If you’ve been house hunting for a while now and just can’t find that perfect home, you may be thinking about having one built. Whether or not you’re a DIY type, the thought of building a home exactly the way you want it can be a thrilling prospect. After all, you get to determine the …
One of the most significant benefits of owning a home is the potential to build home equity, and, under certain circumstances, one might choose to tap into that equity to secure extra funds in the form of a second mortgage. This can either be accomplished via a one-time loan or a home equity line of credit …
Home equity 101: how does a second mortgage work? Read More »
Shopping for a home can be incredibly exciting, but if you’re serious about making it happen, it’s important to begin the process with a mortgage broker before going shopping. Most sellers expect potential buyers to have a mortgage pre-approval letter, and are far more amenable to negotiating with someone who does. Why? Because it proves you can …
When a homebuyer makes a down payment of less than 20%, most lenders require that the borrower pay private mortgage insurance (PMI) until they’ve covered 20-22% of the cost of the home and are no longer considered high-risk. Simply put, PMI is designed to protect the lender’s investment. PMI costs can range from 0.25% to 2% …
What are the different types of private mortgage insurance? Read More »
A VA loan is a type of mortgage available through the United States Department of Veterans Affairs, and is aimed at assisting active military service members, veterans, and surviving spouses to purchase homes. But landing a VA loan as a self-employed person can pose some unique challenges—most often in the form of added scrutiny from …
Purchasing a home in the US as a foreign national is no easy feat (particularly if you require financing)—but it’s entirely possible! Unlike immigrants who are living here and working toward a permanent home in the US, foreign nationals live and work in their home countries, with short stints to the US, usually either for …
Are foreign nationals eligible for mortgage loans? Read More »
When applying for a mortgage, you’ll inevitably be faced with choosing between fixed-rate mortgages and adjustable-rate mortgages (ARMs). This may seem simple enough, but still it’s a choice worth thinking about. While the marketplace offers a variety of options within these two categories, the first step is deciding which primary loan type best suits your …
Fixed vs adjustable rate mortgages: the pros and cons Read More »
When purchasing your first home, landing a mortgage is a necessary stepping stone to greater things. The wide variety of financing options available to first-time homebuyers, however, can be incredibly overwhelming. The good news is that a little digging on the basics of property financing can save you time and money and ensure you choose …
What are your options as a first time home buyer in Virginia? Read More »
While refinancing your mortgage may seem like a hassle worth avoiding at all costs, it can actually be a great way of consolidating your monthly expenses, saving money, and tweaking your current arrangement so you’re working with a more competitive interest rate—one that might not have been on offer when you opted into your original …
4 reasons you need a mortgage broker to refinance Read More »
While not all homebuyers choose to work with a mortgage broker, those who work with the right broker don’t regret their choices. Commonly understood as the ‘middlemen’ of the home buying process, a broker’s job is to go mortgage shopping on your behalf with the goal of finding you the best rate, terms, and conditions …