The journey of homeownership rarely ends with that very first mortgage. As life unfolds and circumstances shift, your initial home loan may no longer ...
Read More
A subsequent mortgage, often called a second mortgage or home equity loan, is a powerful financial tool that allows homeowners to access the equity th...
Read More
The dream of homeownership or leveraging property equity can feel particularly daunting when faced with a low credit score. A pressing question for ma...
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 journey to homeownership is deeply intertwined with the world of high finance, and at the center of it all sits the Federal Reserve. While a commo...
Read More
The journey of homeownership is often defined by a 30-year timeline, a seemingly fixed path laid out by the terms of a mortgage. However, many homeown...
Read MoreWhile large national banks may advertise a wider array of exotic loan products, most credit unions offer all the standard mortgage options that homebuyers need. This includes conventional loans, FHA loans, VA loans, and USDA loans. For the vast majority of borrowers, a credit union’s product lineup is more than sufficient.
Recasting is an excellent strategy in specific situations, such as:
You receive a large sum of money (e.g., inheritance, bonus, or sale of an asset).
You want to lower your monthly obligations but have a low interest rate you don’t want to lose by refinancing.
You want a simple, low-cost way to adjust your mortgage after a significant principal paydown.
Yes, in many transactions, the seller can agree to pay for some or all of the buyer’s closing costs. This is known as “seller concessions” and is often negotiated as part of the purchase agreement.
Lenders typically require a minimum lump-sum payment, often $5,000, $10,000, or sometimes a percentage of the current loan balance. It’s essential to check with your specific lender for their minimum requirement before proceeding.
If you find a mistake or something you don’t understand, contact your lender and your real estate agent immediately. Some errors may be simple typos, while others, like a change in the loan product or APR beyond a certain threshold, could require the lender to issue a revised CD and potentially delay your closing to provide a new three-day review period.
