A mortgage is far more than a simple loan to purchase a home; it is a decades-long financial partnership that requires thoughtful, proactive managemen...
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The decision between a shorter or longer loan term is a fundamental financial crossroads, one that balances immediate budgetary comfort against long-t...
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A mortgage is more than a monthly bill; it is the single largest financial commitment most individuals will ever undertake. Long-term mortgage managem...
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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...
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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 ...
Read MoreAfter you receive the Loan Estimate, the ball is in your court. You need to actively decide whether you wish to proceed with the loan. You must formally indicate your intent to proceed (often in writing) to the lender, which will then begin the process of verifying your information, ordering an appraisal, and moving toward final approval.
When you sell your house, the proceeds from the sale are first used to pay off the remaining balance of your mortgage debt, along with any transaction fees and closing costs. Any money left over is your profit (equity). If the sale price is less than what you owe, you must cover the difference, which is known as a short sale.
This is a standard and very common practice in the mortgage industry.
Lenders often sell the “servicing rights” to other companies to free up capital, allowing them to originate more loans.
The terms of your original mortgage loan note typically give the lender the right to do this.
Your decision should be based on your financial picture and future plans. Consider your available cash for closing, how long you expect to live in the home, and your tolerance for upfront costs versus long-term savings. Our loan officers can help you run the numbers to see if buying points makes financial sense for your specific scenario.
You can make an extra payment at any time, but it’s most effective early in the loan’s term when the interest portion of your payment is highest. Ensure the payment is specifically designated for “principal reduction” and is applied in the same billing cycle it’s received.
