While the home buying process has gotten more streamlined and easier in recent years, there are still many moving parts and potential points of frustration. As a first-time buyer, it’s possible you might be denied a loan—even if you get pre-approved. When this happens, it can be easy to get discouraged. However, there are many … Continue reading What to Do If Your Mortgage Application Is Denied
Buying a home is an exciting new stage in life. Having your own place to shape into your perfect living space is a truly rewarding experience; however, that process can take time and additional funds. To pay for home improvements and remodeling costs, homeowners often draw on the equity they build up as they pay … Continue reading Cash-Out Refinance Vs. Home Equity Line of Credit
The COVID-19 pandemic impacted everyone in many ways. On the economic side of things, real estate and home buying has seen some changes—some of which are quite positive for home buyers and homeowners. To protect our economy and mitigate some of the financial damage caused by the pandemic, the Federal Reserve took many actions that … Continue reading What Coronavirus Means for Mortgage Rates and Your Home Loan
Investment properties are a great way to diversify your income sources by adding passive income. Refinancing such a property can afford a homeowner a number of benefits. However, requirements for refinancing an investment property mortgage can be more stringent due to increased risk. If you are interested in refinancing an investment property, here are some … Continue reading How to Refinance Investment Properties
Refinancing can be a very attractive option for homeowners looking to lower their interest rate and monthly mortgage payment while also tapping into some home equity to pay for renovations, upgrades, and other expenses. However, traditional refinances typically require a few stipulations, such as having a good deal of positive equity in the home. If … Continue reading What Is FHA Streamline Refinance?
With mortgage interest rates currently at a near all-time low, refinancing looks to be an attractive option for many homeowners. However, a lot of refinancing routes require built up equity. If you have yet to accrue some equity on your home, there may still be a way to refinance courtesy of Freddie Mac’s Enhanced Relief … Continue reading Freddie Mac’s Enhanced Relief Refinance
No matter the type of home you wish to purchase, you can obtain a mortgage loan. However, which type of property you purchase will determine your overall investment as the property type typically affects the mortgage interest rate that you will receive as well as the down payment you will be required to make. Therefore, … Continue reading Understanding the Different Property Types: Primary, Secondary, and Investment
It is not uncommon for homebuyers to experience sticker shock at the many fees and expenses associated with buying a home. Many customers expect to make a down payment in order to obtain a mortgage, but they often forget there are closing costs as well. Similarly, when refinancing a mortgage, there are also closing costs … Continue reading Is a No Closing Cost Refinance Right for You?
When you calculate the percentage of your gross monthly income that goes toward paying off debt, you get your debt-to-income (DTI) ratio. Because your DTI ratio helps you qualify for mortgages and other loans, you should only factor in debt payments—such as mortgage, car, or other loan payments—when calculating and not regular expenses, like gas, … Continue reading What Is DTI Ratio?
As a homeowner, you are likely well-acquainted with certain aspects of your mortgage such as the life of the loan, the interest rate, and the payment schedule. You may also be familiar with the concept of equity, which is the difference between what you owe on your home and what it is worth, but perhaps … Continue reading What Is a Second Mortgage and How Does It Work?