Mortgage News, Tips and Resources

Don’t get caught off guard by closing costs! Learn what they include, how to budget, and smart strategies to manage them as a first-time homebuyer.

Discover budget-friendly tips to enjoy the holiday season without overspending. Learn how to manage your expenses and spread cheer without breaking the bank.

Improve your credit score before buying a house with these essential tips for first-time homebuyers.

Discover the step-by-step process for getting pre-approved for your first mortgage. Learn how pre-approval benefits first-time homebuyers and improves your chances of securing your dream home.

Avoid common first-time homebuyer mistakes with our expert guide. Get tips on pre-approval, closing costs, and more.

Discover how to buy an apartment in Brooklyn with our comprehensive guide. Learn about neighborhoods, financing options, and key considerations for navigating this market.

Learn the key factors influencing your credit score, and how it impacts your mortgage options. Stay informed to make better home-buying decisions.

Discover fall gifting ideas for real estate agents to strengthen client relationships and local business connections while enhancing community engagement.

Understand the key differences between mortgage pre-qualification, pre-approval, and commitment letters. Boost your home-buying power and confidence.

Discover the importance of pre-approval for homebuyers and how getting a head start on your home financing helps set you up for success.

From mortgage tasks to decorating, this checklist has you covered to ensure a seamless transition to homeownership.

The Contour Mortgage checklist covers budget, location, space needs, and more to help you make an informed choice.

Discover the seven essential qualities of a top Long Island realtor. Whether buying or selling in Nassau or Suffolk County, these tips will help you find the right real estate professional for your needs.

Explore the pros and cons of both options, understand the financial implications, and uncover insights on how to renovate your home through refinancing.

Consult the following tips and best practices, as well as pitfalls to avoid, when buying and selling a home at the same time.

Discover how home renovation loans can revitalize your property. Explore loan benefits and considerations to help make informed decisions.

Deciding between renovating and relocating? Our guide explores the financial, emotional, and market factors to help you make the right choice for you.

Discover essential steps for new homeowners on Long Island, from setting up utilities to exploring local amenities. Transition into your new home smoothly with this comprehensive guide.

Thinking of refinancing your mortgage? Learn about the benefits, eligibility requirements, and key steps to take in this comprehensive guide.

Explore downsizing in Suffolk County, where serene landscapes and diverse housing options offer a simpler, more relaxed lifestyle.

Explore the benefits of local mortgage lenders, including personalized service, local expertise, flexibility, and community support.

Explore the implications of the recent real estate commission class action and its impact on homebuyers, sellers, and the broader real estate market.

Discover the ultimate guide to purchasing a second home in Nassau County, New York. From financing options to local insights, this blog has everything you need to know.

Your second home by the sea awaits. Discover Nassau County's beach communities with pristine shores, historic charm, and exceptional coastal living.

If you’re thinking of living in the Kalamazoo Michigan area, consult this comprehensive guide outlining the top-ranked neighborhoods, as well as location, school districts, median home prices, local amenities, recreation, and more.

Government-backed mortgages provide many financial benefits for first-time and repeat homebuyers, such as lower down payments, lenient credit score requirements, improvement project grants, and more.

If you’re thinking of living in the Greenville, South Carolina area, important factors to consider include location, school districts, median home prices, transportation access, local amenities, entertainment, and more.

When considering purchasing a home on Long Island, it’s best to have updated documentation including financial statements and tax returns, mortgage pre-approval and commitment letters, neighborhood and realtor preferences, and more.

Find out which Long Island neighborhoods are the best for raising a young family based on location, school districts, median home prices, access to transportation, local amenities, entertainment, and more.

Whether you’re a first-time or repeat home buyer, government-backed loans offer lower down payments, lenient credit scores, and many other financial benefits.

If you’re thinking of living in the Savannah, Georgia area, consider important factors such as location, school districts, median home prices, access to transportation, local amenities, entertainment, and more.

There are several rehab loans first-time home buyers should consider when researching mortgage options, including those offered by the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac.

Insured by various U.S. federal agencies, government-backed mortgages can help borrowers achieve home ownership through lower down payments and closing fees, flexible credit scores, and other advantages.

Champ had the opportunity to participate in a training program at the Halesite Fire Department in Huntington.

