mortgage information

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 […]

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 […]

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 […]

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 […]