![]() We can lock your mortgage rate for up to 9 months, allowing you to buy or build a home with confidence. Our Extended Rate Lock program gets rid of those worries. Interest rates are always on the move and even a small change can have consequences. Guaranteed On-Time Closing (GOTC) program, we’re so confident that we’ll meet the date, we put money on it. Whether it’s your first home purchase or your tenth, no one wants to miss their closing. Sellers love Approved to Move™ because it’s virtually as good as a cash offer, which helps you stand out from other potential buyers. With Approved to Move™, you get a fully underwritten approval before you find a home. When you find the house of your dreams, you want to be ready. Embrace has several exclusive mortgage loan programs that make buying a home more convenient and doable. Sometimes buying a home that fits your needs, budget, and lifestyle can be a challenge, especially in an environment with low interest rates and high demand. We also offer Jumbo options for borrowers with credit scores below 740. We offer as little as 10% and 20% down payment for loans up to $2 million and $3 million, respectively. Our Jumbo mortgages are simpler than many others, and they’re usually easier to qualify for. Department of Veterans Affairs (VA), they also have better interest rates than traditional mortgages.Ī Jumbo loan is used to finance a property that’s too costly for a Conventional conforming loan. Because VA loans are backed by the Federal Government through the U.S. A VA loan is easier to qualify for than other types of mortgage loans, and it requires little or no down payment. Veterans and those in the military love our VA loans. With our USDA loans, you can enjoy zero down payment, below-market mortgage rates, and no private mortgage insurance. And believe it or not, many suburban neighborhoods qualify as rural. Department of Agriculture, a USDA loan is often the way to go. An FHA loan can be ideal for first-time homebuyers or borrowers who have challenging credit.įor homes in an area designated as rural by the U.S. On top of that, the down payment and closing costs can often be covered with gift funds. At Embrace, we accept FICO® scores of 580 and above, along with down payments as low as 3.5%. If you have a solid credit score, a Conventional mortgage may be a great mortgage option.įHA loans are backed by the government so they’re one of the easiest types of mortgages to qualify for. But because this type of mortgage is not backed by the government, they’re sometimes harder to qualify for than other loans. Many homebuyers prefer a Conventional loan with a fixed rate because the costs accompanying the loan are usually lower and you can often purchase a more expensive home. Because there are many different types of loans, every borrower should choose the mortgage and the lender that’s best for their specific needs. Understanding your options and the requirements for each mortgage can help you figure out which one is right for you. The most common types of mortgages are Conventional loans and FHA loans. If you neither bought, sold, or refinanced last year, but instead stayed in the same home as the year prior, you’re still eligible for some write-offs. You also may be able to write off things like mortgage insurance, property taxes, and interest paid across the year. If you paid for points or prepaid interest at closing, these can be deducted from your annual tax returns. Refinancing is much like purchasing a new home. This could save you significantly on your tax liability.Īdditionally, you’ll also be eligible for deductions for your interest, mortgage insurance, and property taxes before you sold the house (and on your new home, if you bought another after). If you itemize your returns, you’ll also be eligible to deduct your private mortgage insurance costs and the interest you paid on your mortgage - both at closing and across the year - and your property taxes, too.Īs long as you made less than $250,000 in profits on the transaction ($500,000 if you file jointly with your spouse) and you lived in the house at least two years, you’ll be exempt from paying capital gains taxes on your home sale. If you paid for points (listed under Section A of the loan costs section), you may be able to write the costs of these off. If you just purchased your home last year, then you’ll want to check your closing statement. Please be sure to speak with a tax professional before making any decisions. The exact deductions you’ll be eligible for will depend on what activities you took part in last year. See this list for a full breakdown of potential write-offs. You can deduct the interest you paid on your mortgage, your property taxes, and much, much more. Homeowners enjoy a slew of tax write-offs that other Americans just don’t have access to.
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