The arrival of a notice in the mail announcing that your mortgage servicing rights have been transferred to a new company can be an unsettling experie...
Read More
Experiencing a financial hardship that threatens your ability to make your mortgage payment is a deeply stressful situation. Whether due to job loss, ...
Read More
In the diverse landscape of home financing, the balloon mortgage stands as a unique and often misunderstood instrument. Unlike the ubiquitous 30-year ...
Read More
Owning a home is a rewarding milestone, but it also comes with the ongoing responsibility of upkeep. A common and critical question for every homeowne...
Read More
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 MoreThe minimum down payment depends on the loan type: Conventional Loans: Typically 3% for qualified buyers. FHA Loans: 3.5% with a minimum 580 credit score. VA Loans: 0% down for eligible veterans, service members, and spouses. USDA Loans: 0% down for eligible buyers in designated rural areas.
The mortgage lender orders the appraisal to ensure an unbiased, third-party opinion. However, the borrower almost always pays for the appraisal fee as part of the closing costs. You are paying for the service, but the appraiser’s client and responsibility is to the lender.
Gross Domestic Product (GDP) is the broadest measure of a country’s economic activity. Strong GDP growth suggests a robust economy, which can lead to higher confidence, wage growth, and housing demand. However, overly strong growth can also reignite inflation fears, putting upward pressure on mortgage rates. Conversely, weak GDP growth or a recession can lead to lower rates as the Fed acts to stimulate the economy.
Yes, for residential mortgages (your main home), interest-only products are regulated by the Financial Conduct Authority (FCA). Lenders must follow strict rules to ensure the product is suitable for you and that you have a credible repayment strategy. Buy-to-let interest-only mortgages are not regulated to the same degree.
Yes, beyond the principal and interest, a mortgage includes other costs that contribute to your overall financial obligation. These can include closing costs, property taxes, homeowner’s insurance, and potentially PMI or HOA fees. These are ongoing expenses that add to your total cost of homeownership.
