The possibility of refinancing your mortgage can seem like a lifeline at the worst of times, and a smart move at the best of times. On the surface of things, refinancing in order to lock in a lower interest rate can really save you money. Yet there are many factors you need to consider before taking …
Once you’ve done the often grueling work of submitting your mortgage application, you’re either approved or declined. While the latter can be a huge disappointment, and sometimes even a surprising one at that, it’s important to keep perspective: this is not the end of your road to home ownership! That said, before you begin the …
Let’s face it: the world of mortgage loans can be confusing. For first-time homebuyers in particular, the lingo itself can be hard to get straight. For instance, do you know what a conforming loan is? How about a conventional one? Chances are, you thought of them as the same thing. Conventional loans are often confused …
Conforming vs conventional loans: where they overlap and where they don’t Read More »
When applying for a mortgage, the lender in question usually requires a down payment of 20% of the home’s total price. When the borrower can’t afford that amount, lenders tend to look at the loan as a ‘risky’ investment and require that the buyer take out PMI, or private mortgage insurance. PMI serves as an added …
What is Private Mortgage Insurance and do I have to pay it? Read More »