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Make Your Dream Home a Reality with Construction-to-Permanent Financing

Lack of housing inventory continues to be a frustration for home buyers. Rather than stay stuck in your current home or in a bidding war, it might be wise to consider a construction-to-permanent loan which would allow you to build a custom home or tackle a fixer-upper. With this financing in place you can choose the home you want to build or renovate and create something that fits your unique needs and style.

So, how does a construction-to-permanent loan work? It starts by working with one of Univest’s expert construction loan officers to discuss your intent and review your…


Top Five Reasons Loan Officers Choose Univest Home Loans

Let’s face it, it is a challenging time to be a mortgage loan officer. You have to work hard, create a solid business plan and have some serious determination. It is also imperative to work for a mortgage lender that provides the support you need to become, and stay, successful.

Univest Home Loans is the mortgage lending division of Univest Bank and Trust Co. a regional bank with a 142-year history. Headquartered in Souderton, Pennsylvania, Univest has a network of more than 50 offices in southeastern Pennsylvania extending to the Lehigh Valley and Lancaster, as well as New Jersey.

At…


Millennials: Tips to Tackle Home Ownership Obstacles

Millennials are currently between the ages of about 24 to 36 years old, historically the prime age for first-time homebuyers. Lenders are anxious to see millennials embrace homeownership, yet they have been slow to do so. What is keeping millennials from purchasing that first home? There are several factors to consider:

-Many people in this generation watched their parents struggle though the Great Recession and possibly even lose their home during the housing crisis.

-In response to this crisis, the federal government initiated sweeping reforms which have hampered the ability to qualify for mortgage financing.

-Many millennials have chosen to marry…


Financing Options for the First-time Homebuyer

We have so much information at our fingertips thanks to technology, but there are still many misconceptions about residential mortgage financing for the first-time homebuyer. Most prevalent is that consumers need a significant amount of cash available to make their first home purchase. There is also a lot of misinformation about credit, debt and qualifying.

Let’s begin with the definition of a first-time homebuyer (FTHB). As counter-intuitive as it may seem, the FTHB as defined by most of the residential mortgage agencies is, “an individual who has not held an ownership interest in a residential property within the…


Building Your Real Estate Portfolio? Don’t Get Scammed

Can you imagine going to close on the new building you’re purchasing to expand your business or an investment property to start your real estate portfolio only to learn that your down payment and/or closing funds have disappeared? It’s hard to imagine, but it’s happening now more than ever. Hackers are infiltrating just about every industry at an alarmingly fast rate and scams are now prevalent in the real estate industry targeting money being transferred during the closing process of a real estate transaction.

This type of scam is known as wire transfer fraud. While scammers use various methods like…


Buying a Home? Why You Need a Pre-Approval

Those searching for a home today will find that property inventory has cratered to a 30-year low and that there are often at least two other rival offers on every home. What can you do to make your proposal more attractive than your opposition?

While “cash is king,” most prospective buyers lack enough of it to waive financing, so most buyers are in need of a mortgage. With the limited inventory, most offers are at list price, or even over. As a result, many real estate offers have become essentially identical. How, then, does a seller distinguish their bid?

One…


6 Tips for Saving for your Down Payment

Before you can make the transition from renting your home to owning your home, you will need to have a substantial down payment, typically 5 to 20 percent of the home’s value. Here are some tips to help save for it:

1. Develop a budget and timeline. Start by determining how much you’ll need for a down payment. Create a budget and calculate how much you can realistically save each month – that will help you gauge when you’ll be ready to transition from renter to homeowner.

2. Establish a separate savings account. Set up a separate savings account exclusively…


5 Important Questions When Choosing Your Home

Buying your own home can be exciting and frightening at the same time. Consider the following five questions when getting ready to buy:

1.    How much money do you have saved up?

Start with an evaluation of your financial health. Figure out how much money you have for a down payment. Down payments are typically 5 to 20 percent of the price of the home. But be sure to keep enough in savings for an emergency fund. It’s a good idea to have three to six months of living expenses saved to cover unexpected costs.

2.    How much debt do you have?

Consider all…


Navigating the 2017 Real Estate Market

A combination of factors is making the 2017 real estate environment a “seller’s market.” Limited housing inventories, rising interest rates and a stringent financial regulatory atmosphere are some of the challenges facing homebuyers. According to Redfin, in the past year, 57% of realtors have been involved in a sale with at least 10 offers on a single property. And, only 2% of realtors have NOT experienced a bidding war in the last year.

As a potential buyer in this difficult environment, you must differentiate yourself to edge out the competition. Keep these tips in mind as you start the home…


Home Equity Financing 101

Thinking of consolidating debt? Need to fund a college education? Entertaining a home improvement project? Looking to finance a “bucket list” vacation? If you are a homeowner, the financial resource may literally be all around you – home equity financing allows the applicant to borrow against the equity of their home by using the house as collateral to obtain a home equity loan or line of credit.

What’s the Difference? HELOAN vs. HELOC

Both a home equity loan and line of credit are useful, but are also very different. A home equity loan (HELOAN) is a fixed rate product with a…

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