Champ the VetDog, Contour Mortgage's service dog in training, paid a heartwarming visit to the Marty Lyons Foundation in New York for "Kisses for Wishes."

Yes, FHA 203(k) loans require mortgage insurance. As the government agency backing this loan, the Federal Housing Administration expects all borrowers to pay two types of mortgage insurance premiums: Upfront and Annual.

When financing a home, borrowers must first obtain pre-approval and pre-qualification letters, followed by an official Mortgage Commitment Letter.

Whether purchasing a fixer-upper or renovating a current home, there are several important factors to consider when deciding between government-backed or conventional rehab loans.

As a sponsor for The first Annual Compassion Awards, Contour Cares offered their commitment to advocating and caring for animals.

Homeowners move each year for various reasons including employment, financial challenges, more or less space, and other factors.

If you’re thinking of living in New Haven, Connecticut, consider important factors such as school districts, median home prices, transportation access, and more.

Contour Mortgage and Champ kick-off the Oyster Bay Annual Toys for Tots Cruise-Thru Collection Drive.

Contour Cares partnered with Catholic Health and St. Joseph's Hospital to treat EMS and nursing staff to a Mets Game.

When considering a rehab mortgage for a new home purchase or renovation project, it’s important to examine various types and specific requirements, benefits, and drawbacks of each.

Contour Cares participated in a race against cancer with the Empire State Bike Ride. We made a direct impact on the lives of cancer patients across the state.

First-time home buyers may qualify for various conventional and government-backed loans, such as those offered through Fannie Mae, Freddie Mac, the Federal Housing Administration, U.S. Department of Agriculture, and Veterans Affairs.

Central Nassau Guidance celebrated its 50th Anniversary with Contour Cares.

Government-backed loans offered through the Federal Housing Administration (FHA), U.S. Department of Agriculture (USDA), and Veterans Affairs (VA) can assist qualified borrowers with home purchases, and improvement and rehab projects.

Yes, renovation costs can be added to specific rehab loans offered through the Federal Housing Administration (FHA), Fannie Mae, Freddie Mac, and more for borrowers meeting specific criteria regarding down payment amounts, project scopes, credit scores, and more.

More and more consumers are moving and relocating each year for various reasons, such as employment, relationship and lifestyle changes; financial challenges; additional space; and other life-altering factors.

Borrowers seeking home ownership with a limited budget and income can find relief through a USDA Rural Development Loan boasting lenient qualifications, such as no down payment requirements, credit score flexibility, and lower closing costs.

Record-low housing inventories and more prospective buyers than sellers have led to competitive bidding wars characterized by little to no contingencies, “as is” contracts, higher opening bids and down payments, and more.

With the cost of living increasing each year, many prospective and current Long Island homeowners are seeking ways to keep expenses down, such as refinancing, tax grievances, veterans benefits, energy audits, and debt consolidation.

With close proximity to New York City, Long Island is a suburban oasis of activities, recreation, cuisine, museums, beaches, and culture for residents and visitors of all ages.

It’s best to have all documentation, financials, commitment letters, and mortgage options prior to making an offer on a property in the current, record-breaking spring home-buying season led by bidding wars, pent-up demand, and decreased inventory.

When crafting a strong offer in a tight real estate market, prospective homebuyers should consider competitive tactics such as minimal contingencies, earnest money, escalation clauses, flexibility, appraisal gap coverage, and more.

When researching and comparing the best mortgages for your needs, there are several options, such as conventional, government-backed, jumbo loans, and more—all of with unique requirements, features, benefits, and cost-saving incentives.

There are various financing options available to help active and retired members of our nation’s military purchase, refinance, or rehab a home. These include: VA loans; Specially Adapted Housing, Special Housing Adaptation, and Temporary Residence Adaptation grants; and the New York State Homes for Veterans Program.

With this year’s winter real estate market again predicted to be one of the best ever, now is the perfect time to sell your home due to low interest rates, added demand, proactive buyers, increased digital marketing tools, and other trends.

If you’re thinking of living in Atlanta, Georgia, important factors to consider include location, school districts, median home prices, access to transportation, local amenities, entertainment, and more. This comprehensive guide outlines all these, along with top-ranked neighborhoods, and more.

