Slow Cooker Asian-BBQ Fusion Chicken

The ingredients list in this chicken dish seem a little crazy – Lemon, BBQ sauce, ginger? What?!

But WOW do they work well together! The flavor of this dish is BOLD… I almost guarantee you’ve tasted nothing like this before. You will LOVE it!!

By the way – do you have my FREE slow cooker meal plan yet? Grab it right below:

Ok back to the recipe at hand…

You will also love it because it’s a slow cooker meal and freezes great if you want to prepare it ahead of time!

sources:laurengreutman.com

The myriad of financing options available for first-time homebuyers can seem overwhelming. But taking the time to research the basics of property financing can save you a significant amount of time and money. Understanding the market where the property is located and whether it offers incentives to lenders may mean added financial perks for you. Take a look at your finances to ensure you are getting the mortgage that best suits your needs.

Loan Types
Conventional Loans
Conventional loans are mortgages that are not insured or guaranteed by the federal government. They are typically fixed-rate mortgages. Although their stricter requirements for a bigger down payment, higher credit score, lower income to debt ratios, and potential to need private mortgage insurance make them the most difficult mortgage type to qualify for, conventional mortgages are usually less costly than guaranteed mortgages.
Conventional loans are defined as either conforming loans or non-conforming loans. Conforming loans comply with guidelines such as loan limits set forth by the government-sponsored enterprises (GSEs) Fannie Mae or Freddie Mac because lenders package these loans and sell securities on them in the secondary market. The 2018 loan limit for a conventional mortgage is $453,100 but the amount is higher for designated high-cost areas. (To find out what happens to your mortgage in the secondary market, read Behind The Scenes Of Your Mortgage.) A loan made above this amount is called a jumbo loan and usually carries a slightly higher interest rate because these loans are less attractive to the secondary market. For non-conforming loans, the lending institution underwriting the loan, usually a portfolio lender, set their own guidelines.
FHA Loans
The Federal Housing Administration (FHA), part of the U.S. Department of Housing and Urban Development, provides various mortgage loan programs. An FHA loan has lower down payment requirements and is easier to qualify for than a conventional loan. FHA loans are excellent for first-time homebuyers because, in addition to lower upfront loan costs and less stringent credit requirements, you can make a down payment as low as 3.5%. FHA loans cannot exceed the statutory limit. (For more on this type of loan, see Insuring Federal Housing Authority Mortgages.)
VA Loans
The U.S. Department of Veterans Affairs (VA) guarantees VA loans. The VA does not make loans itself, but guarantees mortgages made by qualified lenders. These guarantees allow veterans and service people to obtain home loans with favorable terms, usually without a down payment. In most cases, VA loans are easier to qualify for than conventional loans. Lenders generally limit the maximum VA loan to conventional mortgage loan limits. Before applying for a loan, request eligibility from the VA. If you are accepted, the VA will issue a certificate of eligibility you can use to apply for loan.
In addition to these common loan types and programs, check into programs sponsored by state and local governments and agencies to increase investment or home ownership in certain areas. (For further reading, see Shopping For A Mortgage.)

Equity and Income Requirements
Home mortgage loan pricing is determined by the lender in two ways, both based on the creditworthiness of the borrower. In addition to checking your FICO score from the three major credit bureaus, lenders will calculate the loan-to-value ratio (LTV) and the debt-service coverage ratio (DSCR) to set the loan price.

LTV is the amount of actual or implied equity that is available in the collateral being borrowed against. For home purchases, LTV is determined by dividing the loan amount by the purchase price of the home. Lenders assume that the more money you are putting at risk (in the form of a down payment), the less likely you are to default on the loan. The higher the LTV, the greater the risk of default, so lenders will charge more.

LTV also determines whether you will be required to purchase private mortgage insurance (PMI). PMI insulates the lender from default by transferring a portion of the loan risk to a mortgage insurer. Most lenders require PMI for any loan with an LTV greater than 80%, meaning any loan where you own less than 20% equity in the home. The amount being insured and the mortgage program will determine the cost of mortgage insurance and how it’s collected. (For more on PMI, read Six Reasons To Avoid Private Mortgage Insurance and Outsmart Private Mortgage Insurance.)

