What To Know Before Applying For a Second Mortgage

A second mortgage usually refers to an additional home loan on the same property on which you already have one mortgage. If you own a home and find yourself in need of an infusion of cash – say, to pay for a wedding or unexpected medical expenses – a second mortgage may be the right tool for you.  As with any financial scenario, each ... More

Private Mortgage Insurance Explained

When you’re planning to purchase a home, there are plenty of fees and monthly payments to put a dent in your budget. One common fee is Private Mortgage Insurance, commonly called PMI, and it catches many buyers unawares. If you’re a buyer taking out a conventional mortgage loan and making a down payment of less than 20 percent of your ... More

Your Most Common Mortgage Questions Answered

Prospective homebuyers typically start the process with a host of questions. After all, purchasing a home is likely the largest financial transaction you’ll ever make. Read on for the answers to your most burning home mortgage questions. How Much House Can I Afford? This is a biggie, because it will determine how close your financial ... More

Mortgage Alphabet Soup: Terms To Know

The process of getting a mortgage can feel a bit like learning a new language. While most prospective buyers go into the process with a basic understanding of the terminology associated with mortgage loans, they can quickly many become lost in the jumble of letters, numbers and confusing financial terms. Understanding the five terms below ... More

‘Deliberate Delinquency’ Is A Risky Mortgage Move

For many years, homeowners who wanted a mortgage modification from their lender had to show at least one missed payment. While this is no longer a requirement, many homeowners are under the mistaken impression that deliberately skipping mortgage payments can strengthen their case when they request a loan modification. Unfortunately, experts ... More

Four Methods To Pay Off Your Mortgage Loan Faster

Paying off your mortgage early means saving thousands of dollars in interest and freeing yourself from the burden of long-term debt. It’s a dream nearly all homeowners say they aspire to, but accomplishing such a lofty goal feels out of reach for many. Try the following four methods to tackle your home loan debt fast. Think “Lucky ... More

Be Prepared for Mortgage Lenders to Ask Intrusive Questions

Meeting with a mortgage lender to apply for a loan can feel an awful lot like a first date – a bit awkward, uncertain and nerve-wracking. This is magnified because mortgage lenders will ask plenty of questions that may seem nosy to you. Rest assured, lenders ask these intrusive queries with good reason. How old are you? This question is ... More

Refinancing Is Not As Complicated As Some Homeowners Believe

Although mortgage rates have begun to rise somewhat in the second half of 2016, they continue to remain near historic lows, making it a great time to consider refinancing your loan. The process may seem daunting, and it does include several steps, but those willing to engage in the process can likely expect a new loan with better terms. This ... More

Prudent Buyers Pay Off Personal Debt Before Taking On a Mortgage Loan

A mortgage is a serious financial commitment regardless of the health of your finances, and failing to pay it can have drastic consequences, including foreclosure and bankruptcy. That’s why prudent buyers take the time to pay off personal debt before applying for a mortgage loan. Not only will this smart move provide more peace of mind when ... More

Low Down Payment Mortgage Options: FHA and Conventional 97 Loans

As rising rental rates force more first-time buyers into the market, lenders are faced with a generation of home buyers who are largely unable to make the optimal 20 percent down payment. As such, more and more consumers are taking advantage of popular low down payment loan options, including FHA loans and the Conventional 97, both of which ... More