It's easy to forget about the cost of closing on a home. And more often than not, buyers are surprised by how expensive closing costs can be. It's important to be aware of what closing costs are so you can make educated decisions about your mortgage.
Category: Intro to Mortgages
A reverse mortgage is a home loan program for homeowners 62 years of age or older that allows the homeowner to tap into their home equity.
If you’re new to the homebuying process, chances are you’re wondering what the term “government backed mortgage” really means. A government backed mortgage is not a guarantee that you will be approved just because the federal government is backing the loan.
If you’re in the process of purchasing or refinancing a home, chances are you’ve come across the term mortgage points.
Although a 20% down payment is recommended, it’s not necessarily required. There are options to put down much less, but it may not necessarily be the best decision for you.
If you’ve been researching the home buying process you’ve probably stumbled upon the term origination fee. Mortgage origination fees are upfront costs that must be paid to the lender in exchange for originating your mortgage.
“Forbearance” is becoming quite a common term these days as the Coronavirus pandemic continues. As the word becomes more popular, it’s increasingly important for those who could benefit from forbearance be aware of what the term actually means.
As the Coronavirus pandemic continues, financial uncertainty has unfortunately become the norm for many families. However, many homeowners may be able to catch a break through cash-out refinances. Refinancing involves...
Refinancing is the process of paying off your original mortgage and replacing it with a new one. If your current financial situation is different from what it was when your first mortgage was originated, you may benefit from a refinance.
One phrase you’ll see repeatedly if you're buying a home is “annual percentage rate” or APR. But what does that mean?