Mortgage.info

If you’re like most people, buying a home is likely one of the biggest financial decisions you’ll make in your life. And with such a big decision comes a lot of questions and concerns. So who do you turn to for help? A great real estate agent, of course! After all, real estate agents have the knowledge and experience needed to guide buyers through the often-complex process of buying a home. It’s not surprising, then, that 87% of buyers turned to real estate agents when they bought a home in 2022. With the right agent by your side, buying a…

ARM loans or adjustable rate loans, have a rate that adjusts periodically. Most commonly, they adjust once per year. You do get a fixed period temporarily at the start of the loan, which can be 3, 5, or 7 years. After that, your rate adjusts. During the adjustment periods, you will hear a variety of terms thrown around including the fully indexed interest rate. Below we explore what this means so that you have a full understanding of your ARM loan. Understanding the Fully Indexed Rate Let’s start from the beginning. Let’s say you have a 3/1 ARM with an…

A HELOC works differently than your standard mortgage. Yes, you still put your home up as collateral, but there are many other aspects to this loan program. There are certain questions you should ask of the lender in order to determine if the loan is right for you. No two lenders will have the same parameters either. If you plan to shop around, make sure to ask detailed questions so you know exactly what you are getting yourself into with your chosen HELOC lender. What is the Maximum LTV you Allow? Every lender has different HELOC programs – they are…

One of the most stressful parts of buying a home is negotiating the price. You don’t want to bid too little yet you don’t want to overbid either. So how do you know which is the best price to give without losing your chance of buying a home? Know What a Seller Needs Negotiating the price of a home actually means more than haggling on a price. There’s a lot more that goes into the sale than the price. There are also the details of the sale, such as the closing date, home possession date, contingencies, and even what the…

A jumbo loan is any loan higher than the national conforming limit. Today, that means any loan higher than $647,200. If you happen to find a home that exceeds this limit, you may have to apply for a jumbo loan. While it’s not a bad thing, you may need a few more qualifications in order to qualify for the loan. Are Jumbo Loans Risky? Lenders think of jumbo loans as risky because of their size. Typically, lenders don’t sell these loans on the secondary market. They keep them on their own books, which means if the borrower defaults, the lender…