Mortgage

shopping for a mortgage

Getting The Best Rates when Shopping for a Mortgage

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

Everything You Need To Know About Mortgage Prequalification

Too many prospective buyers fall into the trap of forgetting to consider extra costs – like property taxes and homeowners insurance – when looking to purchase a home. For this reason, it’s a worthwhile effort to invest time in getting a mortgage prequalification from a reputable lender. A mortgage prequalification isn’t the same ... More
refinancing a mortgage

Should I Refinance My Mortgage

Refinancing a mortgage loan can be quite an undertaking, as the process is very similar to purchasing a new home. For this reason and others, many homeowners are hesitant. However, there are times when a re-finance is the best financial move you can make, including the following two common scenarios: 1. You’re stuck with undesirable loan ... More
PMI

What Private Mortgage Insurance (PMI) Is & How Much It Costs

When you’re planning to purchase a home, there are plenty of fees and monthly payments that affect your budget. One common fee is Private Mortgage Insurance, or PMI, and it catches many buyers unaware. How Private Mortgage Insurance is Determined If you’re a buyer taking out a conventional mortgage loan, be aware of your down ... More
mortgage you can afford

Need Help Shopping Around for a Mortgage You Can Afford?

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. You need a mortgage you can afford. For optimal results, ... More

Common Reasons a Mortgage Application is Denied

Common Reasons a Mortgage Application is Denied. 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 ... 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