Limited Funds to Buy? A USDA Loan Might Be the Answer

With the uncertainty surrounding today’s mortgage market and skyrocketing prices to buy real estate, buyers are having to come up with more and more cash to cover the costs of closing and buy-down their interest rates. As of the time of this writing, the average interest rate on a 30-year mortgage is 5.95%. By comparison,… Continue Reading

Lending outside the Box — Non-QM and Non-Prime Loans

The mortgage market is undergoing a massive shift as of Mid 2022. Mortgage rates across all types of home loans have increased considerably. In some cases, such as the case for conventional agency loans, rates have more than doubled in less than a year. These events are now preventing millions of buyers from qualifying for… Continue Reading

Impact of COVID-19 on the Mortgage Industry

By now, we are all aware of the impact of the novel coronavirus “COVID-19” on our lives. Travel is restricted, businesses are closed, many are quarantined, and when we do go out, many of us wear face masks and stay at least six feet from other people. But what has the impact of COVID-19 been… Continue Reading

How to Avoid PMI? Know Your Options

Let’s say you’re buying a house or refinancing and you need PMI. What are your options (besides putting down 20%)? Take Two Mortgages to Avoid PMI That’s right. If you take two mortgages that add up to 90% or 95% (remaining 5-10% is your down payment), you can avoid paying PMI. How? Because your first… Continue Reading

Should You Pay Points?

Let’s say you’re about to buy a house. You’re at a family barbecue on the weekend. The sun is out, the kids are running around, there’s burgers on the grill. Your older brother comes up to you and asks if you found a lender yet. You tell him you got some quotes, and they’re all… 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