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 »
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 »