Should You Pay Off Your Mortgage Early? – A Comprehensive Guide Becoming a homeowner is a deeply-held dream for many people. Once you have a permanent place to live, the question of whether to pay off your mortgage early often arises. This is a decision that could have a significant financial effect. To help you … Read more
Your Mortgage Statement Explained Key Points Your mortgage statement is a document that contains important details about your loan. You will receive a statement from your lender or servicer for each billing cycle, and it is a good idea to review each statement for accuracy. If you can access your statements online, you may get … Read more
Types of Mortgage Lenders and How to Choose Key Points Mortgage lenders finance the purchase, construction, or renovation of a property. They also offer mortgage refinancing and some other mortgages. Many types of lenders, including banks, offer mortgages through various channels, such as correspondents, directly or wholesale. Some big mortgage names (e.g., Fairway and Rocket … Read more
Key Mortgage Terminology to know: A Guide to Commonly used phrases If you’re financing a home purchase, it’s important to understand mortgage terminology. But becoming fluent can feel like learning a new language. To help, here’s our guide to key mortgage terms and conditions, from A(PR) loans to V(A) loans, to demystify the process and … Read more
Mortgage lien: What They Are and How They Work Key Points Mortgage liens are legal claims on property securing a mortgage. Property rights can be general or specific and voluntary or involuntary. The right to mortgage is express and voluntary. The priority of liens on a property determines which lien will be paid first in … Read more
Mortgage Rate Lock: What It Is and When You Should Use It Key Points A mortgage rate lock does just that: it prevents the mortgage rate from changing for a set period. Mortgage rates change frequently. A rate lock helps protect you from these fluctuations, so you won’t pay more if current market rates rise … Read more
How much does it cost to refinance a mortgage? Key Points They are refinancing your mortgage costs between 2% and 5% of the new loan amount. These closing costs may include application, origination, and home appraisal fees. To determine if it’s worth paying for a refinance, figure out when you’ll break even — when the … Read more
Understanding the Mortgage Underwriting Process Key Points When you apply for a mortgage, lenders use a process called underwriting to determine whether to approve or deny your loan. Underwriters consider factors such as your credit history, financial profile, and home appraisal when deciding on your loan. The subscription process involves several steps, which may take … Read more
What is an assumable mortgage, and how does it work? Key Points A mortgage assumption means that the existing borrower co-signs the loan balance to you, and you are responsible for the remaining payments. Most conventional mortgages are not negotiable, but many government-backed loans (FHA, VA, USDA) are. The lender must approve you to take … Read more
Income Requirements to Qualify for a Mortgage Key Points There are no specific income requirements to qualify for a mortgage. To determine if you qualify for a loan, lenders use your debt-to-income (DTI) ratio to compare your Income to your total mortgage debt. Your credit score and down payment amount also greatly influence whether you … Read more