What Are Jumbo Loans?

If you’re wondering why mortgages seemingly come in sizes, like tubs of popcorn at a movie theater, you’re not alone. A jumbo mortgage refers to a loan amount that’s higher than the conforming or high-balance loan limit for a particular county. Presently, Fannie Mae and Freddie Mac set the maximum loan amount threshold for the… Continue Reading

Understanding Interest-Only Mortgages

What is an Interest-Only Loan? Interest-only mortgage loans have an initial period where the monthly payments consist of just the accrued interest, instead of payments towards your principal balance as well. Once the interest-only period ends, you begin to repay the loan on a regular amortization schedule — meaning that by the end of the… Continue Reading

10 Tips for a Successful (and Beneficial) Mortgage Refinance

For most people, undertaking a mortgage refinance isn’t something they look forward to. The prospect of lowering monthly payments and paying less interest over the life of the loan are powerful motivators though, so let’s make sure your next refinance is your best. #1 Start by clearly identifying and defining your goals for refinancing. It’s… Continue Reading

Getting Pre-Qualified vs. Getting Pre-Approved: What You Need to Get a Mortgage

Lenders may use the terms pre-qualification and pre-approval interchangeably, but it’s generally understood that there are different levels of evaluation and approval available nowadays. Our goal is to make sure you understand what information your lender will be verifying and what assumptions they’re making when evaluating your financial scenario. What’s the Difference Between a Pre-Qualification… Continue Reading

Understanding Various Types of Mortgage Loan Programs

If the last time you shopped for a mortgage was over a decade ago, then you might be surprised by how much the menu of loan offerings has changed. Immediately following the housing crash, mortgage meltdown, and economic recession of the late 2000s, loan programs began to disappear and an overhaul of industry guidelines and… Continue Reading