Most mortgage insurance premiums are collected monthly along with tax and property insurance escrows. Once LTV is equal to or less than 78%, PMI is supposed to be eliminated automatically. You may be able to cancel PMI once the home has appreciated enough in value to give you 20% equity and a set period has passed, such as two years. Some lenders, such as the FHA, will assess the mortgage insurance as a lump sum and capitalize it into the loan amount.

As a rule of thumb, try to avoid PMI because it is a cost that has no benefit to you. There are ways to avoid paying for PMI. One is not to borrow more than 80% of the property value when purchasing a home; the other is to use home equity financing or a second mortgage to put down more than 20%. The most common program is called an 80-10-10 mortgage. The 80 stands for the LTV of the first mortgage, the first 10 stands for the LTV of the second mortgage, and the third 10 represents the equity you have in the home.

Although the rate on the second mortgage will be higher than the rate on the first, on a blended basis, it should not be much higher than the rate of a 90% LTV loan. An 80-10-10 mortgage can be less expensive than paying for PMI and also allows you to accelerate the payment of the second mortgage and eliminate that portion of the debt quickly so you can pay off your home early.

The debt service coverage ratio (DSCR) determines your ability to pay the mortgage. Lenders divide your monthly net income by the mortgage costs to assess the probability that you will default on the mortgage. Most lenders will require DSCRs of greater than one. The greater the ratio, the greater the probability that you will be able to cover borrowing costs and the less risk the lender takes on. The greater the DSCR, the more likely a lender will negotiate the loan rate because even at a lower rate, the lender receives a better risk-adjusted return.

For this reason, include any type of qualifying income you can when negotiating with a mortgage lender. Sometimes an extra part-time job or other income-generating business can make the difference between qualifying or not qualifying for a loan or receiving the best possible rate.

Fixed vs. Floating Rate Mortgages
Another consideration is whether to obtain a fixed-rate or floating-rate mortgage. In a fixed-rate mortgage, the rate does not change for the entire period of the loan. The obvious benefit of getting a fixed-rate loan is that you know what the monthly loan costs will be for the entire loan period. A floating-rate mortgage, such as an interest-only mortgage or an adjustable-rate mortgage (ARM), is designed to assist first-time homebuyers or people who expect their incomes to rise substantially over the loan period. (To learn more, see Mortgages:Fixed-Rate Versus Adjustable-Rate.) When researching which type of mortgage to select, compare interest rates with a mortgage calculator.

Floating-rate loans usually allow you to obtain lower introductory rates during the initial few years of the loan, allowing you to qualify for a larger loan than if you had tried to get a more expensive fixed-rate loan. Although a floating-rate loan can be helpful for some borrowers, they can be risky if your income does not grow in step with the increase in interest rate. The other downside is that the rate change is uncertain since it is usually linked to a future market rate.

The most common types of ARMs are a one, five, or seven-year ARM. The initial interest rate is normally fixed for a period of time and then resets periodically, often every month. Once an ARM resets, it adjusts to the market rate, usually by adding some predetermined spread (percentage) to the prevailing U.S. Treasury rate. Although the increase is typically capped, an ARM adjustment can be more expensive than the prevailing fixed rate mortgage loan to compensate the lender for offering a lower rate during the introductory period. (To learn more about the risks involved with adjustable-rate mortgages, read ARMed And Dangerous.)

Interest-only loans are a type of ARM in which you only pay mortgage interest and not principal during the introductory period until the loan reverts to a fixed, principal-paying loan. Such loans can be very advantageous for first-time borrowers because only paying interest significantly decreases the monthly cost of borrowing and will allow you to qualify for a much larger loan. However, because you pay no principal during the initial period, the balance due on the loan does not change until you begin to repay the principal.

Weigh the benefit of obtaining a larger loan with the risk. Interest rates typically float during the interest-only period and will often adjust in reaction to changes in market interest rates. Also consider the risk that your disposable income won’t rise along with the possible increase in borrowing costs. (Interest-only loans can be beneficial, but for many borrowers they represent a trap. Read Interest-Only Mortgages: Home Free Or Homeless?)

The Bottom Line
If you’re looking for a home mortgage for the first time, you may find it difficult to sort through all the financing options. Take time to decide how much home you can actually afford and then finance accordingly. If you can afford to put a substantial amount down or have enough income to create a low LTV, you will have more negotiating power with lenders and the most financing options. If you push for the largest loan, you may be offered a higher risk-adjusted rate and private mortgage insurance. A good mortgage broker or mortgage banker should be able to help steer you through all the different programs and options, but nothing will serve you better than knowing your priorities for a mortgage loan.

