspection of the property is required for loan approval. For the most part, gone are the days when lenders would approve loans utilizing strictly an automated value model (AVM) for the property valuation.

The appraised value is the...

Natural disasters including fires, earthquakes, floods, and tornadoes have been in the news regularly lately.

Many homeowners are wondering how to effectively insure their homes against a natural disaster and how much insurance coverage they should own on their home.

This article should help you organize your thoughts about your home insurance options. To begin, there are three primary types of value that property holds.

Replacement Value: This is the estimated cost to replace a home and rebuild it from scratch. Replacement value can be influenced by several...

FHA stands for Federal Housing Administration. VA is short for Veterans Affairs part of the US Departments of Veterans Affairs. Both of these agencies are US government organizations that offer home loans to qualifying buyers. In short, FHA Mortgages are federally insured mortgages designed to help qualified borrowers buy a home with less money down and lower credit. VA Mortgages are government insured mortgages for active or veteran military service members...

Fed up with your landlord? Frustrated about rising rents? Tired of sitting back and watching home values soar out of your price range?

It doesn't have to be that way...

Homeownership rates in the United States have now reached all-time lows in the past 50-years to 63.4% down from a high of 69.2% at the end of 2004, according to data released this week by the U.S. Census Bureau. College students are graduating with a mountain of debt like we've never seen...

One of the most commonly asked questions in the mortgage business is how a borrower's credit score will affect their home loan. The best answer is, your credit score aka your FICO score is a key factor in qualifying you for a mortgage and determining the rate that you would qualify at. FICO Scores can be any number between 300 to 850, with a 300 being considered a Poor FICO score and an 850...

Are you one of the ~40 million American households who rent and would like to purchase a home in the near future? Do you already own a home and want to purchase another one? Are you thinking about refinancing your existing loan?

Yes...maybe...someday? Read on!

FICO is king! In today's mortgage market, your FICO score and loan-to-value are the main factors that determine your rate and price for a Conforming loan, which is a home loan that meets Fannie Mae & Freddie Mac guidelines and has a loan amount of up to $453,100 (or up to $679,650 in certain high cost areas of...

Have you ever attempted to obtain a mortgage loan for the purchase of a home and wondered why your lender cares so much about the source of your down payment? An applicant recently said to me, "It's my money, it shouldn't matter to you!"

That applicant's sentiment is not alone...

One of the most frustrating aspects for homebuyers during the mortgage process continues to be the documentation of assets for loan approval. With a little preparation, however, this part of the loan approval process can be simplified.

Home purchase loan applicants must show the...

Picture this scenario: you’ve worked hard for years stashing as much of your hard earned pay check in the bank along the way as possible. You’ve managed your credit wisely and built up an 800 FICO score. Instead of dining at fancy restaurants or spending nights out on the town with friends, you’ve opted for home cooked meals, nature walks, and snuggling up with your significant other watching the latest hit movie on Netflix. Finally, you have accumulated enough savings for a down payment on a home without having to raid your emergency savings funds. You select a realtor and he/she asks...