Press

Buy A Home With No Money Down. More about Down Payment Assistance Programs.

Having to put 20% down on your home is a myth. There are so many options, especially in our area of DMV that allow you to purchase a home with NO money down! The DC Open Doors program is one of many loan down payment programs that help home buyers start building their wealth. The idea that you have to pay someone to live somewhere, you might as well pay yourself is a strong one.

There are other benefits that home buyers should be thinking of as well: tax savings, 20% credit on mortgage interest, and 1st time home buyers can reduce their transfer costs by 50% in some instances.

Don’t forget you can’t write off rent, but you can write off your mortgage.

Find out more about the American dream of home ownership with these real estate pros.

Chong Yi, NMLS #198732
Producing Branch Manager
The Yi Team at Fairway Independent Mortgage Corp.
301-332-1810
chong@theyiteam.com
https://theyiteam.com

 

Josh Greene
Eastern Title & Settlement
https://www.easterntitle.net/

 

Sharif Ibramhim
Old City Properties
https://www.oldcitypropertiesllc.com

 

If you liked Buy a Home With No Money Down, you might also like this video to help millenials buy their first home.

Ready to get started? Click here to Apply Now, or here for our mortgage calculators.

Serious tips from Santa Yi! Our best looking, ugly sweater winner!

What does a shift in the real estate market mean? Well, it doesn’t mean a crash. It actually can mean there are more opportunities for the people who are buying now. This is a good time to buy your rate down to get that dream home! Timing is everything in real estate and investing. Get started early to save money and take advantage of a shifting real estate market.

Chong Yi, The Yi Team at Fairway Independent Mortgage Corporation. Josh Greene, Eastern Title. Harrison Beacher, Keller Williams Capitol Properties. WUSA9 Great Day Washington, Real Deal In Real Estate, December 13, 2018.

Chong has more tips on investing in real estate here, How To Build Wealth.

Click here for our Mortgage Calculator. See how much home you can afford and mortgage tips, beyond a shifting real estate market.

As you can see, we like to have fun. Stop by our Facebook Page and see what we’re up to, beyond ugly sweater parties. We’d love to see you at our events!

Ho, ho, ho and wishing everyone a happy everything!

There are advantages for year end buyers. Winter is a buyer friendly market and now is the time that you can really negotiate your offer. Ask for 2% – 3% in seller concessions which can make a big impact on your monthly payments, depending on your loan amount.

Expert advice from Chong Yi, The Yi Team at Fairway Independent Mortgage Corporation, Josh Greene of Eastern Title, and Ryan Butler of DC Homes & Lifestyle, Keller Williams Realty. This 6 minute segment of Real Deal In Real Estate aired Thursday, November 29, 2018 on Great Day Washington, WUSA9, here.

Looking for more advantages for end of year buyers or home loans? Click below for our top watched videos.

Buy Now Or Wait Until Spring?

Total Cost Analysis – There Is More Than One Option For Your Mortgage!

Learn more about what makes The Yi Team unique on the bio page and causes we care about.

There are a few home loan programs that are designed specifically for veterans. In addition to VA loans, 100% financing, and no mortgage insurance programs, we can advise veterans with tips to improve their ability to qualify.

Expert advice from Chong Yi, The Yi Team at Fairway Independent Mortgage Corporation, Josh Greene of Eastern Title, and Brittani Thomas with PCS at Coldwell Banker. This 6 minute segment of Real Deal In Real Estate aired Thursday, November 1, 2018 on Great Day Washington, WUSA9, here.

Looking for more 6 minutes tips on home loans? Click below for our top watched videos.

Sell First Or Buy First

How To Build Wealth

 

Learn more about what makes The Yi Team unique on the bio page and causes we care about.

What does it mean when the Federal Reserve raises short term rates? How do they affect interest rates for your home loan? Find out how to keep the changes in interest rates from limiting the amount of money you can finance with Chong Yi of The Yi Team and Min Hu of Eastern Title.

Expert advice from Chong Yi, The Yi Team at Fairway Independent Mortgage Corporation and Min Hu, Eastern Title. This 6 minute segment of Real Deal In Real Estate aired Thursday, October 18, 2018 on Great Day Washington, WUSA9, here.

