American homeowners have a record amount of equity in their home. Many of these homeowners would like to cash out part of that equity but don’t want to trade an historically low interest rate for one that is as high as it’s been in 20 years. Instead of refinancing their home, an option is to […]
A real estate transaction often involves substantial financial investments and emotional considerations which can all lead to stress. To streamline this process, adopt these effective strategies that promote a smoother journey. You’ll want to begin by clearly outlining your primary motivations for either buying or selling a property. By eliminating distractions and maintaining a focused […]
“It’s a fact that many households are impacted by higher mortgage rates as they no longer earn the qualifying income for the median-priced home.” Nadia Evangelou, NAR Economist. What this means is that the rapid rise in mortgage rates during 2022 is coupled with continued appreciation of home prices. This has limited the number 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 […]
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 […]
We should probably start this with “what exactly is an APR?”. An APR is an “Annual Percentage Rate”, and is a calculation to accurately reflect the cost of the mortgage considering the note rate of interest, financing fees and charges based on the term of the mortgage. APR calculates the interest rate and loan fees […]
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 […]
How much of your credit is available at a given time? When applying for mortgages and loans, a lower credit utilization means that the borrower is not relying heavily on their credit, and also means that they are using their credit wisely. Basically, the higher the percentage, the higher the risk is involved which will […]
Mortgage free – if those words sound like music to your ears, keep reading! It is possible! Some people do consider their house payment to be as basic as a monthly utilities bill, but with some discipline and smart thinking, those words that sound like music now can become a reality. Let’s think about this […]
If you’re a veteran, I’d first like to take this opportunity to thank you for your service to our country. There are loan options available to you, and one of those is an IRRRL. You must be a Veteran with a current VA-backed home loan to qualify. IRRRL is an acronym for Interest Rate Reduction […]
