Credit life insurance is a specialized type of insurance designed to provide financial protection for borrowers and their families in the event of the borrower’s untimely death. This insurance is often associated with loans, including mortgages, and is specifically tied to the outstanding balance of the loan. In the case of a home purchase, credit […]
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 […]
Just think of this scenario – you’re on the verge of securing a mortgage, and a slightly higher credit score could mean a lower interest rate. Want some good news? There’s a quicker way to make that possibility a reality. Mortgage loans are often more time-sensitive than other loans. If you find yourself in a […]
Those hoping to be first-time homebuyers can overcome the challenge of saving for a down payment by taking advantage of various sources of assistance. There are a variety down payment sources available to first-time homebuyers, from family gifts and retirement account withdrawals to tax refunds and down payment assistance programs, empowering them to achieve their […]
First – what is an appraisal gap? Quite simply, it’s the difference between “the fair market value determined by an appraiser and the amount you agreed to pay for the home.” It doesn’t mean that you have to cancel the sale, but it does mean some negotiations will probably be happening And, an appraisal gap […]
Closing costs – we’re pretty sure you’ve probably heard that term at one point or another. There are fees and expenses associated with mortgages that must be paid by the closing date for closing costs, and pre-paid items, in addition to the down payment. These amounts can vary according to the type of loan, mortgage […]
Sometimes, you want to wait for something to come down – a fever, a price on a video game system, etc. However, it might not be a good decision to wait until mortgage rates come down. Here’s the reason. If you’re decision to wait is correct, and the rates do come down by two percent, […]
If you’ve thought about waiting until mortgage rates come down until your buy a home, you might not be making the best decision. Here’s a reason – if you are correct, and the rates do come down by two percent, the savings you benefit from a lower rate will most likely be devoured by the […]
This topic makes me think of a record. Remember back in the day, watching records spin while you listened to your favorite music? The housing market, especially when it comes to affordability, almost makes me think of those spinning records. A question many of us are asked as realtors is “when is the market going […]
“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 […]
