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 MoreYour credit will be pulled again, which will cause a small, temporary dip in your score. However, credit scoring models typically treat multiple mortgage inquiries within a 14-45 day window as a single inquiry for rate-shopping purposes, minimizing the overall impact.
The amount is based on the “as-completed” appraised value of the home after renovations. Generally, you can borrow:
FHA 203(k): The loan amount is the purchase price plus renovation costs, or the “as-completed” value, whichever is less, up to FHA county limits.
HomeStyle Renovation: Up to 95% of the “as-completed” value for a purchase, or 75-97% for a refinance.
VA Renovation Loan: Up to 100% of the “as-completed” value.
In the vast majority of cases, Mortgage Brokers are free for the borrower. They are typically paid a commission or “trail” by the lender once your loan is settled and funded. This commission structure is regulated to ensure it does not influence the broker’s recommendation against your best interests. You should always confirm with your broker that there are no fees for their service.
A down payment is the initial, upfront portion of the purchase price that you pay out-of-pocket when buying a home with a mortgage. The remaining cost is covered by your home loan.
Interest Rate: The cost of borrowing the principal loan amount, which determines your monthly principal and interest payment.
Annual Percentage Rate (APR): A broader measure of the cost of your mortgage, expressed as a yearly rate. It includes your interest rate plus other costs like lender fees, broker fees, closing costs, and mortgage insurance. The APR is typically higher than the interest rate and gives you a better picture of the loan’s true annual cost.