Learn more in last week’s video, Should I Buy Now Or Wait Until Spring? 

Should you buy now or wait until the spring? Traditional thought in real estate says that the spring market is THE time to buy. But advice from your mortgage company will tell you that isn’t always the case. Here’s why:

Featuring
Chong Yi, The Yi Team at Fairway Independent Mortgage Corporation
Josh Greene, Eastern Title
Carlos Robinson, The Robinson Group at Exit Realty

In the next segment, Chong shares tips on not limiting the amount you can finance on your home loan. Click here to watch. 

Read what others are saying about The Yi Team in our testimonials and here on our facebook page.

Did you know there can be more than one option for your home loan? Our Total Cost Analysis allows you to see 3 options side-by-side so you can make the most educated choice for your mortgage, or view Rent vs. Own and see if you’re ready to make the leap in to home ownership. You might be surprised to see over time that renting can cost MORE than owning your own home!

If you’re a real estate agent or mortgage loan officer, you might enjoy this interview between Chong Yi and Mortgage Coach guru, Dave Savage.  Click here for the interview.

Have more questions about home loans? Head over to Resources and Frequently Asked Questions.

 

Where to begin? Should you buy a house first, or find your new home and then move towards selling? It’s one of the top questions real estate agents get. Moving house to house can be confusing. Choose the right team to help you decide what’s best for you, to sell first or buy first.

Expert advice from Chong Yi, The Yi Team at Fairway Independent Mortgage Corporation, Josh Greene from Eastern Title and Merdith of Old Line Properties. This 6 minute segment of Real Deal In Real Estate aired Thursday, Summer 2018 on Great Day Washington, WUSA9.

For more information on a house to house move, click here for more of WUSA9’s story.

Or if you’re planning on a winter move, there are some advantages for end of year buyers, here.

Maybe getting someone else’s point of view will help you with a house-to-house move? Click here to read testimonials from our borrowers and real estate agents.

A mortgage lender can make or break a deal. Here Chong Yi and colleagues discuss tips for finding the right team and home loans that are quick to close.

Expert advice from Chong Yi, The Yi Team at Fairway Independent Mortgage Corporation, Jonathan Layne of Layne Realty Group, and Josh Greene of Eastern Title. This 6 minute segment of Real Deal In Real Estate aired Thursday, August 16, 2018 on Great Day Washington, WUSA9, here.

Learn more in next week’s video, Should I Buy Now Or Wait Until Spring? 

Even if you’ve purchased a home before, the mortgage market has changed. Make sure you are up to speed and don’t make these mistakes.

Expert advice from Chong Yi, The Yi Team at Fairway Independent Mortgage Corporation, Maria Kolick of ReMAX, and Josh Greene from Eastern Title. This 6 minute segment of Real Deal In Real Estate aired Thursday, August 2018 on Great Day Washington, WUSA9.

Click here to go to get the 3 tips to make sure you’re working with the right group.

Get someone else’s point of view to help you with a your home loan research… Click here to read testimonials from our borrowers and real estate agents.

Wondering how to build wealth? Get some smart buying tips to help you. Watch as Chong Yi takes you through the process. Find out where the hot neighborhoods are if you are buying for a rental unit or for a quick investment.

Expert advice from Chong Yi, The Yi Team at Fairway Independent Mortgage Corporation, Keith James of Keller Williams Capital, and Ben Goldman of Eastern Title.

Looking for more advantages for end of year buyers or home loans? Click below for our top watched videos.

Buy Now Or Wait Until Spring?

Total Cost Analysis – There Is More Than One Option For Your Mortgage!

Learn more about what makes The Yi Team unique on the bio page and causes we care about. Get behind the scenes on our facebook page.

Looking for step-by-step tips to buying a home? Take 5 minutes and learn from the pros. Get your mortgage, real estate and title process organized and on track.

The details matter in metro DC real estate market, especially when prepping for your home loan. Find out how to be prepared with tips to stay competitive.

