When you are buying a home, two terms you will often hear are home appraisal and home inspection. They are both important steps in the process — but they serve very different purposes. Let’s break down what each one is, who needs them, what they cost, and what happens if issues arise. What Is a […]
The recent NAR settlement is shaking up the real estate market, changing how buyers, sellers, and real estate agents handle commissions. With new rules requiring direct negotiations and greater transparency, both buyers and sellers must adapt their strategies to navigate this shifting landscape. Understanding these changes can help you make smarter financial decisions and get […]
A condominium (condo) is a type of property ownership where individuals own a single unit within a multi-unit complex, along with shared ownership of communal areas. While the process for financing a condo is very similar to traditional home loans, there are some unique aspects. Here is a breakdown: 1. Understanding Condo Financing Mortgage Options: […]
Another confusing part of the mortgage loan closing. The escrow account funds are wrapped into the total closing cost on the loan estimate and they are a cash outlay at the time of the closing. But are these funds an actual transaction cost? Read on to find the answers. What is a Mortgage Loan Escrow […]
What is Conforming Loan Size Limit and Who Sets It? The Federal Housing Finance Agency (FHFA) oversees Fannie Mae and Freddie Mac and is responsible for annually adjusting the conforming loan limits based on changes in home prices and costs of living in different areas. These limits help maintain the balance between providing affordable financing […]
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? […]
