Mortgage rates are still low and a lot of homeowners are thinking about expanding their portfolio. If you have a good chunk of home equity right now, it’s a good time to think about investing in a second property. I’ve been fielding questions from clients recently: Is now a good time to purchase an investment […]
If you’re behind on your mortgage payments or even facing foreclosure, you might be able to save your mortgage by requesting a loan modification or refinancing your mortgage. On July 23, 2021, the Biden Administration announced a new plan to offer mortgage relief to homeowners, reducing some mortgage payments by up to 25%. Under […]
Last week on July 16, 2021, the FHFA formally announced plans to eliminate the 0.5% adverse market refinance fee, sending lenders into a competitive race to drop rates for qualified borrowers ahead of schedule. According to the FHFA press release, “Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries […]
When you’re ready to buy a home or refinance a mortgage, an escrow account will inevitably be part of the mix. A purchase escrow account safely holds funds during every real estate transaction. A mortgage escrow account holds funds during the life of the mortgage to cover property taxes and insurance premiums. Escrow accounts protect buyers, sellers, agents, […]
Earlier this year, jumbo loan limits increased to $548,250 in most of the U.S. and up to $822,275 in high-cost areas. Why does this matter? Jumbo loan limits put mortgages in two distinct buckets: conforming home loans and non-conforming home loans. Depending on your homeownership goals, you might want to shop within conforming limits so […]
First, primary residence and principal residence mean the same thing. So when we talk about mortgages, primary residence and principal residence are interchangeable terms. What is a Primary Residence? In short, a primary residence is the main location where a person lives. It could be a home, condo, apartment, or even a boat. The main defining criteria are simple: […]
When you’re ready to buy a home, you can lower your interest rate by buying mortgage points. If getting the lowest interest rate is your primary goal, then choosing to buy mortgage points or “discount” points can make a lot of sense. But paying mortgage points at closing isn’t always the best financial decision when […]
If you’re self-employed, have a high net worth, or want to apply for a mortgage without having to verify your income, then the no income verification loan might be worth considering. Just like it sounds, a no income verification loan doesn’t require proof of regular income to qualify. Qualifying criteria are much more stringent, but […]
Does your employer offer restricted stock units as part of your compensation package? Recently, a client asked if they could use restricted stock units as qualifying income to apply for a home loan. It’s becoming more common for big tech companies like Amazon and Google and large corporations to offer company stock to their employees. […]
Mortgage rates are starting to fluctuate, and there are a lot of predictions floating around about rising mortgage rates. But the pandemic has taught us that nothing is for sure. Trends that used to be predictable are in question. So how can we know whether or not mortgage rates are going to rise or stay […]
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