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 More
The journey to homeownership is a monumental financial achievement, yet the initial mortgage payment and down payment are often just the beginning of ...
Read More
The moment you receive the keys to your new home is a monumental achievement, but it also marks the beginning of a new financial chapter. The transiti...
Read More
For many aspiring homeowners, the path to purchasing a house can feel blocked by the significant financial hurdles of a large down payment and stringe...
Read More
When you embark on the journey of securing a mortgage, you are entering into a significant financial partnership with a lender. This institution is in...
Read MoreGenerally, no. If you plan to move before reaching the break-even point (when your savings cover the closing costs), refinancing will likely cost you more money than you save. Focus on the math: if you’ll move in 2 years but your break-even is 3 years, refinancing is not financially sound.
When you refinance your mortgage, your original loan is paid off, and with it, the PMI obligation on that loan. If your new loan is a conventional loan and you still have less than 20% equity, you will likely be required to pay PMI on the new loan based on its new terms.
Understanding the lender’s average timeline from application to closing is vital for coordinating your move. Ask about potential bottlenecks and what you can do to help keep the process on track for a timely closing.
Self-employed borrowers need to provide more documentation to prove income stability. Lenders will typically ask for two years of complete personal and business tax returns, profit and loss statements, and bank statements. They will average your income over this period to determine your qualifying income.
Most lenders use a secure online portal for document uploads. This is the fastest and most secure method. You can also submit documents via email, fax, or in-person, but an online portal is generally preferred for efficiency and security.
