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Tag Archive | "mortgage basics"

Jumbo Loans For Luxury Homes – Going Beyond The Conforming Limits

Conforming Versus Non-Conforming Loans So, where are the limits in conventional home lending and why do they matter? It certainly matters if you are seeking a luxury home that exceeds the limits for conventional home loans as defined by the FHA. Or if you have a high income, and you would like to live in […]

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Should You Trade Discount Points For Your Down Payment?

Should you divert funds from your down payment to get better terms on your monthly payments? Or should you go the opposite direction and add to your equity? How about getting cash back at closing? These are all things that you can do by adjusting the level of discount points that you agree to pay […]

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What Do Mortgage Originators Do After Your FHA Home Loan Closes?

Mortgage Originators Initiate The Process Your mortgage lender is part of an extensive and wealthy system of residential real estate finance. The person at the very knife-edge of the lending process is the loan originator, the loan officer or independent arranger who helps loan applicants fill out forms, gather documents and submit the loan application; […]

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When Should You Use Financing With A Balloon Payment?

Balance Due At Maturity The conventional residential real estate mortgage has a structure, which includes monthly repayments of principal and interest, where the payments over the term of the loan pay off the principal entirely, and nothing is due at maturity. In other lending instruments, such as corporate bonds, the borrower has to make payments […]

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Avoid These Things To Prevent Home Loan Approval Delays

No Sudden Financial Moves Once your lender preapproves you for a mortgage, and you have paid to start the application process, you need to make sure not to do anything that will cause the bank to think twice. Otherwise, you will have to deal with the consequences of delays or contract termination. The risky behaviors […]

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Don’t Take The First Mortgage Package On Offer, Get What Works For You

Home lending is a gigantic industry in the United States; in 2014 lenders originated $1.24 trillion in new home lending and there are more than 7,100 lenders. There are plenty of different mortgage plans available for you to choose. So, as a consumer considering taking on a new mortgage, you can afford to be picky. […]

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As Prices Go Up How Soon Can I Refinance My Mortgage?

Don’t Just Churn Your Finances Once you have closed on your mortgage, collected the keys and settled into your new home, you might start thinking about how you can get a better deal. Maybe your payments are high, compared to the market rate, or you want to change the term over which you repay the […]

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What Will Influence The Price Of My ARM Rate-Hike?

The Adjustment Depends On The Index When you take out an adjustable rate mortgage (ARM), you agree to allow your lender to make periodic adjustments to the interest rate that you pay on the balance of your home loan. The mechanics of the adjustments come from the terms that you agreed to at the beginning […]

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Is Co-Signing A Mortgage A Good Idea? The Pros And Cons

There are at least as many ways to finance a home purchase as there are circumstances in which to buy your home. Help from a friend or family member is one way to get that first home when it would otherwise be just out of reach. Co-signing the loan for a beloved family member is […]

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Move In Together And Merge Your Finances, But What About Refinancing?

It is an exciting time when you move in with a partner, one that should be the epitome of happiness. However, organizing cohabitation is more complicated in practice, especially if either one of you already owns the home and makes payments on a home loan. The question of whether you should refinance is a part of […]

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