Have you ever heard the term "home equity" thrown around in conversations about mortgages and real estate? If you're scratching your head, don't worry, you're not alone. Let's dive into what home equity is, why it matters, and how you can harness its potential to boost your financial well-being.What is Home Equity?Think of home equity as your stake in your home. It's the portion of your property that you truly own, free and clear of any mortgage or other liens. In...
READ MOREAn important part of shopping for a new home is knowing how much you can afford. A Mortgage Pre-Approval helps you shop for homes within your budget, and helps your offer stand out once you find a home. We’ll go over the what, why, and how of getting a Mortgage Pre-Approval for your new home.Learn all about the benefits of an PHH Mortgage Pre-ApprovalIs There A Difference Between A Mortgage Pre-Qualification and Pre-Approval?A pre-qualification and pre-approval are both ways to...
READ MOREAre you getting ready to sell your home and want to maximize your home’s value and attract the attention of buyers? There are a few things you can do to get your home ready to sell in 7 easy steps.Talk to the professionalsThe first step is to find a real estate agent who knows your market. Your agent should provide you with their professional opinion about comparable properties, what your home may be worth, and advise you on setting the right asking price. To find the right...
READ MOREAre you looking to buy a new home but worried your payments will be too high? If so, you may want to consider a purchase temporary mortgage buydown. A temporary mortgage buydown is a financing option that allows you to obtain a lower interest rate for the first few years of your mortgage. This can help you to keep your monthly payments more affordable and make your dreams of buying a new home a reality.What is a Temporary Mortgage Buydown?A temporary buydown is a mortgage financing option that...
READ MOREGetting pre-approved shows sellers that you are a serious buyer and that you have the financial means to purchase their home. It also gives you an idea of how much you can afford to spend, which can help you narrow down your search and avoid overpaying for a home.According to a recent study by the National Association of Realtors, 92% of home buyers who were pre-approved for a loan made an offer on a home within 30 days, compared to only 67% of those who were not pre-approved. Additionally,...
READ MOREDo you currently have an adjustable-rate mortgage? Did you plan to only be in your home for a short time? Maybe you were in a different financial situation when you chose your loan type? Adjustable-rate mortgages (ARMs) can be a great way to get a lower interest rate on your home loan for a period. However, when interest rates go up, like they have in recent years, your monthly payments could be impacted significantly. If you're concerned about rising mortgage interest rates, you may want...
READ MOREIf you think buying a new home is easy, you’ve probably been spending too much time watching HGTV. Everything on TV seems easy, but that effortlessness rarely translates to real life. That’s because real life has real complications, and that’s especially true when it comes to buying a house. However, we’ve got a few tips for you straight from real estate professionals. Incorporate them into your home buying strategy to make the process quicker and easier.Line Up Your...
READ MOREYou have the down payment for your new home, you’re ready to start looking for the perfect house, but have you considering the other costs that come with owning a home? Homeownership can be a smart long-term move to build wealth. However, once you buy a house, there are additional costs to consider you should be prepared for on top of your monthly mortgage payment. Here’s a look at some of the average costs associated with owning a home.Mortgage Payment Unless you’re paying...
READ MOREA Home Equity Conversion Mortgage, (HECM), commonly known as a reverse mortgage loan, is a Federal Housing Administration (FHA) insured loan1 that allows borrowers, who are 62 years and older, access to a portion of their home equity without having to make monthly mortgage payments.2 If you have sufficient equity in your home, you may be able to get the cash you need to help supplement retirement, home renovations, pay for medical expenses, or put aside as a rainy day fund. You can use the...
READ MOREWhat is Private Mortgage Insurance?Private Mortgage Insurance (PMI) is normally required on a conventional mortgage if the borrower’s down payment is less than 20% of the property's value. PMI is a protection for the lender if the borrower stops making their mortgage payments and defaults on the loan.For example, if you were to purchase a home for $300,000, you should anticipate a down payment of $60,000 to not pay PM, anything less, you would have to pay PMI.The good news is that PMI...
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