How to Reduce Your Mortgage Closing Costs

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

What Is PMI and Do I Have to Have It?

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

You May Still Benefit from Refinancing in 2022

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

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

Escrows & Prepaids at Closing — What You Should Know

If you are buying a home or refinancing a mortgage, you should be aware of the two most potentially expensive components of your closing costs: Escrows and Prepaids. What Are Escrows and Prepaids? Escrows are the initial amount you must put aside (i.e., pay) at closing to fund your escrow account with sufficient funds so… Continue Reading