The vision of a perfect home often extends beyond what is available on the open market. For many, the ideal path involves building from the ground up ...
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A cash-out refinance is a powerful financial tool that allows homeowners to access the wealth they have built in their property. Unlike a traditional ...
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For homeowners who have built up significant equity, their property can become a powerful financial tool. Two of the most common methods for accessing...
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Accessing the equity in your home can feel like discovering a hidden treasure chest. After years of mortgage payments and, ideally, rising property va...
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The journey of homeownership rarely ends with that very first mortgage. As life unfolds and circumstances shift, your initial home loan may no longer ...
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For many homeowners, their property represents their most significant financial asset, one that grows in value over time. This growth, known as home e...
Read MoreYou must ask the seller or their real estate agent directly. They should know the type of loan they have. The listing may even advertise “Assumable Mortgage” as a key feature to attract buyers.
A jumbo loan is a type of conventional mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Because they are too large to be sold to Fannie Mae or Freddie Mac, they often have stricter credit and income requirements and may have slightly higher interest rates.
Yes, the most common types are a standard lock (a set rate for a set time), a lock with a float-down option (as described above), and a one-time float option (where you have one opportunity to lock a rate after your application has been submitted).
The Closing Disclosure (CD) is a five-page form that provides the final details of your mortgage loan. It includes the loan terms, your projected monthly payments, and a comprehensive list of all closing costs and fees. By law, you must receive this document at least three business days before your loan closing to give you time to review it.
A loan modification is a permanent change to one or more terms of your mortgage loan to make your payments more manageable. This could involve reducing your interest rate, extending the loan term (e.g., from 30 to 40 years), or adding the missed payments to your loan balance. This is a common solution after forbearance for borrowers who need long-term assistance.
