If you don’t put 20% down on a home, you’ll pay mortgage insurance in some form. If it’s a conventional loan, you pay PMI. If you opt for a government-backed loan, like the FHA or USDA loan, you pay annual insurance for the life of the loan. There’s no getting around it, unless you try one of the Read more
Using Seller Concessions to Your Advantage
Buying a home means more than coming up with a down payment and affording the mortgage payment each month. You also have to be able to afford the closing costs. With closing costs totaling between 5-7% of your loan amount, that’s no small chunk of change you must come up with to buy a home. Luckily, Read more
How Does an Appraisal Contingency Work?
Making an offer on a home is a huge deal. Having the seller accept that offer is an even bigger deal. In a matter of weeks or months, you could become a homeowner. However, before you start jumping for joy, you should understand the different contingencies you should include in your contract. One of Read more
Does a Cash Out Refinance Result in a Higher Interest Rate?
There’s one thing most borrowers worry about when getting a new mortgage – the interest rate. So it’s no wonder people worry about the interest rate when taking a cash out refinance. The talk is that rates are higher with this type of loan; is it true?Compare Offers from Several Mortgage Read more
Paying Off Mortgage Before Retirement: Pros and Cons
If you have dreams of living debt free during retirement, you are not alone. When you no longer have a job, it may make you feel better to be without a mortgage or any other large debts. However, a mortgage may provide you with a few benefits. It depends on your situation.Compare Offers from Read more