To help make sure adults and children have a safe time trick-or-treating, we've compiled a list of Halloween safety tips. Contour mortgage is here.

The usually tepid fall homebuying season will continue gaining momentum due to the lifting of COVID-19 restrictions, more flexible remote work schedules, motivated buyers, additional space needs, and more.

Purchasing a vacation home offers myriad financial and tax benefits, but it’s also important to review important secondary mortgage factors, such as terms and limitations, requirements, qualifications, credit scores, and suitable options.

With low inventory and interest rates, and home sales occurring at a record pace, it’s even more important for potential buyers to understand the home financing process, such as mortgage options, qualifications, down payment percentages, and other elements.

Home equity and mortgage loans can both be used toward home purchases repairs, improvements and other upgrades, but each financing type differs in requirements, benefits, tax deductions, and repayment terms.

Designated for primary, secondary, and multi-unit properties priced $500,000 or more, jumbo loans help qualified home buyers secure funding beyond current Federal Housing Finance Agency (FHFA) maximum conforming loan limits.

Federal Housing Administration (FHA) loans can aid potential borrowers in achieving homeownership through many benefits, such as low down payments, reduced closing costs, lenient credit requirements, and more.

Prospective first-time home buyers may qualify for several significant cost-saving incentives, such as government-backed loans and grants, tax credits and exemptions, financial assistance, and more.

Sell your home and take advantage of low interest rates, flexible financing options, competitive pricing, and other favorable market trends while following COVID-19 health and safety guidelines.

Home equity is an invaluable investment that can be utilized to obtain a loan, line of credit, or refinancing, for value-driven expenses such as home improvements and emergency repairs, education costs, real estate investments, and more.

To rent or purchase? That’s the million-dollar question! You need to consider many factors, including the current housing market and your personal financial situation.

Refinancing during a crisis can save money and provide a jolt of extra cash, so you can worry less about your finances.

Home purchases are possible during the coronavirus pandemic, but some processes have been dramatically altered.

Home equity loans, FHA 203(k), Fannie Mae HomeStyle™, and Freddie Mac Renovation Mortgage provide a financial assist when it’s time to renovate.

The COVID-19 (coronavirus) pandemic continues to alter everyday life. But what does it mean for mortgage refinancing efforts?

The coronavirus pandemic has thrust the economy into a moment-by-moment state of flux. What does the current climate mean for your mortgage?

Reverse mortgages, or Home Equity Conversion Mortgages, have evolved greatly over the years.

Brooklyn is known for its trendy neighborhoods, but where’s the best places to live in this New York City borough?

Student loan debt can be an obstacle, but diligently managing your debt, along with other factors, can put you on the path toward homeownership.

The mortgage loan pre-approval process can be arduous when you don’t know what to expect.

When looking for a place to live, Baltimore’s suburbs defy expectations.

Closings costs are required part of the mortgage loan process.

Yes, it’s important to obtain a home appraisal when considering purchasing a property because this provides an unbiased, professional assessment of its value.

Determining you’re ready to buy a home, connecting with a knowledgeable real estate agent, paying attention to interest rates, and learning about the different loans available are critical steps in shopping for a mortgage.

To find a VA-approved condo, ensure you qualify, determine via the department's website whether the condo is approved, and consider contacting a reputable mortgage lender for guidance.

5 helpful tips to remember when you are moving into a new home.

The first step for low-income home buyers interested in refinancing their mortgage is to consult with a trusted lending company to find out what they need to qualify.

7 Important items that will help you when you move into your first home.

FHA flipping rules regulate the buying and selling of homes for profit, and include transfer and resale timelines and documentation.

Adhering to goals, improving your credit, researching loan options and cutting unnecessary expenses are several ways to save for a down payment, among others.

Refinancing a reverse mortgage may possess several significant benefits for homeowners 62 or older, including lower interest rates or higher loan limits.

TRID, short for TILA-RESPA Integrated Disclosure Rule, is a federal mandate combining and clarifying disclosure forms mortgage lenders provide borrowers.

First-time Long Island home buyers should seek assistance from mortgage pros, learn about different loans, plan ahead, and understand the closing process.

