Mortgage News and Rate Updates
Breaking It Down: Understanding Your Home Closing Costs
When you’re a first-time homebuyer, the entire concept of closing costs may be elusive and intimidating. You know they’re coming, but you have no idea what to expect. Luckily, a little knowledge can go a long way. Fees for loan…
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Closing Costs: How Much Should You Expect to Pay?
Closing costs can be confusing.
Not only do they cost you an additional few thousand dollars come closing day; they also cover fees and expenses you’ve likely never heard of, making them even more perplexing for a first-time buyer.
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What Is PMI?
Maybe you’ve heard the term thrown around by your lender or loan officer, you’ve spotted a “PMI” line item on your closing disclosure, or you’re seeing “PMI” on your escrow statements. Whatever the reason, you want to know: what is…
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What Does a “Cash Out” Refinance Mean?
You’ve probably heard the term “cash-out refinance” before. Maybe your neighbor used one to pay for their new deck or your sister took one out to cover your nephew’s first year of college tuition. Whatever the reason, you know that…
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Adjustable Mortgage Rates – Pros and Cons
With home loan interest rates at an historic low, many people are rethinking the adjustable rate mortgage. This type of mortgage rate, which is commonly abbreviated as ARM, comes in a few different flavors. Unlike fixed mortgage rates, they fluctuate over time. The majority of homeowners – roughly seven out of ten, according to Bankrate.com – prefer fixed rates for this reason. Although they have traditionally gotten a lot of bad press, ARMs might be worth a second look. At the very least, it is good to familiarize yourself with the pros and cons of the adjustable rate mortgage.
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Rent to Own Mortgage: How to Transform Rent Payments into a Mortgage
Why pay rent toward someone else’s mortgage when you could put that cash toward your own? That’s exactly the thought behind renting to own agreements, which let you rent a property, apply a portion of your rent costs toward the mortgage…
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Tips for First-Time Sellers
There are plenty of tips to be found for first time homebuyers, but what about for tips first time home sellers? In an effort to bridge the information gap, we’ve provided five tips for first time home sellers below. Read…
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What to Know If You Get Married—And Already Own a House
It’s one thing if you get married and then buy a home. But what happens if you do the opposite, and buy a home before tying the knot? Do you need to put your new wife or husband on the…
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How Much Mortgage Can You Afford If You’re Self-Employed?
Estimating how much of a mortgage you might qualify for is a relatively easy process with online mortgage affordability calculators. You simply plug in your income and debt obligations and, poof, the calculator will spit out an estimate of how…
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The Repercussions of a Mortgage Not Closing on Time
You’ve worked hard for years, saved up the down payment, and have finally found your perfect dream home. And now that you have your offer accepted and are in escrow, you’re ready to sign on the dotted line and close…
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