Don’t Settle For the First Mortgage Loan You’re Offered

Navigating the process of buying a home can be confusing, especially for first-time buyers. That’s why so many consumers go straight to a familiar lender, like their local bank, for a mortgage loan. Although that can simplify the process, it will rarely yield the best loan option. For optimal results, consumers should go “mortgage ... More

These Mortgage Loans May Not Be In Your Best Interest

With so many home loan instruments available to prospective buyers, it can be daunting to navigate the advantages and disadvantages of each. While every buyer’s situation is unique, it’s important to know that some types of loans are inherently riskier than others. For the majority of homeowners, it is usually best to avoid the following ... More

Short Sales 101

If you’ve ever browsed through home listings, you’re likely to have stumbled across “short sale” properties from time to time. In layman’s terms, a short sale happens when a seller’s debt on a home surpasses the property’s market value. In such cases, a seller may choose to avoid foreclosure by selling their home as a short ... More

What Your Existing Debt Signals To Mortgage Lenders

If you’re like most Americans, you’ll carry debt at some point in your life, whether it be student loan debt to a financed automobile. While all debt affects your all-important debt-to-income ratio – that is, your monthly debt payments divided by your gross monthly income – different types of debt mean different things to mortgage ... More

Is a Jumbo Mortgage Right For You?

If you’re like most prospective home buyers, you’ll likely apply for a common mortgage loan called a conforming loan. Though the Federal Housing Finance Agency establishes limits on conforming loans, borrowers may still exceed conforming loan amounts in particular cases. When this occurs, the mortgage instrument is called a jumbo mortga... More

What To Know Before Applying For a Second Mortgage

A second mortgage usually refers to an additional home loan on the same property on which you already have one mortgage. If you own a home and find yourself in need of an infusion of cash – say, to pay for a wedding or unexpected medical expenses – a second mortgage may be the right tool for you.  As with any financial scenario, each ... More

Private Mortgage Insurance Explained

When you’re planning to purchase a home, there are plenty of fees and monthly payments to put a dent in your budget. One common fee is Private Mortgage Insurance, commonly called PMI, and it catches many buyers unawares. If you’re a buyer taking out a conventional mortgage loan and making a down payment of less than 20 percent of your ... More

Your Most Common Mortgage Questions Answered

Prospective homebuyers typically start the process with a host of questions. After all, purchasing a home is likely the largest financial transaction you’ll ever make. Read on for the answers to your most burning home mortgage questions. How Much House Can I Afford? This is a biggie, because it will determine how close your financial ... More

Mortgage Alphabet Soup: Terms To Know

The process of getting a mortgage can feel a bit like learning a new language. While most prospective buyers go into the process with a basic understanding of the terminology associated with mortgage loans, they can quickly many become lost in the jumble of letters, numbers and confusing financial terms. Understanding the five terms below ... More

‘Deliberate Delinquency’ Is A Risky Mortgage Move

For many years, homeowners who wanted a mortgage modification from their lender had to show at least one missed payment. While this is no longer a requirement, many homeowners are under the mistaken impression that deliberately skipping mortgage payments can strengthen their case when they request a loan modification. Unfortunately, experts ... More