There are multiple factors that determine how much home you can afford, including your income, debt-to-income ratio, property taxes, homeowner’s insurance, and other monthly expenses.

Several of the best first-time home buyer programs in Florida include Housing Finance Agency (HFA) Preferred, Florida Housing Mortgage Credit Certificate Program, Federal Housing Administration (FHA), and U.S. Department of Veterans Affairs (VA) loans.

Several first-time home buyer myths include the misconceptions that you should find a home to buy before applying for a loan, there is only one loan you can apply for, and you need 20 percent down, among others.

USDA and FHA loans are both federal programs assisting low-income families and home-buyers obtain mortgages, with two important distinctions: USDA loans specifically cater to those within rural and suburban areas, while FHA loans are open to all applicants, regardless of finances or geography.

Several popular home loans for low-income families include HomeReady, Home Possible, Conventional 97, piggyback mortgages, FHA, and USDA loans.

VA home loans don’t have a limit, are only available through lenders, must be used for primary residences and eligible to surviving spouses, and require a Certificate of Eligibility.

Applicants must meet several FHA loan requirements. This includes providing documentation of a stable employment, income and credit history, and the ability to afford 3.5 percent down.

FHA 203(k) loans help cover the costs of purchasing a home in need of work and renovating it. They also aid in refinancing and renovating a borrower’s current home.

There are mortgage options with little or no down payment. These include FHA and VA loans, as well as HomeReady (Fannie Mae), HomeOne and Home Possible Mortgages (Freddie Mac). Conduct the proper research, consult with an expert, adhere to the requirements, and apply.

To choose the right mortgage company, check online reviews and ask people you know for recommendations. Be sure to contact multiple lenders and compare their loan rates, as well.

There are several USDA loan. You must buy a property in a rural area, which will be used as your primary residence. There are also income and credit requirements.

The Federal Housing Administration (FHA) insures FHA loans, but they don't actually provide them to borrowers—only certain mortgage lenders do. You can find out which lenders are FHA-approved in your area by visiting the Department of Housing and Urban Development’s official website.

5 tips to keep your home safe while you are away on vacation this summer.

The Federal Housing Administration (FHA) insures mortgages provided to home buyers by FHA-approved lenders. Such loans include, but are not limited to, conventional FHA loans, 203(k) loans, refinance loans and reverse mortgages.

Fast Fact Friday: 30% of first-time home buyers are now Millennials

Fast Fact Friday: Is there such a thing as getting Pre-Approved too early? First of a continuing series of Fast Fact Friday blog posts.

There are five main factors that influence your credit score, specifically your FICO credit score. They include your payment history, amount of money you owe from taking out other loans, length of your credit history, types of credit you utilize and number of new accounts you have.

The Federal National Mortgage Association, commonly referred to as FNMA or Fannie Mae, offers the HomeStyle® Renovation Mortgage. This loan is specifically designed to help home buyers purchase and remodel a property, or in some cases, refinance and update their current home.

A mortgage escrow is an arrangement between the buyer and seller of a property. The process involves an escrow agent taking control of the property until both parties meet the purchase agreement terms and are ready to close.

VA loan benefits include: no down payment or private mortgage insurance requirements, minimal closing costs, more flexible DTI ratio requirements, bankruptcy forgiveness, and financial counseling services.

Tips for getting a mortgage loan include: determining a budget, improving your credit score, and saving as much money as possible, among others.

203(k) loan requirements include: providing proof of income, living in the property full-time, and making certain renovations that cost at least $5,000.

Four types of mortgage loans to consider: traditional mortgage loans, FHA loans, USDA loans, and reverse mortgage loans.

Mortgage dos and don'ts include ensuring all your financial documents are in order, and refraining from making expensive purchases, respectively.

USDA loan income requirements are dependent upon the area in which an applicant wishes to purchase a home, as well as the number of people present in the household.

A jumbo loan limit varies, depending on location. In areas where the cost of living is higher, the limit also tends to be a higher amount.

Assumable loans let home buyers assume the remaining debt of a property's previous owner. In most cases, VA loans are assumable.

USDA loan closing costs vary depending on the size of the loan and the down payment. Other factors include lender and notary fees.

