As mortgage rates normalize in 2022 from the historical lows of the past 12-18 months, it’s essential to know how to find the best refinance rate. With some insights on how refinancing works, how lenders price loans, what impacts your rates, and how you can lower your rate and closing costs, you can land a… Continue Reading
For many first-time homebuyers, the biggest challenge to homeownership is the large chunk of change needed to put down on a mortgage. This is commonly referred to as a down payment. Depending on the loan program you choose, a lender could require you to put down as little as 3% or as much as 10%.… Continue Reading
Closing a mortgage always involves closing costs which will vary from lender to lender. Even so-called “no closing costs loans” involve paying to close the loan, even if the borrower doesn’t foot the bill, someone does. If you want to reduce the cost of closing your mortgage, here are a few tips you can use.… Continue Reading
When you buy a house, most people expect to pay back the amount borrowed plus interest. But, did you know that a mortgage payment is made up of more than just principal and interest? In some cases, a mortgage payment may have five or six different parts to them. For the first-time homebuyer this can… Continue Reading
If you are a first-time home buyer, there is a lot to learn about buying a home. The most misunderstood part about home buying is — home financing. We are going to help shed some light on this topic. We are going to go over the top first-time home buyer loan options. You will learn… Continue Reading
Federal Reserve raised the federal funds rate in the United States again today in an attempt to quell rising inflation. While the Fed does not have direct control over mortgage rates, they often rise when the federal funds rate also heads north. As of the time of this writing, the average 30-year fixed mortgage rate… Continue Reading
Alright, you have selected the house you want to buy, found a mortgage lender to meet your financing needs and they have presented you with a rate quote that looks pretty enticing. You love the offer, and your dream of homeownership is coming to close but there’s just one thing. You notice an extra charge… Continue Reading
Think you may have missed the opportunity to refinance your home mortgage? Think again! You may still benefit from refinancing even though rates have recently gone up. While conventional loans make up the large majority of home mortgages, there are millions of borrowers who have other types of loans. Those loans are usually taken out… Continue Reading
Reverse mortgages are very misunderstood mortgage programs. In part, this is due to myths or misconceptions about this very useful program. Many of the myths about Reverse Mortgages are so entrenched with the public that it is very difficult for them to have a change of mind or heart. This is the case even though… Continue Reading
A credit score is arguably the single most important factor for lenders when determining whether you qualify for a mortgage or not. Not only that, but your credit score will also determine what type of loan you can get when finding financing for your next home purchase. The score is important to lenders because it… Continue Reading