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...
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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...
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The journey to homeownership is often symbolized by the quest for the perfect mortgage rate, but the financial responsibility extends far beyond that ...
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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 MoreNo, it is very likely that your property taxes will change over time. They can increase if your local government raises tax rates or, more commonly, if the assessed value of your home increases. This often happens after you purchase a new home (as it is reassessed at the sale price) or after a major renovation.
Paying off a collection account is generally a good practice and may be required by some lenders for mortgage approval. However, the impact on your score can vary. Newer scoring models ignore paid collections, which can help. For the best mortgage qualification, it’s often advised to pay off collections, but be sure to get a “pay for delete” agreement in writing if possible, where the collector agrees to remove the account from your report entirely.
You can find easy-to-use DTI calculators on most major financial and mortgage websites, including ours! These tools automatically do the math for you once you input your monthly income and debt figures.
Often, but not always. As a general rule:
Conforming Loans have the most competitive, lowest market rates.
Jumbo Loans can sometimes have rates very close to, or even slightly below, conforming rates, depending on the market and the borrower’s strength.
Other Non-Conforming Loans (e.g., for bad credit or unique properties) almost always carry higher interest rates to compensate the lender for the greater perceived risk.
Yes, it is possible, but it is considered a “subprime” or “private” lending scenario. These loans come with substantially higher interest rates and fees to compensate the lender for the increased risk. Improving your credit score first is always the recommended path.
