Paying off My Mortgage Faster – Pros, Cons & Hows Deciding whether to pay off your mortgage faster depends on your financial goals, personal situation, and priorities. While paying off a mortgage early can provide peace of mind and reduce monthly expenses, for some people, the greater financial growth from other investments or savings can […]
What is PMI for Mortgage Loans? PMI, or Private Mortgage Insurance, has been around in various forms for well over a century. It is a type of insurance that protects the mortgage lender in case the borrower defaults on a mortgage loan. PMI is typically required when a borrower makes a down payment of less […]
Getting a mortgage as self-employed Getting a mortgage for a regularly employed individual can be complicated. You must meet all the lender’s requirements pertaining to the credit score, down payment and debt-to-income ratio (DTI). Being self-employed adds a significant layer of complexity to this process. Lenders often view self-employed borrowers as higher-risk compared to traditional […]
What is a HELOC? A Home Equity Line of Credit (HELOC) is a type of loan that allows homeowners to borrow against the equity in their homes. Here are the key features and details: Revolving Credit Line: Unlike a traditional loan, which provides a lump sum, a HELOC works more like a credit card. You […]
My personal opinion on this has always been buy when can, do not wait for improved market conditions. There are opportunity costs to waiting to purchase a home and I will get to them in a bit, but first let’s discuss the current (end of March 2024) interest rates: Are current mortgage interest rates high? […]
In the world of home financing, a Federal Housing Administration (FHA) Loan shines brightly offering a ray of hope for countless prospective homebuyers. Tailored specifically for individuals with modest incomes or less-than-perfect credit scores, FHA loans offer a unique opportunity to turn the dream of owning a home into reality. Whether you’re a first-time homebuyer […]
In anticipation of the changing economic landscape and evolving real estate market, 2024 brings with it a significant shift in the conforming loan size limits. These limits, determined by federal authorities, play a pivotal role in defining the accessibility and affordability of mortgages for aspiring homeowners. As we delve into the details of the 2024 […]
The credit score you need to buy a house can vary depending on the type of mortgage loan you are applying for and the lender’s requirements. Generally, a higher credit score will make it easier to qualify for a mortgage and secure lower interest rates. Here is a rough guideline: Keep in mind that your […]
In the ever-evolving landscape of real estate financing, temporary rate buydowns have emerged as a powerful tool for both homebuyers and lenders. This financial strategy offers an enticing way to lower initial mortgage interest rates, providing advantages to borrowers while fostering a competitive edge in the housing market. What is a Temporary Buydown? A Temporary […]
Securing a pre-approval for a mortgage is an essential step for prospective homebuyers, offering them a clearer picture of their purchasing power in the competitive real estate market. Before house hunting, understanding the pre-approval process can give buyers a significant advantage, ensuring they are viewed as serious contenders by sellers. This process involves a preliminary […]
