Media List
Bad Credit Means Higher Rates Not Denial
Explore FHA, VA, and Subprime loans tailored for those with less-than-perfect credit scores, highlighting minimum score requirements and associated terms.
Closing Disclosure Finalizes Your Terms
The Closing Disclosure provides a summary of the final terms and costs of a mortgage, including loan amount, interest rate, monthly payments, and a breakdown of closing costs, issued at least three days before closing.
Early Payoff Saves Thousands in Interest
Exploring the benefits of early mortgage payoff, including interest savings, potential penalties, and refinancing options, for homeowners with extra cash flow.
Affordability Calculators Miss Hidden Costs
Affordability calculations must include property taxes, homeowner's insurance, HOA fees, utilities, maintenance, closing costs, and potential interest rate adjustments for accurate homeownership costs.
Jumbo Loans Finance Luxury Properties
Jumbo loans enable purchasing high-value properties that exceed standard lending limits, with stringent eligibility criteria like high credit scores and substantial down payments.
Rate Refinancing Differs From Cash-Out
Rate refinancing focuses on obtaining better loan terms without additional cash, whereas cash-out refinancing allows homeowners to extract equity for cash, affecting the overall loan amount and interest rate.
Buying Points Lowers Long-Term Interest
Pay an upfront fee to reduce your mortgage interest rate and lower monthly payments, with financial benefits depending on the breakeven period and potential tax deductions.
Gift Money Rules Protect Against Fraud
Gift money for a mortgage down payment requires proper documentation, verification of source, adherence to relative restrictions, seasoning of funds, and awareness of tax limitations to ensure lender approval.
USDA Loans Serve Rural Communities
USDA loans provide zero down payment options for low-to-moderate-income purchasers in eligible rural areas, requiring a minimum credit score of 640 and adherence to income limits.
Employment History Matters More Than Salary
Lenders prioritize stable employment history over current salary to assess mortgage eligibility and predict income consistency.
Appraisals Protect Both Parties
Property appraisals provide an impartial market value estimation to protect both buyers and lenders during real estate transactions.
PITI Breaks Down Your Monthly Payment
PITI, comprising Principal, Interest, Taxes, and Insurance, constitutes the essential elements of a homeowner's monthly mortgage payment, impacting budgeting and financial planning.
Bond Yields Drive Mortgage Pricing
Mortgage rates are influenced by the 10-year Treasury yield as it impacts lenders' profit margins related to economic growth and inflationary pressures.
Bankruptcy Doesn't End Homeownership Dreams
Understand the waiting periods and steps to regain mortgage eligibility after filing for bankruptcy, including credit rebuilding and financial stability.
Credit Inquiries Drop Scores Temporarily
A hard inquiry may lower your credit score temporarily during a mortgage approval process, while soft inquiries do not impact your score.
Loan Estimate Form Reveals True Costs
The Loan Estimate form provides a detailed breakdown of loan terms, projected payments, and closing costs within three business days of a mortgage application submission.
Bi-Weekly Payments Slash Years Off Your Loan
Bi-weekly mortgage payments involve making half of your regular payment every two weeks, resulting in 13 full payments per year and reducing the loan's term and interest costs.
Loan-to-Value Ratio Determines Your Options
The Loan-to-Value (LTV) ratio is calculated by dividing the loan amount by the appraised property value, influencing loan types, interest rates, and insurance requirements.
Interest-Only Mortgages: How They Work
An interest-only mortgage allows for initial low payments covering only interest before transitioning to higher payments including principal repayment.
Cash-Out Refinancing: Risks and Benefits
Cash-out refinancing allows homeowners to replace their mortgage with a larger loan, accessing home equity for expenses, while considering increased debt and costs.
Private Mortgage Insurance (PMI) Explained
PMI is required for borrowers with less than 20% down on conventional loans, with costs ranging from 0.3% to 1.5% and can be canceled once 20% equity is reached.
Down Payment Assistance Programs for First-Time Buyers
Details on various down payment assistance programs including grants, deferred payment loans, forgivable loans, and matched savings, along with eligibility criteria and application steps.
VA Loans for Military Service Members
VA loans offer military service members and veterans home purchasing options with no down payment, no private mortgage insurance, and competitive interest rates, along with specific eligibility requirements like a Certificate of Eligibility and credit criteria.
How Debt-to-Income Ratio Affects Loan Approval
The DTI ratio compares total monthly debt payments to gross monthly income to assess repayment ability, affecting loan eligibility for conventional, FHA, and VA loans.
What Happens During Mortgage Underwriting
Detailed examination of a borrower's financial status through income verification, credit analysis, asset review, property appraisal, and loan program evaluation to determine loan eligibility.
How Mortgage Interest Rates Are Determined
Economic and individual factors such as Federal Reserve policies, inflation, and credit score significantly impact mortgage interest rates.
How Federal Reserve Decisions Affect Mortgage Rates
Federal Reserve decisions affect mortgage rates by influencing the federal funds rate, Treasury yields, and market expectations.
Self-Employed Mortgage Requirements
Self-employed individuals must provide extensive income documentation, maintain a strong credit score, and may need a larger down payment to qualify for a mortgage.
How to Improve Your Credit Score Before Applying
Implementing strategies like timely bill payments, reducing debt, and checking credit reports can enhance your credit score before applying for a mortgage.
Essential Documents Needed for Mortgage Application
A concise list of required income, asset, credit, identity, and property documents streamlines the mortgage application process.
Making Extra Principal Payments: Benefits and Methods
Understand how extra principal payments can save you interest, build equity faster, and shorten your loan term, along with effective methods like biweekly payments and round-up strategies.
How Mortgage Amortization Works
Mortgage amortization divides loan payments into principal and interest, with changing proportions over time impacting the total interest paid.
15-Year vs. 30-Year Mortgage: Which to Choose?
Comparing 15-year and 30-year mortgages involves analyzing payment structures, interest rates, total interest costs, equity growth, and financial flexibility.
When Does Refinancing Make Financial Sense?
Understand the right conditions for refinancing a mortgage, such as lower interest rates and improved credit scores, to potentially reduce payments and financial risks.
Understanding Closing Costs: What to Expect
Closing costs encompass various fees including loan origination, title insurance, appraisal, and mortgage insurance typically ranging from 2% to 5% of the property's price.
How Much Down Payment Do You Really Need?
Conventional loans require 3%-5% down, FHA loans need 3.5% with a credit score of 580+, VA loans often require no down payment, and USDA loans may require none for eligible rural buyers.
FHA Loans: Requirements and Benefits
FHA loans require a minimum credit score of 580 for a 3.5% down payment, a debt-to-income ratio under 43%, and include mortgage insurance premiums; they offer benefits like lower credit score requirements and assumable loans.
Minimum Credit Score Requirements by Loan Type
Conventional loans require a minimum credit score of 620 and are not backed by a government entity, offering better interest rates for higher credit scores.
The Mortgage Pre-Approval Process Explained
Mortgage pre-approval outlines borrowing capacity and sets budgeting and credibility foundations for prospective homebuyers.
Fixed-Rate vs. Adjustable-Rate Mortgages
Fixed-rate mortgages offer stable payments throughout the loan term, while adjustable-rate mortgages have variable rates that change after an initial fixed period.
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