Purchasing a home is one of the most significant financial investments one will ever make in their lifetime. And often, homebuyers will purchase a home, spending more than they can afford, resulting … [Read more...]
Pros and Cons of a Variable-Rate Mortgage
A variable-rate mortgage, or an Adjustable Rate mortgage (ARM), is a home loan with a fixed period in which the initial interest rate remains the same for three to ten years, followed by yearly … [Read more...]
Mortgage Basics for First-Time Homebuyers
Securing a mortgage is a crucial step for first-time homebuyers. However, choosing a suitable home loan option depends on various factors. Choosing from a wide range of financing options can be … [Read more...]
PITI: 4 Components of a Mortgage Payment
PITI is an acronym for the four components of a mortgage payment: Principal, Interest, Taxes, and Insurance. When evaluating a homebuyer's maximum mortgage loan eligibility, lenders consider these … [Read more...]
What is Mortgage Escrow, and How Does it Work?
During the home buying process, mortgage lenders may use the term "escrow" from time to time. Lenders can use the word "escrow" in several different contexts. However, they typically refer to escrow … [Read more...]
What You Need to Know About Adjustable-Rate Mortgages
While looking for a home, one of the most important factors during the homebuying process is determining which mortgage loan will work best for your financial circumstance. One of your options is an … [Read more...]
4 Ways to Remove Private Mortgage Insurance
When purchasing a home, many homeowners end up with Private Mortgage Insurance (PMI) added to their mortgage. While this is frustrating and adds to monthly costs, it is usually unavoidable under the … [Read more...]
5 Mortgage Myths Debunked
Many mortgage myths are floating around, partly because mortgages can be complex and confusing. There are many different types of mortgages available to different borrowers around the U.S., depending … [Read more...]
Top Things to Avoid Before Applying for a Mortgage
If you plan to buy a home in the upcoming months, there are some things you should avoid that could negatively impact your FICO score. This is important because a lower FICO score could result in … [Read more...]
Buy or Refinance a Home, Roll Renovation Costs into an FHA 203(k) Home Loan
An FHA 203(k) home loan is backed by the U.S. Federal Housing Administration and allows a borrower to take out a loan for two purposes; home improvements and home purchases, if the home will be the … [Read more...]
