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How to Achieve and Maintain a Good Credit Score

How to Achieve and Maintain a Good Credit Score In today’s financial sphere, having good credit is a necessity. Whether you are financing a large purchase like a vehicle or starting the process of buying a home, your credit score is a critical factor in deciding your eligibility for a loan, as well as the terms of that loan. But to many people, a credit score and its importance are mystifying. Let’s go over what makes a credit score so important and what you can do to get your score where it needs to be. What is a Credit Score and Why is it Important? Put simply, a credit score is a numerical value that determines an individual’s creditworthiness, which is the ability and likelihood of an individual to pay back a loan. Lenders use this score to evaluate whether an individual can receive a loan, or to determine if someone is considered too risky to extend a loan. If a lender does decide to extend a loan, the person’s credit score will greatly affect the terms of the loan. When it comes to purchasing a home, your credit score will impact the types of mortgage products you may qualify for and possibly even the offer you can make on the home you’d like to buy.” “Many potential homeowners are left in the dark when it comes to understanding their credit score. And sometimes a search of the internet for clarity can lead to misinformation,” explains Amy Wilemon, Senior Loan […]

How Millennials are Changing the Homebuying Game

You can probably imagine the “typical” American family from the 1950s – mom and dad, 2.5 kids, a dog, and a house with a white picket fence. The couple was probably in their early 20s when they got married and had those 2.5 kids by the time they were 25 years old. The husband drove to the bank and filled out a form for his home loan, then picked up his landline phone to call a realtor…but it’s not 1950 anymore. Baby Boomers gave birth to Millennials. And now that Millennials have officially grown up, they are changing the way we all do business, especially in the real estate and mortgage industry. Here are just a few ways Millennials are changing the game, and why it matters. Who are Millennials – and how many are out there? By definition, a Millennial was born between 1981 and 1996 and they are a member of Generation Y. When it comes to Millennial home buying, here are a few quick stats: In 2020, the average age of a married Millennial was 31 in women and 33 in men. Compare that to the average age of a married Baby Boomer in 1965, which was 21 in women and 23 in men. Today, it’s not just married couples buying houses, either. In 2020, 20% of unmarried couples ages 22 to 30 and 10% of unmarried couples ages 31 to 40 were buying houses. The average credit score for a Millennial is 680. 38% of those [...]

5 Reasons You Need an Agent in a Red Hot Real Estate Market

5 Reasons You Need an Agent in a Red Hot Real Estate Market Unless you’ve been living under a rock (and who knows, maybe during the pandemic, you have!), you know the real estate market is extremely hot right now. Competition is stiff, and it’s not uncommon for homes to go under contract before they’re officially listed and open to the public. So, what’s a buyer or seller to do in such a cut-throat market? You may be tempted to try buying or selling a home on your own to save some cash. But even if you’re seasoned at the process, it’s likely you won’t stand a chance without an expert at your side. Here are just a few reasons why you should enlist an agent to help break through the competition. Reason 1: Agents have extensive experience in buying and selling homes While it may seem daunting to you, your agent truly knows the ropes when it comes to buying and selling. Put simply, this isn’t their first rodeo. From pricing strategy to marketing, your agent will know exactly what to do to compete in such a red hot market. They’ll have access to all the best tools and technology to help you find a home or sell your current one fast. During what can be a stressful time, you can rely on your agent’s expertise and rest easy knowing you are in the best hands possible. Reason 2: Real estate Agents have killer negotiation skills At a time [...]

3 Ways to Finance Your Dream Home in A Competitive Market

Buying a home in a seller’s market can be frustrating. With very little inventory available, buyers are struggling to find “the one”. But that doesn’t mean you should settle for anything less than the home of your dreams. If you’re looking to buy a home anytime soon, you’ll need a lot of patience and a willingness to move fast. However, the true key to unlocking your homeownership dreams right now could be none other than creativity. And there’s never been a better time to think outside the box. The Wilpower Team at Silverton Mortgage offers many alternatives to a traditional real estate transaction. Read along to see which option could be best for you. Option 1: Renovate Your Home with a Home Improvement Loan If your current home is already in the location where you want to be, but it could benefit from serious renovations, a Construction One-Time Close Home Improvement Loan could be a good option. Whether you’re wanting to add a second story, gut the interior, build an addition — or all the above — a home improvement loan may be for you.  A few things you should know about a home improvement loan are: A Home Improvement Loan is designed for borrowers who want to make improvements to a home they are purchasing or a home they already own The loan is made directly to you, the borrower, not the builder Because there’s ONE loan, there will only be ONE closing Director of Construction, Rick Scott, explains, [...]

How much house can I afford?

How much house can I afford? Purchasing a home is one of the biggest money moves you’ll make in your lifetime. And if you’re like most home buyers, you will need to finance at least some portion of your large purchase with a mortgage. So what do mortgage lenders look at to determine how much house you can afford? A lender will examine things like credit score, debt-to-income ratio, and down payment. And while your credit score is a major factor in getting you approved for a mortgage, your debt-to-income ratio is actually the indicator of how much house you can realistically afford. What is a debt-to-income ratio (DTI)? The debt-to-income ratio is a percentage of the borrower’s total monthly obligations including housing expenses and recurring debts compared to reliable monthly income. Your DTI tells lenders how much money you spend versus how much money you have coming into your household, and it’s used to determine your ability to repay the mortgage, as well as other outstanding debts. How and when should I calculate DTI? As soon as you decide you’re ready to start the home buying process, schedule some time to talk finances with a lender that specializes in mortgages. Your mortgage lender will help you calculate your DTI, so you are aware of what works best with your budget. You can also calculate your DTI yourself by adding up your monthly minimum debt payments and dividing it by your monthly pre-tax income. What debts are included in DTI? [...]

Understanding Mortgage Terms: A Guide for First-Time Home Buyers

Buying a home can be challenging. Especially for a first timer. There are decisions to be made and mounds of paperwork to sign. And the amount of industry terms thrown around can make it seem like your home buying experience has you learning a new language. Sound familiar? Relax. We’ve got this. Before you hire a mortgage translator (these don’t exist, by the way), check out the common mortgage terms below as translated by our Wilpower Team at Silverton Mortgage. What is a mortgage? In simple words, a mortgage is a loan that enables a lender to purchase a home or a property. Contrary to popular belief, it’s not a requirement that you use your personal bank for a mortgage loan. In fact, some banks don’t have a mortgage lender at all. To ensure you have the smoothest home buying experience possible, you should find a lender that specializes in mortgages. What is a mortgage rate/interest rate? A mortgage rate is the interest that is charged on the mortgage loan. Your mortgage rate is determined by your lender. It can be fixed (stay the same for the term of your loan) or it can be variable (fluctuate based on a benchmark mortgage rate). Also commonly referred to as the interest rate, your mortgage rate is the cost you will pay each year to borrow the money. It does not reflect fees or any other charges you may have to pay for the loan. What is APR? Unlike the mortgage/interest rate, […]

3 Creative Way To Use Your Home Equity Wisely

If you’re on the hunt for your next home or investment property…

Financing Your Dream Home in a Competitive Market

If you’re on the hunt for your next home or investment property…

Amy and Carrie on the Construction to Permanent Loan Program

Amy and Carrie on the Home Equity Loan Program