Category Archives: Home Loans & Mortgages

The Differences in Financing a Condo

Shifting demographics and the unique housing preferences of Millennials and aging Baby Boomers have driven the condo market to new heights in recent years. With Millennials and aging Baby Boomers preferring a more compact, walkable, town center-oriented lifestyle that is generally found in more densely populated urban centers — where condos are traditionally the primary […]

Understanding Mortgage Rate Locks

A rate lock is a guarantee from a mortgage lender that they will give a mortgage loan applicant a certain interest rate, at a certain price, for a specific period of time. A rate lock protects the borrower from rising interest rates: So, if the borrower locks in a rate of 4%, s/he will only […]

Understanding Closing Costs and How to Reduce Them

When you take out a mortgage, whether it’s be to purchase or refinance a home, you must pay closing costs. These costs can vary and it’s important to know which costs are negotiable. There are fees that must be paid to the lender, those that must be paid to third parties, such as title/escrow and insurance, and […]

Can’t Afford 20% Down? You have Options!

You want to buy your own home or perhaps you’re a move up buyer looking to climb the property ladder and purchase a larger home. But there’s just one problem: You don’t have the cash for a 20% down payment. What should you do? First, let’s assess your current situation: Are you a first-time homebuyer? Or […]

Adjustable Rate Mortgages (ARMs) Explained

Adjustable Rate Mortgages (ARMs) With an adjustable rate mortgage, the interest rate and monthly payments varies according to a specific benchmark. The initial interest rate is usually fixed for a period of time after which it is reset periodically. The interest rate paid by the borrower will be based on the benchmark plus an additional spread, called an ARM […]

What is a Good Credit Score and What Do You Need to Buy a Home?

No number is more important to prospective home buyers than their credit score. Simply put, these three digits are a numerical representation of your existing debt, and your track record paying off these debts, everything from credit cards to college loans. If you’ve applied for a mortgage to buy a home, lenders check your credit score. If it’s high, […]

10 Questions to Ask the Lender When Applying for a Mortgage

Preparing to buy a home? We encourage buyers to ask prospective lenders these 10 important questions at or prior to mortgage application. (1) What are your qualifying guidelines? Ask about requirements relating to your income, employment, assets, liabilities and credit history. Qualifications for 1st-time homebuyer programs, Veterans Affairs loans and other government-sponsored mortgages are typically less stringent. […]

Sources For Your Down Payment

Finding down payment cash is often the biggest challenge to buying a home. Rest assured we have lots of ideas to help you overcome this hurdle. PMI While PMI or Private Mortgage Insurance has pretty much made the traditional 20% down payment a thing of the past, buyers who are able to put more money […]

10 Things You Should NOT Do While Buying a Home

So you’ve made a decision to buy a home and intend to apply for a mortgage to fund your purchase. From now until you close, there are a number of simple, yet important mistakes you want to be sure to avoid. Even if you have good credit, there are things you can do to make lenders think […]