When you're ready to buy a home, one of the most important factors to understand is how mortgage rates  affect your financial future. Whether you're a first-time buyer or someone looking to refinance, the impact of mortgage rates  is crucial for making informed decisions. In this post, we'll dive into how mortgage interest rates  influence your monthly mortgage payments  and the overall cost of your loan. How Mortgage Rates Affect Payments You may not realize that mortgage ra

The second half of the year is well underway and the housing market, so far, has shown a slight dip in mortgage rates and signs of falling home sales. To us, the future may be uncertain. To experts, the future of the housing market looks somewhat predictable. These experts foresee stabilized and perhaps slightly lower mortgage rates, relatively high home prices, and lingering supply issues despite an uptick in inventory. We’ve all heard that a possible recession is headed our

An appraisal is an unbiased opinion of the value of your property. It is required when you buy, sell, or refinance your home. The appraiser will use “comparables”, or recently sold homes within your direct area, to make an accurate value estimate of your home. First, it is important to understand what the appraiser is looking for. Here is a condensed list to give you an idea. General condition of the home The home's location The age of the home The home's exterior The design

Home loans are heavily dependent on your unique situation. Usually, a broker will base your mortgage program on income type, income amount, property type, credit position, etc. These qualifiers are common with mainstream loan types like Conventional, FHA, VA, and USDA. What if you don’t fit into any of these categories or don’t meet the right criteria? Luckily, there’s hope with Non-QM mortgages, or Non-qualified mortgages. Non-QM home loans are not required to meet agency-st

If you didn’t know by now, mortgages in the United States are at an all time high in consumer demand and all time low in interest rates. If you already refinanced, you are probably relaxed knowing you may have the lowest rate you’ll ever get. If you haven’t refinanced, it is smart to pay attention to recent trends, including the fact that rates are indeed rising and will continue to rise. Let’s examine some of the trends that are shaping and reshaping the mortgage industry in

What is a Reverse Mortgage?* A reverse mortgage is a national program available to homeowners age 62 and older providing you access to your home’s equity without having to make monthly mortgage payments. This program is available for your primary residence. You must continue paying your property taxes and homeowners insurance. How much can I qualify for?* The amount of funds available through a reverse mortgage loan is based on the youngest spouses age and the appraised val

It is very important to know your terms before applying for a mortgage . Bookmark this tab on your computer so that you can reference these terms at any time before or during the mortgage process. Appraisal : A rough estimate of how much the home is worth. Appraisals are required by lenders before a home loan can be signed. The appraisal tells the lender how much can be loaned to the borrower. Appraisals come from an independent third party, not the lender. Principal: The s