Let’s be real, mortgage refinancing isn’t a magic bullet, and the timing has to be right. Not every lender will tell you that straight up. In this simple guide, we’ll break down exactly what you need to know about refinancing your mortgage right now. No fancy financial jargon, just honest talk. By the end, you’ll know if mortgage refinancing makes sense for you today or if it’s better to hold tight. And you know what? The answer might just surprise…
Understanding FHA Loans: A Guide for New Homebuyers
Think of FHA loans as helpful hands in the world of mortgages, especially designed for folks buying their first home. These loans are backed by the government and have been helping people achieve their homeownership dreams since way back in 1934! They often come with some really helpful perks, like lower down payments and more flexible credit rules, perfect for new buyers like you. In this guide, we’re going to break down everything you need to know about FHA loans,…
Fixed vs Adjustable-Rate Mortgage: How to Choose the Right Option for You
Dreaming of a home but confused about mortgages? We totally get you and you’re not alone! A big decision is choosing between a fixed vs adjustable-rate mortgage. But don’t worry, Banas Mortgage is here to guide you. Imagine a mortgage that fits your financial goals perfectly! Whether you want stability or flexibility, understanding fixed vs adjustable-rate mortgage options is key. Your dream home is possible, and the right mortgage makes all the difference. Let’s break down what you need to…
Navigating Rising Mortgage Rates: Smart Tips for the First-Time Homebuyer
So, you’re dreaming of your first place, but those mortgage rate trends in 2025 have you feeling a little stressed? We totally get it. It can feel like a big hurdle for any first-time homebuyer. Don’t let rising rates kill your dream! With the right info and plan, you can still become a homeowner. We’ll help you understand why rates are up and how to get the best deal. Ready to navigate today’s mortgage market? In this blog, we’ll be…
When is The best time to refinance in Buffalo, NY Market
If you are a first time home buyer, one of the biggest challenges is your down payment. To help with this process, I have put together the most comprehensive list of possible down payment sources! Listed below are 12 different ways to secure a down payment for your home purchase and the documents you’ll need to do it. You can use one or a combination of many!…
12 Ways to Secure a Down Payment for Your Mortgage
If you are a first time home buyer, one of the biggest challenges is your down payment. To help with this process, I have put together the most comprehensive list of possible down payment sources! Listed below are 12 different ways to secure a down payment for your home purchase and the documents you’ll need to do it. You can use one or a combination of many!…
Qualifying for a Home Mortgage ON H1B, L or O Work Visas, OR ON EAD
If you are a non-permanent resident on a valid work permit such as H1B, L1A, L1B or O Visa, or an Employment Authorization Document (EAD), you need to be aware of few mortgage guidelines to qualify for Conventional or FHA loan. We will look into some of the basics of qualification today! To begin, there are two major base qualifications that a broker will look into before anything else can be processed. Any documentation you are able to provide along these…
Impact of Mortgage Pre-approval /pre-Qualification letter in a low housing inventory environment
According to the National Association of Realtors, total listings of home for sale are down by 8.1% over the past year alone and have fallen steadily for 33 consecutive months. With multiple bids on most of the properties listed for sale, low housing supply keeps this a seller’s market as buyers face affordability issues.…
Ask Paul by Paul Banas
The Loan Approval Process Applying for a mortgage loan sometimes bring out the paranoia in the most compulsive and consistent bill payers. Lenders want your business, so they will work with you to help realize your dream of owning a home. You should have nothing to worry about if you have a consistent record of paying your bills promptly. If you have late payments but no serious credit problems, you may have to provide the lender with a written explanation…
How To Avoid Foreclosure
Smart financial moves can help you offset unexpected drops in your income that could result in the loss of your home. When your income drops, selling your home is one option to consider, this may not be a viable alternative, however, if the real estate market is soft. Contact a mortgage broker to help you negotiate with your lender. If the lender still owns the mortgage, they may be able to help you keep your home. Discuss the possibility of…
