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Ali Klein

NMLS ID 41552

804-424-2200 aklein@tidewaterhomefunding.com

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Blog Image: How the New Fed Policy Will Affect Your Mortgage Rates

How the New Fed Policy Will Affect Your Mortgage Rates

The U.S. Federal Reserve recently announced its new approach to monetary policy, setting the markets abuzz with rumors. Will mortgage interest rates remain low? Will they jump? Here’s what the Fed’s policy means for mortgage loans. Fed Policy: More Job Focus, Less Inflation Concern Historically, the Fed has had two main goals. The first has been to encourage strong employment rates while the second has been to keep the national inflation rate around 2%. On average, the Fed has been fairly successful in its aims. Of course, there have been exceptions, like the recession of 200...

September 16th, 2020 | Interest Rates, Fixed Rate Mortgages, How the New Fed Policy Will Affect Your Mortgage Rates

Blog Image: 5 Ways to Save for a Down Payment

5 Ways to Save for a Down Payment

Are you thinking about making the leap from renter to homeowner? Owning a home has so many financial benefits compared to renting, so give yourself a high five for even considering the pursuit - it’s a big step! Purchasing a home is totally possible, it just requires some financial planning and preparation. In a recent survey from Cultural Outreach, most NextGen (NextGen includes both the Millennial and Gen Z generations) first-time homebuyers state the down payment as their biggest financial hurdle.[1] Coming up with a large amount of cash to put down can be overwhelming, but startin...

September 11th, 2020 5 Ways to Save for a Down Payment

Blog Image: The Little-known Mortgage That Doesn’t Require a Down Payment

The Little-known Mortgage That Doesn’t Require a Down Payment

A conventional mortgage loan requires a 20% down payment. If you are a first-time homebuyer however, saving up tens of thousands of dollars can seem like an impossible task. Of course, there are loan programs, like FHA mortgages, that allow for low down payments, but they often have stricter requirements. For some of those programs, you may have to pay higher interest rates, have better credit scores, or pay higher mortgage insurance fees.  Fortunately, there is a little-known mortgage loan that requires no down payment and minimal fees: the USDA loan. USDA Loan Defined These are mo...

September 9th, 2020 | Government Loans, USDA Loans, The Little-known Mortgage That Doesn’t Require a Down Payment

Blog Image: Why a Mortgage is Good Debt

Why a Mortgage is Good Debt

In today’s coronavirus-crisis economy, many Americans may be regretting taking on debt in the past or facing new debt to cover expenses during unemployment. And yet millions of consumers continue to apply for mortgages for home purchases, one of the largest debts most people will ever assume. The reason for this is that some debt is actually considered “good debt.” Here’s how to tell the difference between good and bad debt and why mortgage loans fall under that category. Good Debt There are several crucial factors that determine good debt. First, the financing is...

September 2nd, 2020 | Mortgage, Debt, Why a Mortgage is Good Debt

Blog Image: Should I Refinance into a 15-year Mortgage Now?

Should I Refinance into a 15-year Mortgage Now?

Mortgage interest rates are at all-time lows right now. It’s obviously a great time to refinance for lower rates and payments. Perhaps you are interested in paying off your mortgage loan faster though. Is refinancing into a shorter loan a good idea right now too? Interest Savings A 15-year fixed rate home loan is a popular option for borrowers looking to be mortgage-free sooner. These shorter loans come with even lower interest rates than 30-year mortgages, allowing homeowners to save thousands in interest. For example, for a borrower with a home valued at $300,000 with a 20% down ...

August 26th, 2020 | Refinancing a Home, Should I Refinance into a 15-year Mortgage Now?

Blog Image: How Does Your Credit Affect the Mortgage Application Process?

How Does Your Credit Affect the Mortgage Application Process?

There are a few things that play very important roles in the mortgage process when buying a new home. One of the most important ones? Your credit. We are accustomed to our credit impacting things like interest rates on auto loans or approval for new credit cards. But how exactly does your credit affect the mortgage application process? And what do we mean by ‘your credit’? Your Credit History Your credit report is a detailed summary of your credit history, prepared by a credit bureau (there are three major bureaus in the United States: Equifax, Experian, and TransUnion). F...

August 26th, 2020 How Does Your Credit Affect the Mortgage Application Process?

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