What’s the best mortgage length for you?
If you’re unprepared, buying a home can be a dangerous venture. If you aren’t well informed, not understanding your options could wind up costing you thousands, or tens of thousands, of added dollars. Aside from choosing the house itself, is the type of mortgage you’ll choose and the length of your loan. Fixed vs. Adjustable […]
Do I have to put 20% down on a new home purchase?
Purchasing a home is not an impulse buy. The upfront cash required can take years to save when you consider appraisals and inspections and closing costs and down payment. However, homeowners can sign the papers and own a home with significantly less cash out the door, thanks to low-down-payment loans on the market. You have […]
Hazard Insurance and Insurance Riders
Trying to be prepared for every contingency is part of being a responsible homeowner. Dealing with the associated legal and medical problems out-of-pocket is nightmarish, so you’ll have peace of mind in paying for extra hazard insurance. Studies have proven the home is the number one place where accidents occur, and both homeowners insurance and […]
Pros and Cons of Extra Mortgage Payments
After a few years and perhaps discovering more financial flexibility, many homeowners begin to wonder if they should make extra mortgage payments. The thinking is that extra payments can save in interest and bring you closer to actually owning your home. While this is a good idea, there are also reasons why you might not […]
What’s the Difference? Private Mortgage Insurance vs Homeowner’s Insurance vs Mortgage Protection Insurance
Private Mortgage Insurance (PMI) Private mortgage insurance protects your mortgage lender in the event you default on your loan. Many lenders will require high risk buyers to carry private mortgage insurance to protect what is their investment too. Generally, it’s required if you have a conventional loan and make a down payment of less than […]
Honesty on Your Mortgage Application: Your Future Depends On It
While it may seem harmless to alter your information on your mortgage application, you don’t want to over inflate your income or fail to reveal where the down payment funds originated. Everyone wants to get the best loan they can afford at the best rates. But if you lie on that mortgage application you risk […]
In Case Disaster Strikes
Hurricanes, floods, earthquakes, tornadoes, and wildfires have affected numerous locations across the country. Learn the types of disasters that are likely in your community and the local emergency, and shelter phone numbers, websites, and plans for each specific disaster. So what should you do if your home and community is hit by a natural disaster? […]
You Really Can Be A Homeowner
Buying a home is a major life milestone, and with it comes a lot of financial scrutiny and planning. The initial part of the process of getting your mortgage is paying close attention to your finances. It is crucial you don’t do anything that will cause your mortgage to be denied. You need to have […]
Today’s Low Interest Rates
In the sixth straight week of decline, the 30-year fixed-rate mortgage averaged 3.82% for the week of May 30. This is down from 3.99%. It was the lowest level since September 2017. Borrowers are receiving exceptional rates compared to last year at this time, when 30-year mortgages were averaging 4.54%. The monthly payment on a […]
Refinance Your Mortgage to Pay Down Debt
Debt is a significant issue for many American households, including credit card debt as well as mortgages, auto loans, student loans, and medical expenses. It might seem as though there’s no relief from high-interest balances, but you can take steps to lower your burden. For homeowners an option is to consolidate debt and lower monthly […]