The decision between a 15-year and a 30-year mortgage is one of the most significant financial choices a homebuyer can make, setting the trajectory fo...
Read More
The choice between a 15-year and a 30-year mortgage is one of the most significant financial decisions a homebuyer or refinancer will make. This decis...
Read More
The journey to homeownership is often symbolized by the quest for the perfect mortgage rate, but the financial responsibility extends far beyond that ...
Read More
In the ever-evolving landscape of real estate financing, an often-overlooked option presents a unique opportunity for both buyers and sellers: the ass...
Read MoreYour credit score has a direct, inverse relationship with your mortgage rate. Borrowers with higher credit scores are offered lower interest rates because they represent a lower risk of default to the lender. Conversely, borrowers with lower scores are seen as higher risk and are charged higher interest rates to compensate the lender for that increased risk. Even a small difference of 0.25% can significantly impact your monthly payment and total loan cost.
Congratulations! With your largest monthly expense gone, you can:
Supercharge your retirement and investment accounts.
Save for other large goals, like college funds or a vacation property.
Build a more substantial cash cushion.
Enjoy the financial security and peace of mind that comes with owning your home free and clear.
PMI is a type of insurance that protects the lender—not you—if you stop making payments on your conventional home loan. It is typically required when you make a down payment of less than 20% of the home’s purchase price.
Your financial documentation can be broken down into four key categories:
Proof of Identity & Assets: Social Security cards, driver’s licenses, passports, and statements for all bank, investment, and retirement accounts.
Proof of Income & Employment: Recent pay stubs, W-2 forms from the past two years, and federal tax returns.
Proof of Funds for Down Payment & Closing Costs: Bank statements showing the accumulation of your down payment funds.
Debt & Liability Information: Statements for all existing loans (car, student, personal) and current credit card statements.
High inflation erodes the purchasing power of fixed future payments. For lenders, this makes the interest they earn on a 30-year loan less valuable over time. To compensate, they raise mortgage rates. For homebuyers, high inflation and the resulting higher mortgage rates decrease affordability, which can cool down a hot housing market and slow price growth.
