If you choose to tap into your home equity (for example, with a cash-out refinance), then you’ll likely think long and hard about how exactly you want to leverage those funds. Many homeowners choose to take cash out of their equity and invest it back into their financial future (therefore generating more wealth over the …
What Are The Common Ways People Use Their Home Equity? Read More »
Building equity in your home gives you more leverage and opportunity in the future. But if you do choose to tap into your home equity, then this is not a decision that you should take lightly, as it can greatly impact your finances. To better understand the benefits you can get out of your home …
Tapping Into Equity: Cash-Out Refi, HEL, & HELOC Read More »
If you’re looking to refinance your mortgage, you still need to qualify for the refinance the same way you had to get approved for the original loan. This means submitting an application with a mortgage advisor, going through the underwriting process, and closing on the refinance similar to how you closed on the home loan. …
What Does It Take To Qualify For A Home Refinance? Read More »
Owning a home can help you build long-term wealth and positively impact you and your family’s financial future. And when done correctly, refinancing can help you reap more benefits and get even more value out of homeownership. But just like purchasing a home, refinancing a home comes with certain risks or cons that you should …
What Are The Potential Downsides To Refinancing? Read More »
There are many reasons why you may want to renovate or update your home. Whether it’s for your own personal preference, with certain updates making your home more enjoyable for you or your family. Or perhaps you plan on selling in the future and want to attract plenty of eager buyers to property. Or you …
Do You HAVE To Renovate Your Home To Raise Your Property Value? Read More »
The home appraisal is often seen as a major make-or-break moment in the homebuying process. But it’s not as stressful as you might think! In this article, we’ll break down what you need to know about the appraisal when buying a home, along with a common misconception regarding the factors that impact a home’s appraised …
Whether you’re just getting started in the home purchase process, you’re right about to close on a home, or if you’ve already reached homeownership, it’s important for you to understand your Loan-To-Value (LTV) ratio and how it affects your finances. In this article, we’ll break down how to calculate your LTV, and how your LTV …
Loan-To-Value Ratio (LTV): How your LTV impacts your mortgage Read More »
For first time homebuyers, the terms “mortgage insurance” and “homeowners insurance” can get a little confusing. Let’s break down what these terms mean, and what you need to know about the different types of insurance involved when purchasing your home. Key takeaways What is mortgage insurance? How much does mortgage insurance cost? What’s the difference …
The Loan Estimate and Closing Disclosures are forms that you’ll receive before closing on your home. The purpose of the Loan Estimate and Closing Disclosures is for you to “Know Before You Owe.” In other words, knowing all the fees and costs associated with your home purchase ahead of time before you commit to a …
After completing the mortgage application, getting pre-approved for a home loan, and finding a property you’d like to purchase, your mortgage advisor will be able to write up a Loan Estimate. The Loan Estimate breaks down all the estimated costs and fees of your mortgage, both the closing costs and your monthly payments over the …
Interest Rate, APR, and TIP: What’s the difference? Read More »
As you’re getting ready to buy a home, you may be wondering what your monthly mortgage bill will consist of. Also, you may have heard the term “PITI payment” or “PITIA payment” which refer to the costs that go into your monthly mortgage bill. Let’s break down what these terms mean, and what to expect …
PITIA Payments: What to expect on your first mortgage bill Read More »
Pre-qualification and pre-approval can seem a little confusing at first. In simplest terms, pre-qualification is a quick and easy first step toward homeownership, whereas pre-approval is a more thorough and detailed process. Here’s what you need to know about pre-qualification VS pre-approval for a home loan. Key takeaways What’s the difference between pre-qualification VS pre-approval …
What’s The Difference Between Pre-Qualification VS Pre-Approval When Buying A Home? Read More »
Your income is one of the most important financial factors to consider when buying a home. But income can take on many different shapes and sizes, and verifying that income for a home loan isn’t always straightforward. The good news? Even if your income sources are non-traditional, your mortgage advisor may be able to work …
The Good News About Income Verification When Buying A Home Read More »
As you’re preparing to buy a home, it’s a great idea to understand how to calculate your DTI, because this gives you a clearer picture of your finances and how much you can afford as far as a monthly mortgage payment. In simplest terms, your Debt-To-Income Ratio (DTI) is just what you owe each month …
Debt-To-Income Ratio (DTI): How much can I afford as a monthly mortgage payment? Read More »
Your savings will play a major role in your home buying decisions. If you’re gearing up to buy a home, it’s probably a good idea to start saving ahead of time. But what costs exactly do you need to save up for? And how much do you need to save up for your home purchase? …
Down Payment, Closing Costs, Cash To Close: How much do I need to save? Read More »
When it comes to buying a first home, many people only think about traditional single-family homes. However, mobile or manufactured homes offer an alternative that, in some cases, actually provides more space and amenities for the listing price. But how do you buy a mobile home? Do you need to have land? Will you be …
When you are looking for a new home, you are likely looking for a specific location, how many bedrooms and bathrooms it has, if the kitchen is perfect for entertaining, or if the backyard has plenty of room for the kids to play. But there is something else you should consider. What is the home …
Years ago, buying a foreclosure home was often difficult for borrowers. Whether you were a first-time home buyer or an investor looking to make a profit, finding foreclosures and jumping through the hoops of the application process made them unappealing. However, after the mortgage crisis in the late 2000s, purchasing a foreclosure home has become …
People buy and sell homes on a daily basis — and sometimes to and from their own family members. There are a variety of reasons and different ways that family members can ‘gift’ or sell a house. Whether it be a gift of equity, covering the down payment, or a discounted price, there are many …
Buying a home is stressful, especially when you’re trying to buy a home when money is tight. When life hands you lemons, it can be hard to secure conventional home loans from banks, credit unions, or other lending institutions due to one factor or another. Thankfully, there is another option. The Federal Housing Administration (FHA) …
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