Mortgage Information

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Mortgage Information Refinancing 101: When It Makes Sense to Refinance Your Mortgage Refinancing 101: When It Makes Sense to Refinance Your Mortgage Refinancing means replacing your current mortgage with a new one-ideally with a lower rate or better terms. It can: Reduce your monthly payment Shorten your loan term Eliminate PMI Tap into home equity (cash-out refinance) 📉 Refinancing usually makes sense when: You can lower your […]
Mortgage Information Common Mortgage Mistakes Buyers Make Common Mortgage Mistakes Buyers Make Even with pre-approval, your loan isn’t locked in until closing. Here are a few mortgage mistakes that can derail your home purchase: 🚫 Opening new credit accounts (like a furniture or car loan)🚫 Making large cash deposits without documentation🚫 Changing jobs (especially to self-employment!)🚫 Missing payments or maxing out credit […]
Mortgage Information Why Your Interest Rate Isn’t the Whole Story Why Your Interest Rate Isn’t the Whole Story You found a great interest rate-but don’t sign just yet! Look at the APR (Annual Percentage Rate), which includes: The interest rate Loan origination fees Points Mortgage insurance Other closing costs A loan with a lower interest rate might have higher fees, so the APR gives you […]
Mortgage Information What Is PMI and How Can You Avoid It? What Is PMI and How Can You Avoid It? PMI, or Private Mortgage Insurance, is typically required when your down payment is less than 20%. It protects the lender-not you-if you stop making payments. PMI can cost between 0.3%-1.5% of your loan annually, added to your monthly mortgage bill. 💡 How to avoid or eliminate […]
Mortgage Information Fixed vs. Adjustable Rate Mortgages: What’s the Difference? Fixed vs. Adjustable Rate Mortgages: What’s the Difference? When you’re shopping for a home loan, one of your first decisions will be choosing between a fixed-rate mortgage (FRM) or an adjustable-rate mortgage (ARM). Fixed-rate loans keep the same interest rate for the life of the loan-meaning your monthly principal and interest payments stay the same. […]
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