While conventional mortgage loans are not insured by the federal government, FHA loans are. Therefore, they are less of a risk for lenders.

You can get a home renovation loan through FHA-approved lenders that offer 203(k) loans, which could finance certain changes you want to make.

Over the past decade, jumbo mortgage rates have become more affordable for home buyers. However, these rates can change on a daily basis.

A duplex can be a good investment, as it as several advantages. But be sure to also consider the disadvantages before making a decision.

There are both pros and cons to buying a house in the summer. Typically, there are a high number of listings, but at higher prices.

Steps to buying a house include deciding on a budget, researching your mortgage options, finding the right realtor, and closing the sale.

There are both pros and cons to refinancing your house. For example, you may get a lower interest rate, but you first need to qualify.

You may be able to recoup some of your closing costs at tax time, as your property taxes, mortgage interests and points are tax deductible.

What documents do I need to apply for a mortgage? Your mortgage loan originator will ask you for bank statements, W2s and more.

Some questions to ask when buying a home include what the average prices in the area are and what repairs need to be addressed.

You, the home sellers, both of your attorneys, and a bank attorney are just a few faces you will find at the closing table when buying a home.

FHA 203(k) loans help people fund home remodeling projects. This is a great option for those looking to buy a home that needs some work.

There are many reasons to refinance your Long Island home. Since interest rates are relatively low, this could save you a lot of money.

For first-time home buyers, consider the type of property you want to purchase, get pre-approved for a mortgage, and work with a realtor.

Some benefits of reverse mortgage includes being able to get rid of your mortgage payments and making your retirement benefits go further.

The average closing costs on a home vary depending on the region in which you live in. For example,in New York, the average is $2,500-plus.

Reverse mortgages allow you to convert some of your home's equity into cash to help pay off your current mortgage or any outstanding debt.

Owning a multi-family home has its benefits, but do your research first. Consider the property's size and the idea of being a landlord.

VA loans are a type of mortgage loan specifically designed for veterans and their families to help them purchase a home.

USDA loans are government-backed home loans designed by the United States Department of Agriculture for low-income buyers.

When it comes to getting a mortgage pre-approval, be ready to provide proof of income, confirm your employment, among other things.

USDA home loans are mortgage loans for low-income borrowers in rural areas. In order to qualify, you must meet certain requirements.

Some things to look for when buying a house include: making sure the home is insulated and checking the heating and cooling systems.

According to Livability, Fort Collins, Colorado, Madison, Wisconsin, and Ventura, California are among the best places to live in 2017.

You must meet certain criterion to be eligible for a USDA loan. For example, you must have two years of steady income.

When applying for an FHA home loan, you are required to share certain financial documents, such as recent tax returns, to your lender.

Buying a fixer upper has its advantages, but it is not for every. Ask yourself if you are willing to take on the work and spend the money.

Only you can choose if living in the multi-family home you're renting out is right for you. Consider the pros and cons of both options.

You are not required to use your current lender to refinance your mortgage loan, so research your options before making a decision.

As a first-time home buyer on Long Island, you will be in a place of informed decision-making with these important tips.

Benefits of debt consolidation include making fewer payments each months at lower rates and keeping your credit score from dropping.

To find out if a reverse mortgage is a good idea, consider your moving plans and your heirs. And always contact a mortgage specialist.

This holiday season, consider a gift for yourself: refinance your Long Island home. This can save you a signficiant amount of money.

Buying a duplex is worth it, as long as you consider where you'll be living, as well as the property's location and the average rent rates.

When thinking about refinancing a home mortgage, remember to assess your credit score and contact multiple mortgage refinance lenders.

Buying a home in the winter instead of waiting until spring could be a smart economic decision because Long Island mortgage rates are low.

VA loans were designed to show appreciation for veterans, helping them, active-duty service members and surviving spouses secure a home.

Consider getting a home inspection before buying a house in order to find out about any problems with the property's foundation or wiring.

When making an offer on a home, ask a real estate broker for help. He or she will draw up the necessary paperwork and help you negotiate.

To qualify for a home mortgage refinance, you must provide key financial information, such as bank statements, to your mortgage company.

Key reverse mortgage advantages include keeping your title as homeowner and not having to pay more in taxes, as it is a loan not income.

