Choosing a mortgage lender is one of the most significant financial decisions a person will make. While interest rates and loan terms are crucial quan...
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When navigating the path to homeownership, few steps are as pivotal and misunderstood as the property appraisal and valuation. This critical procedure...
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The journey to homeownership is filled with excitement and a complex financial lexicon, with “closing costs” being one of the most significant yet...
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The journey to homeownership is paved with paperwork, and at the very heart of this process lies a critical, yet often misunderstood, stage: mortgage ...
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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...
Read MoreA jumbo loan is a type of mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These loans are used to finance high-value properties that are too expensive for a standard conforming loan, which makes them “non-conforming.“
Beyond the initial installation, budget for:
Weekly/Bi-weekly Maintenance: Mowing, edging, and blowing ($50 - $150 per visit).
Seasonal Clean-ups: Leaf removal, pruning, etc.
Water: For irrigation, which can significantly increase your utility bill.
Replenishment: Mulch, soil, and fertilizer typically need refreshing annually.
A Letter of Explanation (LOX) is a brief, factual statement you write to clarify something for the underwriter. Common reasons include explaining a credit inquiry, a gap in employment, or a large bank deposit. Be honest, concise, and stick to the facts—who, what, when, where, and why.
Your escrow payment is calculated by taking the total annual cost of your property taxes and homeowners insurance, dividing it by 12, and adding that amount to your monthly principal and interest payment. The lender may also include a “cushion,“ which is an extra amount (typically no more than two months’ worth of escrow payments) to cover any potential increases in tax or insurance bills.
Your credit score is a major factor in the interest rate you’ll qualify for. If your credit score has improved significantly since you obtained your original mortgage, you will likely be offered a better rate, making refinancing more advantageous. Conversely, if your score has dropped, you may not qualify for a competitive rate.
