Mortgage Tips
Simple mortgage tips to help you better prepare for the mortgage process and ideally save money on your mortgage.Borrowers with Low Credit Scores Should Shop Their Mortgage More
Most people don’t bother shopping around for their mortgage, despite the tremendous potential savings involved. In fact, nearly half of consumers only bother obtaining a single mortgage rate quote. It’s understandable since it’s certainly not any fun calling a bank ... Read More »
Why Are Mortgage Payments Mostly Interest?
Mortgage Q&A: “Why are mortgage payments mostly interest?” Here’s an interesting mortgage question – pun intended. Payment Composition Over Time Most homeowners take out fixed-rate mortgages With monthly payments that don’t change over 30 years While the mortgage payment stays ... Read More »
The Power of Extra Mortgage Payments
Mortgages can be viewed very differently. Some see them as a positive financial instrument, a way to free up their money so it can be invested elsewhere, ideally for a better return. Then there are those who view mortgages as ... Read More »
Mortgages for Self-Employed Borrowers: Tips to Qualify
Over the past few years, it’s gotten a lot easier to get a mortgage as technology has evolved. Today, when a mortgage lender asks for your financials, you may be given the option to grant digital access to things like ... Read More »
What Is a Lender Overlay?
Mortgage Q&A: “What is a lender overlay?” If you’ve been studying underwriting guidelines recently to determine if you’re eligible for a mortgage, it’s important to understand that they can vary widely from bank to bank. Even if you think you ... Read More »
18 Reasons to Refinance Your Mortgage
There are many reasons to refinance your mortgage, some obvious and some a bit more obscure and/or different. I figured I’d compile a list of the many reasons I can think of to refinance. Some of the situations are complete ... Read More »
You Might Get a Better Deal If You Buy a House Where Kids Live
It’s common knowledge that home buyers are interested in purchasing properties in good school districts. After all, many individuals purchase homes because they either have kids, or plan to in the near future. Simply put, families and families-to-be need more ... Read More »
Why a Low Down Payment Mortgage Might Be the Safer Move
If you ask most people, they’ll probably say you should save up a good chunk of money before buying a home, possibly even 20% of the purchase price. A mortgage underwriter might share similar sentiment, even if their very own ... Read More »
One Quick Reason to Avoid the 30-Year Fixed
Here’s a hint – a moving van. While the 30-year fixed is the most common home loan program utilized by borrowers today, it might not be the most economical. Aside from taking three decades to pay off your mortgage in ... Read More »
15-Year Fixed vs. 30-Year Fixed: The Pros and Cons
It’s that time again, where I take a look at a pair of popular mortgage programs to determine which may better suit certain situations. Today’s match-up: “15-year fixed mortgage vs. 30-year fixed mortgage.” As always, there is no one-size-fits-all solution ... Read More »
