At the beginning stages of purchasing a home, you may hear your mortgage lender say the term "down payment." A down payment is a sum of money that a buyer pays in the early stages of purchasing a … [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...]
Signs of a VA Home Loan Refinance Scam
Veteran homeowners are often the target of dishonorable mortgage companies trying to take advantage of those who served our country. According to a Consumer Financial Protection Bureau’s VA "Warning … [Read more...]
What is Mortgage Escrow, and How Does it Work?
During the homebuying 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 as … [Read more...]
Upfront Cash Needed to Buy a Home
The upfront costs of buying a home, including a down payment, are a major barrier for many prospective homebuyers. So we want to address a common question, "How much money do I need to buy a … [Read more...]
2021 Housing Market Predictions
The housing market was one of the quickest sectors to rebound in 2020, with sales and prices hitting levels that have not been seen for a decade. As the economy continues to recover into the new year, … [Read more...]
FHA Raises 2021 Loan Limits Almost $25,000
As of the beginning of 2021, higher loan limits made it easier for homebuyers to get an FHA mortgage. The loan limits allowed by the FHA have a significant impact on the housing market and how home … [Read more...]
38% of Renters Can Afford to Buy a Home
According to the National Association of Realtors (NAR), the number of renters who can afford to buy a home has increased in 2020 to 38%. This increase is due in part to mortgage rates falling and … [Read more...]
New 0.5% Refinancing Fee by Fannie Mae and Freddie Mac
The FHFA implemented a surcharge on certain types of refinance loans on December 1st, 2020. This new 0.5% refinancing fee by Fannie Mae and Freddie Mac will amount to 0.5% of the principal loan … [Read more...]
Housing Market Expected to Remain Hot this Winter
Buyers, sellers, and Realtors tend to expect Winter to be a slow season for real estate. However, Winter in 2020-2021 is likely to be an exception. The housing market expects to be red-hot for the … [Read more...]
