How to Cancel PMI and Lower Your Monthly Mortgage Payment

Private mortgage insurance (PMI) is typically required for homeowners who put less than 20% down toward their home loan. In general, private mortgage insurance (PMI) is 0.5 – 1.5% of the total loan amount and is tacked onto the monthly mortgage payment. It can easily add a few hundred dollars to your mortgage payment every […]

How to Finance a Fixer-Upper with an FHA 203(k) Home Loan

Buying a fixer-upper can be a fast way to get into a great home that is selling below market value and build home equity fast.  But buying a home that needs a lot of repairs and remodeling can also be a money pit with whole lot of stress. If you want to dive into a […]

5 Smart Tips for the Best HELOC Rate

A Home Equity Line of Credit or HELOC is a great option when you want to borrow money against your home without refinancing. Unlike a home equity loan, a home equity line of credit (HELOC) is an open line of credit that uses your home as collateral.  You draw from the account at your convenience […]

How to Finance Your Next Home Renovation

This past year many homeowners spent a lot more time at home. If you’ve been thinking about remodeling your kitchen, building out a home office, or doing a home renovation to update needed repairs, you’re not alone. The good news is there are great renovation home loan programs that can help you finance your next […]

15-Year Mortgage Rates at Record Lows

This past week the average mortgage rate for 15-year fixed-rate mortgages dropped below 2.4 percent, just hovering above it’s all-time record low. If you’ve been thinking about refinancing for a lower mortgage payment, paying off your loan faster or saving thousands in mortgage interest, this quick article could help you decide. How to Know if […]

Refinancing Your Mortgage: Reasons You May Not Know About

Refinancing your mortgage is nothing more than replacing an existing home loan with another. Why refinance? Most homeowners refinance their mortgage because rates have fallen below the interest rate on their current mortgage. Lowering Your Mortgage Rate Each week, Freddie Mac comes out with its weekly mortgage rate survey which reports an average rate culled […]

How Lenders Calculate Weekly or Bi-Weekly Income When Qualifying

  There is an ‘Ability to Repay’ or ‘ART’ rule that lenders follow when approving a traditional mortgage. When lenders calculate income, they are required to both determine and document that determination of whether or not someone can safely afford a new home loan. This is a result of the vast mortgage guideline changes implemented […]

Mortgage Rates Still at Record Lows — Don’t Wait!

It’s certainly easy to get distracted at this time of year. It seems that once we hit Thanksgiving Week, the rest of the year is a blur. Travel, festivities, family get togethers. They are smashed together within a 30 day period. Certainly the main priority is to enjoy the holidays with family and friends along […]

Overlays Explained

What are Overlays? An Overlay is a mortgage industry term. In simple terms, overlays are additional qualifying requirements on top of the guidelines set by Fannie Mae and Freddie Mac, as well as FHA, VA and USDA. These guidelines are set forth for several reasons but one is to provide lenders with mortgage program stability. […]

Refinancing? Better to Close Sooner vs. Later

To understand how refinancing works when the loan closes, it’s important to understand how a purchase loan closes first. By comparing the two different processes, Home Purchase: How it Works on Closing Day The final settlement date for a purchase is listed directly on the sales contract. Once the contract is executed by both parties, […]