For most homeowners, their monthly mortgage payment encompasses more than just the principal and interest on their loan. A significant portion often g...
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In the ever-evolving landscape of real estate financing, an often-overlooked option presents a unique opportunity for both buyers and sellers: the ass...
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A balloon mortgage can appear as an attractive, low-cost entry into homeownership, but it carries a unique set of financial risks that borrowers must ...
Read MoreA down payment calculator allows you to input different home prices and down payment amounts to instantly see how they affect your estimated loan amount, monthly mortgage payment, and the potential need for PMI. This helps you visualize the trade-offs and set a realistic budget.
Associations levy special assessments for significant, unbudgeted costs. Common reasons include:
Major repairs or replacements (e.g., a new roof, elevator modernization, siding repair).
Unexpected damage from a natural disaster not fully covered by insurance.
A lawsuit or legal judgment against the association.
A necessary capital improvement (e.g., new security system, pool renovation) that owners vote to approve.
An unexpected shortfall in the operating budget.
Yes, all three programs offer refinance options.
FHA Loan: Offers streamline refinance options (FHA Streamline) with reduced documentation and no appraisal in some cases.
VA Loan: Offers the Interest Rate Reduction Refinance Loan (IRRRL) for a simplified refinance and a Cash-Out refinance option.
USDA Loan: Offers a streamlined assist refinance option to lower your interest rate and payment.
Yes, ARMs have built-in consumer protections called caps.
Periodic Cap: Limits how much your interest rate can increase from one adjustment period to the next (e.g., no more than 2% per year).
Lifetime Cap: Limits how much your interest rate can increase over the entire life of the loan from the initial rate (e.g., no more than 5% over the initial rate).
Lenders include all recurring, installment, and revolving debts that show up on your credit report, such as:
Projected new mortgage payment (PITI)
Auto loans or leases
Student loans
Minimum monthly credit card payments
Personal loans
Alimony or child support payments
