Latest Articles

FHA Announces 2024 Loan Limits

The Federal Housing Administration (FHA) announced new 2024 loan limits for the upcoming calendar year. The 2024 limit is $498,257 for one-unit properties in low-cost areas (increased from $472,030 in 2023). The new loan limits are effective for FHA case numbers assigned on or after January 1, 2024. The National Housing Act requires the FHA […]

New 2024 Conforming Loan Limits

The Federal Housing Finance Agency (FHFA) released the new 2024 conforming loan limits for conventional and VA loans* effective November 29, 2024. The 2024 limit is $766,550 for VA and one-unit conventional loans (increased from $726,200 in 2023). Each year, the Federal Housing Finance Agency (FHFA) evaluates conforming loan limits and makes adjustments to account for […]

Short & Long-term HELOC Benefits

A Home Equity Line of Credit (HELOC) offers several benefits to homeowners, depending on their financial needs and circumstances. Higher mortgage rates cooled homeowners’ desire to move. Fortunately, increased home values make accessing home equity a popular alternative if you’re looking to remodel, invest, or consolidate debt. Here are some of the key advantages of […]

The Difference Between a HELOAN and a HELOC

A “HELOAN” is not a widely recognized financial term. It may be a combination or abbreviation of two related terms: “HELOC” and “Home Loan.” In this article, we explain both of these terms and the differences: HELOC (Home Equity Line of Credit) As explained in our previous post, a Home Equity Line of Credit (HELOC) […]

What is a HELOC?

HELOC stands for Home Equity Line of Credit. It is a financial product that allows homeowners to borrow money using their home’s equity as collateral. HELOCs are often used for various purposes, including: Home improvements Debt consolidation Education expenses Other major expenses They offer flexibility because you only pay interest on the amount you borrow, […]

How to Prevent Wire Fraud

Wire fraud is a criminal act that involves the use of electronic communication or wire transfers to defraud someone. It typically occurs when nefarious individuals mislead others to send money electronically, such as through wire transfers. The most common example of wire fraud we are seeing in the real estate lending industry is a phishing […]

Benefits of an online application

Applying online for a mortgage is a convenient and easy way to start the process of buying a home. The E5 Home Loans online application takes only 5-10 minutes. Simply enter your contact info, income history and answer a few questions. Then upload documents and E5 can quickly review your information and see how much […]

Appraisal Conditions that Determine the value

Residential appraisal conditions are the factors that are taken into consideration when determining the value of a residential property. Appraisers use a combination of quantitative and qualitative measures to determine the worth of a property, including its location, condition, size, and amenities. Location, location, location One of the most important factors in a residential appraisal […]

Home Warranty – What’s covered

New homeowners usually get a home warranty. Often it’s purchased by the seller, their gift to you in case something breaks. If the seller wasn’t so generous, purchasing a home warranty can be a wise investment to insure against costly repairs. What a home warranty typically covers: Refrigerator HVAC System Washer Dryer Stove Hot Water […]