Mortgage

March 10, 2022Getting a home loan is a big financial decision. This is why it’s important to work with someone who can get the lowest rate and best terms on your mortgage. When looking for a mortgage, you’ll need to choose between… read more…

March 9, 2022If you own a home, it’s often thought that you should pay off your mortgage as quickly as possible. This is often advisable. A mortgage is frequently the largest amount of debt most people will ever owe, and even a… read more…

March 8, 2022Owning a home can yield valuable benefits, including the opportunity to accumulate equity in the property. Equity is the difference between what you owe on the home and its fair market value. There are different ways you can tap into… read more…

March 8, 2022Buying a rental property is one way to create another stream of income. Likely, you must finance the property with a mortgage. But, it’s usually harder to qualify for a mortgage for a rental property than when buying a home.… read more…

February 28, 2022Private mortgage insurance (PMI) protects lenders against risk of default on loans to homebuyers. Reducing risk to lenders can mean lower interest rates and better access to credit for borrowers, but it can also add significantly to the cost of a mortgage. Here’s how to borrow money to buy a home while avoiding PMI or… read more…

February 23, 2022Paying off your mortgage is a huge milestone and accomplishment for any homeowner. You may want to jump right into celebrating, but first you need to make sure all the proper documentation is in order. A satisfaction of mortgage is a crucial document in the mortgage repayment process. It shows that your home outright belongs to… read more…

February 23, 2022Mortgage payments are typically due on the first day of the month. However, if you buy a new home, when is your first mortgage payment due after you close on your loan? It’s not an exact science, but knowing when… read more…

February 23, 2022Home equity lines of credit (HELOCs) and cash-out refinances are two methods of tapping into your home equity for cash. They are usually used in the consumer mortgage market to facilitate refinancing property and borrowing against the equity in your home. Cash-out refinances and HELOCs are quite different financial instruments but can be used to accomplish… read more…

February 4, 2022Mortgages and home equity loans both allow borrowers to use their homes as collateral. However, they have some significant differences. For one, to get a home equity loan a borrower already must own a home and, furthermore, must have sufficient equity in the home. A traditional mortgage, also known as a purchase mortgage, is used… read more…

February 4, 2022When homeowners seek to reduce their monthly mortgage payments, they generally focus on refinancing their homes. The problem with this approach is that it resets the clock on your mortgage. This can stretch out your payments over a longer period of time. While you save monthly, it can cost you more in the long run.… read more…

February 4, 2022A home equity line of credit, or HELOC, typically uses adjustable rates that depend on market trends. But with a fixed-rate HELOC, you can lock in a rate that lasts throughout the life of the agreement. Since the rate never changes,… read more…

February 4, 2022Not every potential homebuyer can afford the traditional 20% down payment. In fact, many Americans struggle to pull together enough finances for a substantial down payment on a mortgage. However, that doesn’t mean your dream home is out of reach. When that happens, potential buyers can still purchase their property with the help of mortgage… read more…

February 3, 2022Homeowners may wonder if they’re carrying too large a mortgage and, if so, how to reduce it. Mortgage sizes tend to vary by generation, so one way to assess whether your mortgage may be oversized given your age is by finding out what the average mortgage for your generation is. Then, if your mortgage is… read more…

February 3, 2022Most homeowners use traditional mortgages when buying their primary or vacation home. However, when you own multiple properties, it makes sense to explore other options that may be better suited to your situation. One of the strategies that real estate investors use is something called a blanket mortgage. In this article, we’ll define what a… read more…

February 3, 2022While homeownership is called “the American Dream,” owning a home also means taking out a mortgage for most people. And you don’t truly own your home until the mortgage is paid off, so many families want to pay their mortgage… read more…

February 2, 2022The conditional approval of a mortgage loan does not guarantee final approval, but it’s a stronger signal that the applicant will be approved than prequalification. After you apply for a mortgage, your application goes through several steps before it is approved or denied. When you reach the step of conditional approval mortgage in the underwriting… read more…

February 2, 2022Homeowners spend thousands of dollars a year on utility bills, and that figure is rising. The Energy Efficient Mortgage (EEM) program aims to help families save on their bills by helping to finance energy-efficient improvements on both new and existing homes. A financial advisor could help you best determine if an energy efficient mortgage is… read more…

February 1, 2022To take out a home equity line of credit (a HELOC), you need to have at least 15% to 20% equity in your home. The exact amount depends on your lender and your financial details, such as credit score, debt-to-income ratio and the home’s value. However, most, if not all, will require this as a… read more…

February 1, 2022For most, your home is not only your greatest investment but your most expensive one. And that expense includes not just the purchase price but a list of other costs that some buyers gloss over when they sign on the… read more…

February 1, 2022A no closing mortgage, sometimes called a zero closing cost mortgage, is one in which your lender provides the money to pay for the closing costs on your house. In exchange, you typically pay a higher interest rate or the… read more…

January 31, 2022Bridge loans and home equity lines of credit (HELOCs) are two methods of short-term financing used in the real estate industry. They are usually used in the consumer mortgage market to facilitate buying property, but they are also used in the commercial real estate market. Bridge loans and HELOCs are quite different financial instruments, but… read more…

January 31, 2022A warranty deed, as its name suggests, comes with warranties. The person or persons transferring the property, whether it’s being bought as a residence or as an investment guarantee they own it and have the authority to transfer any rights to it that are enclosed in the deed. A quitclaim deed is both more and less… read more…

December 2, 2021The Federal Reserve says that Generation X currently holds 41.5% of home mortgages in the second quarter of 2021, followed by baby boomers with 27.3% and then millennials with 26.7%. However, a new study from Realtor.com forecasts a generational shift with more than 45 million Millennials hitting “the prime first-time home buying ages of 26 to 35… read more…

November 19, 2021Federal Housing Administration (FHA) loans are a government-insurance mortgage product offered to qualified borrowers across the country. These loans, which are offered by private lenders and secured by the FHA, may make homeownership more accessible and affordable. This is especially… read more…

November 16, 2021There are many different types of mortgage loans to consider when buying a home. One option is an FHA loan; for those who qualify, these government-insured mortgages can offer competitive terms and rates that make homeownership possible for more buyers. Let’s… read more…