In recent years, a popular adjustable rate mortgage option has been a 7/6 ARM and has become more widely available. With a 7/6 ARM, you’ll still have a fixed interest rate for the first seven years of the loan. After that term, your rate is readjusted every six months. These semi-annual rate adjustments are determined …
Unless you’re part of the 25% or so of homebuyers who elect to put in an all-cash offer, you’ll likely need a mortgage (and a down payment) to buy a home. A down payment is the amount of money you pay upfront to buy your home, with the remaining balance (known as the principal) funded …
With increasingly low supply on the market, home prices around the country are rising at their fastest pace in 15 years. It then comes as no surprise that only 51 of 175 major U.S. cities have a higher median income than the amount needed to own a home. Affording today’s high prices is an ongoing challenge for buyers, …
Home prices are rising at record speed—here’s how to keep costs down Read More »
For many people, buying a new home or refinancing is the most complex financial transaction they’ll ever make. With the amount of information and documentation required to complete a loan application, chances are some things will be missed or forgotten the first time around. Omitting important information or partially filling out a form are common …
How to get your mortgage application right the first time Read More »
Before the exciting process of house hunting can get underway, prospective homebuyers must be pre-approved for a mortgage. Pre-approval provides a clear picture of what a borrower can afford and acts as a starting point to begin narrowing down affordable home buying options. While pre-approval does not guarantee a loan, it does provide a conditional agreement that …
Mortgage loan pre-approval: What it is & how it helps you Read More »