How do you know if a refinance home loan is right for you? Deciding whether a refinance home loan is right for you depends on your unique financial situation and goals. Here are some factors to consider: It’s important to carefully consider all of these factors and speak with a financial advisor or mortgage professional…
Category: Mortgage News
Keep up on the latest mortgage news and trends in the home loan, real estate and mortgage markets.
March 16, 2023
Mary
HELOC stands for Home Equity Line of Credit. It is a type of loan that allows a homeowner to borrow against the equity they have built up in their home. Equity is the difference between the current value of the home and the outstanding mortgage balance. For example, if a home is worth $500,000 and…
What is a reverse mortgage? A reverse mortgage is a type of home loan that allows homeowners who are at least 62 years old to borrow money against the equity they have built up in their home. Instead of making monthly payments to the lender, the lender pays the borrower a lump sum or regular…
A VA (Veterans Affairs) mortgage is a home loan program that is available to active-duty military members, veterans, and some surviving spouses. These types of mortgages are guaranteed by the Department of Veterans Affairs, so lenders who participate in the VA program are protected against loss if the borrower defaults on the loan. Benefits of…
March 12, 2023
Mary
What is an FHA Loan FHA loan is a type of mortgage that is insured by the Federal Housing Administration. They are designed to help low-to-moderate income borrowers and first-time homebuyers who may not be able to qualify for conventional mortgages. FHA loans have less stringent credit and income requirements than conventional mortgages and offer…
March 11, 2023
Mary
An adjustable-rate mortgage (ARM) is a type of home loan where the interest rate can change based on a specific financial index. With an ARM, the interest rate is usually lower at the beginning of the loan term compared to a fixed rate mortgage but it can fluctuate over time based on market conditions. Interest…
March 7, 2023
Mary
Boost Your Credit Score for a better mortgage rate Improving your credit score is one of the most effective ways to secure a lower mortgage rate. Your first step is to obtain a copy of your credit report. You can request a free copy of your report from each of the three bureaus Equifax, Experian, and…
March 2, 2023
Mary
There are several reasons why hiring a mortgage broker can be beneficial when applying for a home loan. Using a professional mortgage broker can provide access to a wide range of lenders as opposed to working directly with a banker who can only offer products sold by their specific bank. Professional loan originators at a…