When purchasing a home, particularly a condominium, townhouse, or a property in a planned community, prospective buyers must account for more than jus...
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The journey to homeownership is paved with important documents, and one of the most critical early milestones is receiving the Loan Estimate from your...
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The pursuit of homeownership and financial leverage often leads borrowers through a series of loans, starting with a primary mortgage and potentially ...
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A mortgage is often the largest financial commitment a person will make, and the initial interest rate you secure is not necessarily the one you must ...
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The specter of rising interest rates casts a long shadow over both personal finance and corporate strategy, forcing a critical evaluation of vulnerabi...
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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...
Read MoreWhile technically possible up until the moment you sign, it becomes extremely risky and impractical very close to the closing date. Switching with less than two weeks until closing is generally considered too late, as it will almost certainly delay the sale and jeopardize the entire transaction.
Potentially, yes. If your switch causes a significant delay and you cannot get an extension from the seller, they may have the right to cancel the contract and keep your earnest money, especially if a backup offer is waiting.
Balloon mortgages are less common today than before the 2008 financial crisis due to increased regulation and their inherent risks. However, some lenders and portfolio lenders still offer them, often in specific situations or for commercial real estate.
If your rate lock expires before your loan closes, you will typically lose the locked rate. You will then be subject to the current market rates at the time of closing, which could be higher. In some cases, you may be able to pay a fee to extend the lock, but this is not guaranteed.
Yes, for most conventional loans, the Homeowners Protection Act (HPA) mandates that PMI must be automatically terminated once the loan-to-value (LTV) ratio reaches 78% of the original property value, assuming you are current on your payments.
