If you’re buying a house for the first time, you might come across items you’re unfamiliar with. Items like Private Mortgage Insurance, FA vs. Conventional Loans, or what is included in the closing costs. Paying mortgage points (“points”) on your mortgage might not be the first thing you think of when shopping for your mortgage, but […]
Buying Mortgage Points Read More »
Step 1 – Choose a No-Cost Loan The first step is to choose an interest rate that has $0 fees which will equate to zero closing costs. This is what we term a “no-cost loan”. This will eliminate option #2 above. Step 2 – Escrows The second step is to avoid having to bring cash
3 Steps to Refinance without Increasing Your Loan Balance Read More »
What Are Closing Costs? Closing costs are the various fees you pay your lender or third parties for creating, processing, and underwriting the loan. These fees cover items like a home appraisal, title insurance, and underwriting. Your closing costs will vary depending on what state you live in and which lender you use. Some lenders
Everything You Need to Know About Closing Costs Read More »
According to the Federal Reserve Bank of New York, Americans have a total credit card debt of $925 billion. That’s up $38 billion compared to the first quarter of 2022. This doesn’t include student loans, auto loans, or medical debt. Couple that with rising inflation, and Americans are looking for ways to reduce the amounts they
Using your mortgage for debt consolidation Read More »
Rate Lock Overview Although they are a crucial part of the home buying process, mortgage rate locks can be complicated for first-time buyers. Everything you need to know about mortgage rate locks, including what they are, how they work, and when you can lock in your mortgage rate, will be covered in this article. What
When Should I Lock In My Mortgage Rate? Read More »
Private mortgage insurance (PMI) is a type of protection that helps protect lenders’ investments but doesn’t protect borrowers against losing their homes if they can’t make their monthly payments. The good news is that most lenders will allow you to drop PMI after meeting certain requirements or reaching a certain point in the life of
Understanding Private Mortgage Insurance Read More »
When you apply for a mortgage, your lender will ask if this property will be your primary residence, a second home, or an investment property. Your answer will determine what mortgage rate you get, who can live there, the amount you can be approved for, and the minimum amount of your downpayment. Primary Residence A
Primary Residence vs. Investment Property vs. Secondary Home Read More »