Expert advice from Chong Yi, The Yi Team at Fairway Independent Mortgage Corporation, Josh Greene of Eastern Title, Rockstar Realtor, Tori McKinney, Keller Williams Realty. This 6 minute segment of Real Deal In Real Estate aired Thursday, June 21, 2018 on Great Day Washington, WUSA9.

Looking for more advantages for end of year buyers or home loans? Click below for our top watched videos.

Buy Now Or Wait Until Spring?

Total Cost Analysis – There Is More Than One Option For Your Mortgage!

Learn more about what makes The Yi Team unique on the bio page and causes we care about.

Get behind the scenes and insider tips on our facebook page.

Don’t Know Your Mortgage Rate? Here’s Why That’s Bad
By Aly J. Yale

Most homebuyers are keenly aware of their mortgage rate—at least at the outset. But it seems that awareness wanes once they get settled in. In fact, according to a recent study by Bankrate, a whopping 29% of homeowners don’t know their current mortgage rate.

It’s a mistake that experts say could have serious repercussions. From thousands more paid in interest to missed payments and lost financial opportunities, the costs of not knowing your rate can be big.

Don’t know your mortgage rate? According to industry experts, here’s what could happen.

You might be paying off the wrong debts.
“It is important for homeowners to know their mortgage rate so they can compare it to the interest rates on their other debt like student loans, car loans or credit card debt. This can help them prioritize which to pay off first.

People are often tempted to use any extra dollars they have to pay down their home mortgage before other debt sources because it is the largest. But considering home mortgage rates are usually lower than interest rates on other forms of debt, this could be a mistake, as they are likely accruing interest at higher rates on their other debts and should prioritize paying those off first.” -Paul Ruedi, Ruedi Wealth Management

Your loan may take longer to pay off.
“Understanding your mortgage is key to having a plan in place to reach your goal for that property. When you know your interest rate and monthly payment, you’re in a better position to pay off the loan sooner should you choose to make additional principal payments.” -Stephen Rischall, 1080 Financial Group

You might miss a chance to refinance.
“It’s important to know your mortgage rate so that you can compare it to current mortgage rates to evaluate whether you may want to consider refinancing your mortgage. This is especially important with adjustable-rate mortgages because if your interest rate is increasing as interest rates continue to rise, you may need to make a decision to refinance to a fixed rate. The higher interest rates go, the higher your variable rate mortgage is going to go and the more money it will cost you.” -Ed Snyder, Oaktree Financial Advisors

“Over time, mortgage rates fluctuate within an economic driven market. A smart borrower will understand that their mortgage is a fluid investment, so as rates change the mortgage may need to be restructured.” -Chong Yi, The Yi Team at Fairway Independent Mortgage

You might not know where you’re money’s going.
“All too often everything mortgage is grouped together in the consumer’s eyes. This means that not knowing your mortgage rate is correlated with not knowing what type of mortgage you have. This can be a huge problem.

Also, because a house payment often feeds an escrow account that pays insurance and property taxes, not just a mortgage, it is easy to lose track of what expenses you are paying. The recent Wells Fargo scandals point to an ever-increasing need for customers to monitor their accounts.” -Matthew Ure, Anthony Capital

Your payment could be changing, and you won’t be prepared.
“It is especially important to know your interest rate if you have an adjustable rate mortgage. After the fixed period of term and rate, your rate will float and you will want to know the maximum it can adjust each year. You don’t want to be unaware of a large spike in the monthly payment, especially if your budget is tight.” -Clint Walkner, Walkner Condon Financial Advisors

You might miss a payment.
“It is especially important for people to watch their rate if they have an adjustable-rate loan because, in a rising interest rate environment, like the one we are in now, it could potentially cause them to miss a payment, because the overall monthly payment has increased to a level too high to be sustainable.” -Ted Snow, Snow Financial Group

Only One Piece of the Puzzle
Ultimately, homeowners should know more than just their rate if they want to come out on top.

As Yi puts it, “Your mortgage is a long-term investment. Keep sight of your long-term goals. Are children in your future? College tuition? Are you staying in the house for a few years or a few decades? What are your retirement plans?”

Homeowners should consider these goals—as well as their rate—when structuring their initial mortgage loan and again as they work to repay it or refinance it.

Full article at Forbes.com »