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What Is A Government vs A Conventional Mortgage?
A conventional mortgage is a loan that is not insured or guaranteed by the federal government You can get a conventional mortgage from a bank, a credit union, or a mortgage broker A down payment as small as 5% is allowed Primary residence, rental properties, or second...
What Is Mortgage Insurance – And Is It Required?
Mortgage Insurance (often called MI or PMI) is insurance that protects the lender in case you default on your loan. It usually adds an extra cost to your monthly mortgage payment. PMI is Private Mortgage Insurance - mortgage insurance on conventional loans rather...
Why Should I Get Preapproved Before Looking For A Home?
Being preapproved means you have a clear idea of how much you can afford to spend on your first home This can save you time and stress in your home search Also, most Realtors require preapprovals before they work with you Being preapproved means your credit, income,...
What Is A HELOC??
If you're a homeowner, you may have heard of a home equity line of credit, or HELOC. But what is it and how does it work? A HELOC is a type of 2nd mortgage that lets you borrow money using the equity in your home as collateral. Equity is the difference between the...
What Is An FHA Renovation Loan?
Great question! Here's how an FHA renovation loan works: - It's a type of mortgage that lets you buy a home that needs some work and finance the renovations with the home price. - You can choose between two types of FHA renovation loans: limited and standard. The...
Should I Buy A Home – Or Should I Rent?
Buying a home is a big decision that depends on many factors, such as your income, savings, lifestyle, and location. There is no definitive answer to when you should buy a home, but here are some things to consider: Buying a home can be a long-term investment that...
Should I Pay More To Get a Lower Mortgage Rate?
Buying down your mortgage rate means paying an extra fee at closing to get a lower interest rate and monthly payment on your loan. This can be a good option for some homebuyers, but it also has some drawbacks. Here are some of the pros and cons of buying down your...
Will A Credit “Pull” Hurt My Credit Score?
Not really - payment history and how much you owe have a much larger impact on your credit score. Credit scores are numerical values that reflect your creditworthiness, or how likely you are to repay your debts on time. Different companies may use different methods to...
Should I Freeze My Credit Accounts?
Freezing your credit history accounts (see links at the end of the post) and credit monitoring are both tools to protect your credit history, but they work differently: Credit Freeze: Security: Freezing your credit offers a higher level of security. It prevents new...
How To Shop Around For A Mortgage, Part Two
Gresham first-time home buyers may feel daunted with all that the information that comes along with buying a home. However, they shouldn’t feel overwhelmed. By carefully educating themselves, they can ensure that they get the best experience when shopping for a...