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...
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Experiencing a financial hardship that threatens your ability to make your mortgage payment is a deeply stressful situation. Whether due to job loss, ...
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In the diverse landscape of home financing, the balloon mortgage stands as a unique and often misunderstood instrument. Unlike the ubiquitous 30-year ...
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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...
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When facing a problem with your mortgage, the path to resolution can feel daunting. The choice of your financial partner—a traditional bank or a cre...
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The world of mortgage and loan origination is driven by commissions, making the compensation structure a focal point for both industry professionals a...
Read MoreThe BBB assigns letter-grade ratings (A+ to F) based on factors like the business’s complaint history, transparency, and responsiveness in resolving those complaints. An “Accredited” business has met BBB standards and paid a fee. Check the BBB profile not just for the grade, but for the number and details of filed complaints and how the lender responded.
Lenders who originate mortgages often sell them to be packaged into Mortgage-Backed Securities (MBS), which are then sold to investors. The interest rate, or yield, that investors demand to buy these MBS directly determines the rates that lenders can offer. When the Fed buys MBS (as in QE), it pushes MBS prices up and their yields down, allowing lenders to offer lower mortgage rates.
A Home Equity Loan is generally the better choice for a large, one-time expense with a known cost, such as a roof replacement, debt consolidation, or a major home renovation. You receive the entire amount upfront and lock in a predictable monthly payment.
The down payment amount is crucial because it directly impacts your loan size, monthly mortgage payment, interest rate, and whether you’ll have to pay for Private Mortgage Insurance (PMI). A larger down payment generally means lower monthly costs and less paid in interest over the life of the loan.
Property taxes are annual taxes levied by your local government (city, county, school district) to fund public services.
The amount is based on your home’s assessed value and your local tax rate.
They can increase over time as your home’s value rises or if tax rates change, so it’s important to budget for potential increases.
