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 MoreWe strive to respond to all emails and phone calls within one business day. For urgent matters, we will make every effort to respond within a few hours. If your Loan Officer is unavailable, a dedicated team member will be able to assist you to ensure your questions are answered promptly.
PMI premiums are most commonly paid as a monthly addition to your mortgage payment. In some cases, you might have the option to pay it as a single upfront premium at closing or a combination of both upfront and monthly payments.
Lower Initial Monthly Payments: Payments are often lower than with a standard 30-year fixed-rate mortgage.
Lower Interest Rates: They frequently come with a lower interest rate than a 30-year fixed mortgage for the initial period.
Short-Term Ownership Ideal: They can be a good fit if you are certain you will sell or refinance the home before the balloon payment is due.
These loans are designed for substantial projects that increase the property’s value, such as:
Kitchen or bathroom remodels
Adding or replacing roofing, siding, or windows
Room additions or finishing a basement
HVAC, plumbing, or electrical system updates
Addressing health and safety issues
Making accessibility improvements (e.g., adding ramps)
Landscaping and hardscaping (with some loan types)
New construction on an existing property
A good rule of thumb is to save between 2% and 5% of your home’s purchase price. For example, on a $300,000 home, you should budget between $6,000 and $15,000 for closing costs.
