Think of a reverse mortgage as a conventional mortgage where the roles are switched. In a conventional mortgage, a person takes out a loan in order to buy a home and then repays the lender over time. In a reverse mortgage, the person already owns the home, and they borrow against it, getting a loan …
Getting the right mortgage can make all the difference when buying a home. But with so many lenders and loan products available, finding the best loan option can be daunting. That’s where an independent mortgage broker comes in. An independent mortgage broker is a licensed professional who acts as an intermediary between borrowers and lenders. …
Program Benefits Rate is fixed for the first 10 years Loan amounts up to $2.0M Get cash out with a low rate Available for second homes and investment properties Requires full doc income verification (pay stubs, or tax returns) Sample Scenarios* (The following scenarios assume 780+ FICO, Full Doc, 6-12 months reserve funds. Rates are …
There are two types of mortgage refinance: rate-term refinance and cash-out refinance. No cash allows you to adjust just the terms of your home loan. Cash-out refinancing lets you change terms while allowing you to turn home equity into cash. Here’s an overview on how a cash-out refinance works and some of the perks of …
The 2021 housing market was a bit tough for some home shoppers. Low rates and increased flexibility from working remotely put many first-time homebuyers on the map. But limited inventory, skyrocketing prices, and bidding wars made housing harder to come by. While home values aren’t likely to stop rising or start falling any time soon, …