Fixed-Rate Or Adjustable-Rate Mortgage
When buying a home, it is essential to decide which type of mortgage best meets your needs. You have several options available such as fixed-rate and adjustable-rate mortgages (ARMs). Both types of loans have their advantages and drawbacks. While ARMs generally offer lower interest rates than fixed-rate mortgages, they may not be suitable for everyone. […]
What You Need to Know About Jumbo Mortgages
Jumbo mortgages are a type of mortgage that can be used to finance properties worth more than the maximum loan limits set by Fannie Mae and Freddie Mac. These loans are backed by investors, and may be sold onto other financial institutions on the secondary market. Jumbo mortgages carry a slightly higher risk, so lenders […]
How to Qualify for a Mortgage & Prequalifying for a
How to Qualify for a Mortgage & Prequalifying for a Mortgage How to Qualify for a Mortgage and Prequalifying for a Mortgage Obtaining prequalification is the initial step in buying a home. This helps you make an informed decision about the price range and location of properties you may be interested in, as well as […]
How to Obtain Home Loan Prequalification
Prequalifying for a mortgage loan is an effortless process that gives you an estimate of what you can afford. This information helps you make better decisions when looking at homes and provides added peace of mind when making purchases. By being prequalified, you have given a lender basic information about your income, debts and assets. […]
How Fixed-Rate Mortgages Compare to Adjustable-Rate Mortgages
A fixed-rate mortgage is a type of home loan with an established interest rate for the duration of the loan. This rate remains fixed over an agreed upon period such as 15 or 30 years, keeping monthly payments consistent throughout this time. Fixed-rate mortgages are a popular choice among borrowers due to their stability and […]
Adjustable-Rate Mortgages
Adjustable-rate mortgages (ARMs) can be an attractive option for homeowners who desire greater payment flexibility, but it should be combined with a robust budget and long-term strategy in order to prevent paying too much interest over the life of the loan. A popular type of ARM is the 5/1 ARM, which features an initial period […]
How to Get a Jumbo Loan
Jumbo loans are more costly than standard mortgages, but their higher loan amounts allow you to purchase a larger home. Furthermore, these loans are flexible enough for use on any type of property – from your primary residence to vacation or investment properties – regardless of its cost. How to Qualify for a Jumbo Loan […]
The Pros and Cons of Interest-Only Loans
Interest-only loans are mortgages in which the borrower pays only interest on the loan for a predetermined period. They’re popular among investors looking to purchase or refinance properties with higher cap rates, as well as those who have value-add projects or substantial renovations planned and need to save money in the short term. When considering […]
What Factors Should You Consider When Choosing a Mortgage Option?
What Factors Should You Consider When Choosing a Mortgage Option? When selecting a mortgage option, there are numerous elements to take into account. It is essential to be informed about all these variables so you can make an informed decision. When looking for a mortgage, the first factor to consider is your affordability. This will […]
How to Prepare Your Credit Score For Mortgage
Your credit score is like the grade point average of your financial life; it’s one of the most crucial elements lenders consider when approving a mortgage application. A higher credit score can open the door to loans with lower interest rates and easier approvals, as well as reduce monthly payments and maximum home price you […]