While interest rate fluctuations are common in the mortgage industry, there are actually several reasons why refinancing sooner rather than later can be a good idea. Here are some of the best times to refinance. Before Your ARM Rate Fluctuates If you have an adjustable-rate mortgage (ARM), then it’s a good idea to refinance before … Continue reading When is the Best Time to Refinance?
Beneficial to both tenants and landlords, rent-to-own agreements provide tenants the option to purchase a rental property after living a specified amount of time at that residence. While such contracts commonly involve single-family homes, they can also be applied to apartments, condos, and duplexes. To better understand how such an arrangement can benefit you, here … Continue reading The Basics of Rent-to-Own Agreements
As a first-time home buyer, finding the right mortgage solution can be overwhelming. Because all mortgage loans differ from one another, it is best to work with an experienced mortgage firm that can help you select the best one. Some factors to consider when choosing a mortgage option are: The size of your down payment … Continue reading The Best Mortgage Option for a First Time Home Buyer
Although you may have chosen a 30-year mortgage loan, who says you must wait that long to own your home outright? If you are someone who would like to pay off your mortgage early, there are several ways to accomplish your goal. Refinance into a 10, 15, or 20-year mortgage – although a 30-year mortgage … Continue reading Tips to Shorten Your Mortgage Term
Not only does paying late and defaulting on your mortgage loan lower your credit score, but it also makes it more difficult for you to refinance or obtain another loan in the future. Even worse, the lender could repossess your home and sell it. While unexpected events happen such as job loss or illness, defaulting … Continue reading How to Avoid Mortgage Default
As new construction continues, employment steadies, and U.S. wages rise, we can expect to see many Americans buying homes in 2019. Whether someone wants to live an active lifestyle downtown or a more relaxed one close to the beach, the Central Florida housing market is a compelling real-estate investment choice for both locals and those … Continue reading 2019 Orlando Home Buying Forecast
For many people, especially first-time homebuyers, it can be quite challenging to come up with a 20 percent down payment to purchase a home. Luckily, when it comes to Conventional loans, there is a solution: private mortgage insurance, or PMI. When putting down less than 20 percent of the appraised home value or sale price, … Continue reading What is PMI?
As you’re going through the process of purchasing a home, you will undoubtedly come across the terms “mortgage pre-qualification” or “mortgage pre-approval” or maybe even both. What does it mean to be pre-qualified or pre-approved, and what’s the difference between them? Similarities Between Pre-Qualification and Pre-Approval According to the Consumer Finance Protection Bureau, pre-qualification and … Continue reading Pre-Qualification vs. Pre-Approval
Having multiple jobs is common these days, but lenders have some rules when it comes to income that qualifies to be used for a mortgage. Lenders accept most income sources that people typically have, but how they calculate it, and what documentation they will need varies based on the source, length, and amount of income. … Continue reading Claiming Multiple Incomes When Applying for a Mortgage Loan
When thinking about buying a home, you should take the time to examine your finances closer than you ever have – because the mortgage underwriter will be looking at them even more closely. It’s their job to evaluate your income, credit score, and assets to make sure you’re a good candidate for a loan. For … Continue reading Things to Avoid While Applying for a Mortgage