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Did you know that for decades, the only type of mortgage was a fixed interest loan that was to be repaid over 30 years? Adjustable rate mortgages (where the loan starts off with a low initial interest rate that adjusts every year for the life of the mortgage) didn’t come around until the 1980s.
It’s important to remember that starting the mortgage process before you begin shopping for a home often makes more sense than you might realize. Knowing exactly how much house you can afford can help you narrow the focus of your home search.
The VA loan program is perhaps the best mortgage program for active service members, veterans, and their families. In fact, these flexible, government-based loans come with competitive rates and terms, and require no down payment.
While every lender has its own standards for mortgage loans, certain basics are fairly common. Your income must be sufficient to cover the anticipated monthly payments, total debt is less than 36% of your gross income and you have a credit score of 580 or better.
Refinancing your mortgage loan when interest rates are less than your current loan can lower your monthly payment and save you money. We can let you know if refinancing is a good option
VA loans offer assistance for veterans who are unable to make their monthly payments. This assistance can be in the form of negotiation on interest and late payments.
One of the reasons that FHA loans are so popular is because they require only a small down payment. Many people also like FHA loans because the low closing costs of the loan leave you with more money in your pocket at closing time.
People talk about homeowners being “under water.” What does that mean? It refers specifically to those who, due to dropping housing prices, lost home value and equity. The homeowners owe more on their mortgages than their houses are worth in the general housing market.
After you’ve been in your home for a number of years, you may wonder whether the great rate you got at the time of purchase is still considered a good deal. If you want to learn more about mortgage refinance options, we’re always happy to discuss it with you.
Many homeowners elect to refinance their home mortgages in order to change the terms of the loan. The most common shift is from an adjustable-rate mortgage (ARM) to a fixed-rate loan. Fixed-rate mortgages make it easier to plan for and budget future expenses.
For many people, it can be difficult to rent an apartment when they know they could pay less each month for the same amount of space if they owned a home. When you need to look at mortgages that don’t require such hefty down payments, we’re always here for you.
FHA (Federal Housing Administration) mortgages allow prospective homeowners to purchase a home with little money down. The approval odds for FHA loans are typically better than with other loan options.
The Home Affordable Refinance Program (HARP) is a government effort sponsored by the US Treasury and US Housing and Urban Development departments. Introduced in 2009, it was designed to help homeowners who had lost home equity when housing prices declined in 2008.
By knowing how much of a loan you’re eligible for, you can tour homes that fit within your budget and loan amount. This makes you a more competitive buyer.
Did you know that your debt-to-income ratio (DTI) is based on your gross income, not your net income, or take-home pay? This means it’s based off the total amount on your pay stub prior to taxes and other deductions.
One of the benefits of a fixed interest mortgage is that your interest rate will remain the same for the life of the loan, as will your payments. However, it’s important to note that the interest payments are front loaded, so that during the first few years of the loan term only a small portion of the payment pays off the principal.
We recognize that working for yourself can make it more difficult to verify your income. Remember, providing us with a few years of tax returns can help to show what your business typically earns even when you’re in the middle of a slow season.
The word “loan” evolved from the Old English, laen, to lend or loan. Today, it refers both to the act of lending something, particularly for short duration, and to the thing lent, especially when the loan involves money to be repaid over time and with interest.
If you're planning to buy a large home, a jumbo mortgage may be the right choice for you. These are loans that exceed $417,000 in all but the most expensive housing markets in the US. The requirements for jumbo loans differ, so it's a good idea to consult a mortgage specialist.
It’s important to remember that refinancing your home isn’t always just about getting a lower interest rate. If you’re finding it difficult to make your high monthly payment each month, it may be possible to refinance you mortgage to get a lower payment.