There are certain tips for refinancing your home that you should keep in mind. This includes consulting with a mortgage loan originator.

There are many reasons for moving into another home. Some include wanting to be closer to work, in a better school district or a larger home.

When looking for the right New York mortgage lender, be sure to take notice of three key factors: experience, expertise, and reputation.

There's a specific type of renovation loan, known as an FHA 203(k) loan, that can help home buyers pay for and repair their new property.

Selling your Long Island home in this fall? Be sure to plant in-season flowers and rake all the leaves in the yard for extra curb appeal.

One way to deal with home-buying stress as you search for a duplex is to be certain that owning this type of property is right for you.

There are a few good reasons for downsizing to a smaller home, such as having an empty nest and wanting less work to do around the house.

Buying your first home means you can finally move out of your parents' place. Just remember to keep saving and contact a mortgage lender.

Some highlights of buying a move-in ready home include the lack of work and the lack of stress involved in settling into your new place.

There are many advantages to being a homeowner, such as getting a good return on investment and having artistic control.

There are several reasons as to why buying a fixer-upper home is beneficial. For example, you'll be able to create your dream home.

There are several qualities that a mortgage loan originator should possess, such as being organized, enthusiatstic, and communicative.

Consolidating debt can be beneficial. But you may not qualify for this type of financing, depending on credit history and income stability.

Thinking about buying your first home? Certain indications, like having good credit, can help determine if you're ready to take this step

Buying a fixer upper isn't for everyone, but it has its benefits. Plus, there's a mortgage loan - 203(k) loan - that can help you finance the purchase.

Moving offices can be a long process. But by keeping certain tips in mind, like contacting a mortgage lender early, the experience won't be as stressful.

Reverse mortgages are complicated because there's a lot to learn about them. Key facts of reverse mortgages include the age requirement and type of property.

Debt consolidation is when you take out a loan to help pay off existing debt. As a result, you only make one monthly payment instead of several.

There are benefits to owning a multi-family property, but that doesn't mean it's for everyone. Remember, additional income, but more responsibility.

When you refinance your mortgage, you are essentially paying off your current mortgage loan with an entirely new one.

When applying for a mortgage pre-approval, avoid making mistakes - like falling behind on your bills - that could jeopardize your chances of qualifying.

A new report by the New York State Association of Realtors reveals that home sales increased in April 2016 comparted to the year before.

Moving can be overwhelming. Fortunately, apps are available that can help you get through the process, such as Any.do and Moving Van.

Buying your first home on Long Island can be overwhelmingly. Look out for red flags, like watermarks and insects, as you house hunt to narrow down your search.

Using a realtor as you search for a home on Long Island will result in a more efficient buying and selling process, with less weight on your shoulders.

Getting a 203(k) rehab loan offers several advantages when you're looking to buy a fixer-upper on Long Island. For example, you won't make a large down payment.

There are several factors that play a key role in determining mortgage rates, including the employment figure and 1-year Treasury bills.

Buying a condo is different from purchasing a single-family home or co-op. Make sure you keep these tips in mind before putting in an offer.

A 2016 report shows that most home-buyers are millennials and they work with real estate agents to learn more about the home-buying process.

Moving can be stressful, but there are ways to make it easier. Knowing how to appeal to buyers can help you sell your home at a quicker rate.

Retired NFL Jets quarterback Joe Namath recently bought his daughter and her husband a duplex on Manhattan's Upper West Side for about $1 million.

You may have heard of this type of loan, but if you still wonder how a reverse mortgage works, you will find out here.

Qualifying for a multi-family loan is similar to qualifying for a single-family mortgage loan, but there are some differences to keep in mind.

There are many commercial loan rates and requirements, but it’s important to be well informed so you can determine if you will qualify for them.

Purchasing a home is a scary (but exciting!) endeavor. It’s always good to have a little help, and Contour is ready to assist first-time home buyers.

Debt Consolidation Programs can be beneficial because they make it easier for you to pay off any outstanding bills that you’re aching to get rid of.

FHA loan limits change from year to year depending on certain factors, so it’s important to stay up-to-date about what these restrictions are.

There are many benefits to both renting and buying a home, but you have to carefully consider your options. It’s all based on finances and preference.