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 MoreFirst-time buyers often overlook recurring fees like trash and recycling collection (typically $25-$75 per quarter), homeowners association (HOA) fees which may cover some utilities, and fuel oil or propane if the home is not connected to natural gas. Also, consider the cost of internet, cable, and security monitoring services.
The trade-off is monthly payment vs. total cost.
15-Year Term: Higher monthly payment, but significantly less total interest paid and faster equity buildup.
30-Year Term: Lower monthly payment, which improves cash flow and qualifying power, but you pay much more in interest over the full term.
You should proactively check your credit reports from all three bureaus (Equifax, Experian, and TransUnion) at least once a year. You can do this for free at AnnualCreditReport.com. When preparing for a major loan like a mortgage, it’s wise to check your reports 6-12 months in advance to give yourself time to dispute errors and make improvements.
Be polite, prepared, and direct. You could say: “I’m very interested in moving forward with your company, but I’ve received a Loan Estimate from another lender with a lower [rate/origination fee]. Is there anything you can do to match or improve upon that offer to earn my business?“ Having the competing document in hand is crucial.
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.
