Category: Financing & insuring
Affording a home is all in the numbers! Get mortgage information, plus discover everything you need to think about to get your new home insured the right way.
When to Refinance a Home Loan
Read more: When to Refinance a Home LoanWith interest rates at attractive lows, it might seem like a great time to refinance your mortgage loan—a process that involves paying off your current home loan with a new loan, resulting in new principal and interest payments (the P and the I in PITI) that could save you money, among other things. But how…
What Can a Loan Officer Do for You?
Read more: What Can a Loan Officer Do for You?Loan officers work to help prospective borrowers obtain home loans (a.k.a. mortgages). But there’s more to the position than meets the eye. A lender’s loan officers assist borrowers through the mortgage lending process. They are skilled at evaluating a homebuyer’s creditworthiness (the degree to which he or she is considered likely to repay a loan),…
New Home Loan Limits For 2017
Read more: New Home Loan Limits For 2017Wondering about financing a new home in 2017? Good news! Home loan limits have increased in the new year for several areas across the country. That means more homes may qualify for a greater variety of loans—potentially offering you more ways to finance your dream home! While not all areas experienced increases, it’s certainly worth checking…
Should I Lock in My Interest Rate?
Read more: Should I Lock in My Interest Rate?Should I lock in my interest rate today? Many people ask their loan officers, “When should I lock in my rate?” There’s no easy answer. It’s a little like asking when you should sell your stock or which mutual fund will perform better. It all depends on the market and your individual situation. Are you…
What is a PITI Payment?
Read more: What is a PITI Payment?Buying your first home? Be prepared to learn a list of delightful new acronyms—APR, PMI, FICO, FHA, LTV and DTI, just to name a few. When it comes to establishing your home buying budget, PITI is the first term you should tackle. What is PITI? PITI stands for Principal, Interest, Taxes and Insurance, and calculating…
Homeowner’s Insurance: Find Out What’s Covered
Read more: Homeowner’s Insurance: Find Out What’s CoveredFor many people, a home insurance policy is like a first aid kit: they know it’s a good thing to have, but they don’t open it up and poke around inside until they need it. Knowing what is and isn’t covered by your homeowner’s insurance, how much insurance you need to protect your property and…
What is an FHA Loan?
Read more: What is an FHA Loan?If you’re buying your first home, you’ve probably already heard that an FHA loan is THE loan for you. While it’s true that FHA-insured mortgages are an attractive option for many new buyers, it’s not the only option—and FHA loans are not just for first-time homebuyers! Check out our FHA FAQ below, then be sure…
What is a Conventional Loan?
Read more: What is a Conventional Loan?A conventional mortgage loan is one of a class of generic loans that can be originated by any lender, as opposed to loans guaranteed or issued by a government agency—like FHA, USDA or VA loans. Because more entities originate conventional loans, they can come in a variety of packages. Types of conventional mortgages Conforming May…
Frequently Asked Questions: Using Gift Funds to Buy a Home
Read more: Frequently Asked Questions: Using Gift Funds to Buy a HomeWhether you’re buying your first home or your tenth, you may find you need a little help coming up with a down payment or closing costs. If you’re fortunate enough to have someone who’d like to contribute to your homeownership goals, this FAQ is for you! What kinds of loans allow you to use gift…
What is a USDA Loan?
Read more: What is a USDA Loan?The USDA (short for United States Department of Agriculture) doesn’t just certify that your favorite cut of beef is fit for the grill; among many other things, it also guarantees or directly provides loans to qualified homebuyers in rural communities. If you’re a low- to moderate-income applicant in an eligible rural area, USDA financing might…
Making the Most of a Mortgage Calculator
Read more: Making the Most of a Mortgage CalculatorA mortgage calculator can be very helpful when you’re deciding how to approach the financial side of buying a home. It can give you a ballpark figure of what your monthly mortgage payment may be so you can estimate expenses. It can also help you decide if you might prefer a fixed-rate or an adjustable-rate…
