Industry Insights, Trends & Mortgage News
The What, Why & How of Mortgage Escrow Accounts
Posted in FAQsPosted by Maple Tree Funding
Many homeowners who plan for a mortgage payment within their budget are unpleasantly surprised to discover their lender requires an additional amount, paid monthly, called ‘Escrow’. What is Escrow? Escrow is basically an account that is separate from your ‘mortgage payment’ where funds are deposited to specifically pay for items that relate to home ownership, such as property taxes and private mortgage insurance (PMI). It is typically an amount over and above the principal and…
Continue Reading »How Do I Shop For A New York Mortgage?
Posted in About UsPosted by Maple Tree Funding
Shopping for a mortgage can be an intimidating process, but Maple Tree Funding makes it easy for you to understand the options and rates available! How to Shop for a Mortgage Many people know that the home buying process starts with shopping mortgage options – but they have no idea where to begin when it comes to shopping for a home loan. Get Your Finances in Order For most people the most logical place to start…
Continue Reading »FHA Loans vs. USDA Loans
Posted in Guide to FHA Home Loans, Guide to USDA Home LoansPosted by Maple Tree Funding
When choosing a loan program, it’s important to understand your options. Let’s take a look at two different types of popular government loan programs – FHA loans and USDA loans – and how they compare to one another. Weighing Your Options: FHA Loans vs. USDA Loans Government mortgages are backed by the government, as their name indicates, meaning that the government ensures repayment to the bank or lender if you happen to default on your…
Continue Reading »New York USDA Loan Income Limits
Posted in Guide to USDA Home LoansPosted by Shane Latza
As of May 12, 2021, the USDA Rural Development Single Family Housing Guaranteed Loan Program has updated the USDA home loan income limits for counties throughout the United States, including counties in New York State. USDA loan income limits vary based on geographic location and household size. This latest update has increased income limits for some regions, while the limits for other areas have remained the same as they were during 2020. Understanding USDA Mortgage…
Continue Reading »VA Now Offers Home Loan Options for National Guard Service Members
Posted in Guide to VA Home LoansPosted by Maple Tree Funding
A recent update to VA home loan benefits has expanded home loan eligibility to US National Guard service members. Certain members of the Army National Guard and the Air National Guard are now eligible to apply for VA home loan benefits when working towards purchasing a home. Expanded VA Loan Eligibility in 2021 This change to the VA’s eligibility guidelines was brought about by the “Johnny Isakson and David P. Roe, M.D. Veterans Health Care…
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