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
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
Let’s say you’ve done your research, you want to consolidate debt, a personal loan isn’t for you, and you are comfortable using the equity in your home to pay off debt. You shop around for rates on a cash out refinance and you choose a lender. Half-way through the application process, the loan officer asks… Continue Reading
Do you have a lot of debt? Student loan, car loans, credit card debt? Are you considering taking out a debt consolidation loan where you get a new loan that pays off all the other debt? These types of loans are popular because you get to put various different loans into one payment, which makes… Continue Reading
Are you buying a house and putting down less than 20%? Are you refinancing but have less than 20% equity? Whether you’re buying or refinancing, are you getting a conventional loan? Then you will need PMI. What is PMI? PMI stands for Private Mortgage Insurance. It protects the lender from losing financially if you default… Continue Reading
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
If you’re in the market to buy a home, or are considering refinance options for a home you already own, you’re likely to be presented with a range of mortgage products to choose from. Making an informed decision between a fixed rate mortgage and an adjustable rate mortgage comes down to your future plans for… Continue Reading
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
About a month ago, the vacant house two lots north of me finally sold after being on the market for six months and sitting empty for (my neighbor estimates) about 20 years. That little time capsule was in great shape, but it was super outdated — it didn’t even have central heat and air, which… Continue Reading
The news is abuzz with the quarter percent interest increase that came from the Federal Reserve back in mid December, causing all sorts of panic and riots in the street. Well, maybe not riots — but a lot of people are wondering if they need to refinance now or if they’ve already missed their opportunity.… Continue Reading