We are ALL seeing the effects of inflation, especially during these times. We are currently in the highest inflation period in 40 years, and none of us are immune or exempt from seeing and experiencing the effects. The purchasing power of your money diminishes each day, which in turn means you’re buying less. Many of […]
What exactly is an ARM? There isn’t any kind of interest rate known as a LEG, at least not as far as I’m aware, but an ARM is an adjustable-rate mortgage. Especially lately, rising interest rates added to increasing home prices are causing the affordability factor of owning a home to be quite the issue […]
If you’re currently a homeowner, you might be feeling quite good that you purchased your home before the market got crazy with higher prices and interest rates. But, there is a possibility that your days of basking in glory are coming to a close. You might be facing higher mortgage payments for next year. Most […]
Looking for an alternative to paying higher, current rates? This could benefit buyers with lower closing costs while saving money on the payment. Your alternative could be existing FHA and VA mortgages – they’re assumable at the note rate to owner-occupied buyers who qualify. For the last 20 years, rates have been steadily coming down […]
We’re not talking about your “arm” – we’re talking about an adjustable-rate-mortgage. See, an adjustable-rate mortgages just simply is not the right choice for many homeowners – especially if they plan to own the home for a long time. As a stat, less than 3% of buyers choose an adjustable-rate mortgage according to NAR’s 2021 […]
Without the consideration of income or an investment property – buying a home to live in is a very very powerful way to build wealth or financial net worth. You see, a home is an asset measured by the size of the equity. What’s equity you may ask? You’ve probably heard that word before. Equity is […]
Let’s talk about mortgage payments. Some common ways to lower your mortgage payment are to make a larger down payment and to improve your credit score. Improving your credit score is especially important when you’re applying for a mortgage. Here’s another way to lower your payment – buy down the interest rate for the life […]
You’ve probably heard of a soft inquiry, soft credit pull or soft credit check. Why do they happen though? These occur when credit card issuers or mortgage lenders check your credit for preapproval purposes. They don’t impact your credit score because they aren’t attached to a specific application for credit. Soft inquiries may appear on […]
It might be a good idea to start off 2022 on the right foot – let’s get your mortgage paid down faster! If you have a situation where you have a lump sum of cash which can be used to pay down your existing mortgage, you may have several options. If you prepay the principal […]
These are some changing times, aren’t they? Loan limits for both Fannie Mae and Freddie Mac are adjusted annually to keep up with the cost of living – but with the appreciation that’s experienced lately in so many markets, it may not be enough. So, what do you do in that case? Qualified buyers can […]
