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Category | Mortgage News

Buy Vs Rent Basics: Should You Buy or Rent A Home

The question of whether to rent or buy is no longer a clear cut economic one. Many people who can afford to buy their home are choosing to rent instead because they no longer have confidence in home ownership. If you can’t afford your rent you move on, but if you cannot pay your mortgage […]

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The Mortgage Application Process: First Steps in Buying a Home

The mortgage application process is the first step required if you need a loan to purchase residential real estate. The correct name for this is the Uniform Residential Loan Application, and takes the form of a substantial application form in which you must provide all the personal information needed for a lender to make a […]

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FICO Credit Score Basics

FICO credit scores are use by lenders to assess how likely you are to be able to repay a loan. If you intend applying for a mortgage, knowing how FICO credit scores work could be of advantage to you. Understanding them might enable you to improve your credit score before you make your application. First, […]

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Fixed Mortgage Basics: Fundamentals of Fixed Interest Rates

A fixed mortgage is one whose interest rate remains the same over the full term of the mortgage loan. This contrasts with an adjustable rate mortgage, where the interest rate can fluctuate with market conditions after a specified period of time. A fixed interest rate is easier to understand, and many prefer the predictability of […]

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Mortgage Prepayment Penalty Basics: Early Settlement Costs

Fundamentally, a mortgage prepayment penalty is applied by lenders to recover some of the profit they would have made were the loan to have run its full term. Interest rates and other aspects of loans, including mortgages, are set on the basis of loans running for the agreed period, and should a borrower repay the […]

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Adjustable Rate vs Fixed Rate Mortgage Basics

Adjustable Rate Mortgage Basics: ARM or Fixed Rate? With an adjustable rate mortgage (ARM) you pay a fixed rate of interest on your mortgage for a specified period, after which the rate adjusts until the term of the loan is complete. The initial monthly payments will generally be lower than those with a fixed interest […]

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Should I Lock My Mortgage Rate Now?

A very common question for any consumer that might be considering refinancing an existing home loan or purchasing a new home is “Should I lock my mortgage rate?”. This is a very important question and the answer can seemingly change from day to day, depending on what is going on in the markets. Your specific […]

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Before You Buy: Home Hunting Tips

Buying a home can be an exciting and somewhat stressful experience. When shopping for your new home, keep in mind that one of the most important aspects of home ownership is often neglected, finding the right mortgage. Your mortgage is the backbone of the entire purchase, but without doing proper research, you might not be […]

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Top Mistakes of Home Buyers

The process of buying a home is one that you need to engage in with your head as well as your heart. You can’t make impulsive decisions when buying a home or you may find that you make a poor investment that will cost you time, money and frustration down the road. Insure that you […]

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Using Gift Money for Your Down Payment

With minimum down payment requirements for the purchase of your first home, coming up with the funds can be a challenge. Many new home buyers find themselves in a position to afford the carrying costs of their home, but can’t seem to come up with the cash to put the required money down. The specific […]

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