Twice Baked Potatoes Recipe

Twice Baked Potatoes Recipe – These potatoes make any meal an event! They take baked potatoes to a whole new level of creamy, cheesy, buttery deliciousness. Easy enough to make ahead in stages, twice baked potatoes make an elegant side dish when entertaining!

Twice baked potatoes may seem overly complicated and I remember being a little intimidated by them when I was first married. They were always something I would order when I found them on a menu at a restaurant, but friends, once I started making them at home, I never looked back! 

sources:addapinch.com

Buying a home is one of the biggest financial decisions you’ll make in your life — and one of the largest sources of stress for many first-time buyers is the financing process. Unless you’ve done a ton of research, getting a mortgage can feel confusing or even a bit overwhelming. The good news is you can have a smoother and less stressful experience by avoiding these common mistakes:

1. Not understanding the full cost of homeownership
As a first-time home buyer, you’re probably accustomed to the monthly cost of renting, which usually includes your rent payment, some of the utilities, and your internet and cable bills. As a homeowner, you’ll be responsible for additional monthly costs that may have been covered by your landlord. That includes things like water, sewer and garbage bills, monthly HOAs (if you’re buying a condo) and the cost of lawn care. You’ll also be responsible for paying property taxes and homeowners insurance. And don’t forget the cost of maintenance. It’s recommended that you set aside 1-3 percent of the purchase price of the home annually to cover repairs and maintenance.

2. Assuming you won’t qualify
Many renters think they can’t afford to buy a house because they haven’t saved enough to pay a 20 percent down payment. But you might be surprised to see what kind of house you could potentially buy based on the amount you spend every month on rent. Try plugging some numbers into an affordability calculator to get a better sense of what you need — and how much you have. Or, you can talk to a lender and find out what you might qualify for.

While 20 percent is ideal, you don’t necessarily need that large of a down payment to buy a home. There are loan programs that cater to first-time home buyers, such as the FHA loan, which allow for down payments as little as 3.5%. Even some conventional loans allow for down payments as low as 3 percent. And certain loans, such as VA loans for veterans and military or USDA loans for buyers in rural areas, don’t require a down payment at all.

3. Getting pre-qualified at the last minute
Many first-time buyers wait until they’ve found a home they want to buy before taking to a lender, but there are many benefits to getting pre-qualified early. Pre-qualification can help you shop in your price range, act fast when you find a house you want to make an offer on, and catch — and correct — any errors on your credit report before they cause a problem with your loan. This could help save you thousands in the long run because an error on your credit report could result in a lower credit score, leading to a higher interest rate.

4. Only talking to one lender
Many home shoppers use a lender who was recommended by a friend, family member or real estate agent, and they don’t bother shopping around. But that doesn’t guarantee you’ll get the best rate, or even get a lender who is experienced with loans for your particular situation. The CFPB recommends talking to at least three lenders to get the best loan for you.

Although it’s not required, most home shoppers end up getting a loan through the lender who pre-approved them. So it’s a good idea to do your research with lenders early, at the pre-approval stage.

If you want to compare rates and programs, Zillow has two tools that can help. You can reach a local lender who has experience with loans for your situation, or you can get free, anonymous mortgage rate quotes from hundreds of participating lenders.

5. Spending your entire budget
When a lender provides a pre-approval or pre-qualification letter, they’ll typically include the maximum amount they will lend you. But just because a lender will let you borrow a certain amount doesn’t mean you should spend it.

There are rules lenders follow to determine what you can borrow, such as the 28/36 rule, which says that a homeowner should spend no more than 28 percent of their gross monthly income on housing expenses, and no more than 36 percent on overall debt. But buying a home also comes with significant upfront costs, such as the down payment and closing costs, so you’ll want to make sure you have savings left for emergencies and other unexpected expenses after you close on your new home.

6. Not researching down payment assistance programs
Saving for a down payment is often cited as the biggest hurdle to homeownership for first-time buyers. But did you know there are thousands of down payment assistance programs in the U.S.?

These programs typically offer “soft” second or third mortgages or grants which allow for zero percent interest rates and deferred payments. Ask your real estate agent or lender if there are programs in your area that you may qualify for. You can also search for down payment assistance programs on sites like the Down Payment Resource Center.

Questions about loans for first time home buyers? Find a local lender on Zillow who can help.