The mortgage process can be pretty overwhelming — especially if it's your first time around the block. In fact, according to a recent study from credit bureau TransUnion, a whopping 34% of first-time homebuyers aren't familiar with a single mortgage financing option whatsoever. Another two-thirds of first-timers don't know who Fannie Mae and Freddie [...]
With mortgage rates dropping in the first quarter of the year, the number of homeowners refinancing has steadily climbed. And it’s no wonder why. Refinancing your mortgage can come with serious benefits. From lower interest rates and reduced monthly payments to faster repayment periods and access to quick cash, the advantages are many if [...]
When it comes time to purchase a home, there are many options from which buyers can choose to finance the cost of the home through a mortgage. At the time borrowers apply for a mortgage, their lender will provide them with a few options for the type of mortgage they can choose, depending on [...]
Signing a purchase agreement for a home is an exciting day for both buyers and sellers. After possibly months of searching for the perfect home, buyers can breathe that first sigh of relief knowing what home they're going to buy, at what price, and on what date. It's the first time buyers can start [...]
Divorce is never easy. Even for those couples with the best intentions, the division of property can become contentious. For couples who have a mortgage and are trying to decide what to do about the house, here are some options to consider. Sell the Marital Home If neither you or your spouse can afford to [...]
Do you have savings, but they're not stowed away in a bank, credit union, or another type of financial institution? Then you might want to reconsider that move — especially if buying a home is on your radar. You see, even with thousands saved, "mattress money" won't help you much when applying for a mortgage [...]
Have you ever considered getting a second mortgage? If so, it's important to answer the following questions: What is a second mortgage? What are the benefits of getting a second mortgage? What are the drawbacks of getting a second mortgage? Why do people obtain a second mortgage? In this article, we'll answer all of [...]
Doesn’t it seem like the first step in accomplishing almost anything is always the hardest? That common paralysis happens to people all the time in a variety of circumstances, especially when decisions can be life-changing. One of those big events under the “life-changing” category? Buying or refinancing a home — something Embrace has a lot [...]
When you obtain a mortgage, your lender may charge "mortgage points." What does this mean, and how can the concept be used to your advantage? A single mortgage point is equal to one percent of the total mortgage amount. For example, a point associated with a $150,000 loan will be valued at $1,500. Your [...]