PMI, How it Works
Will my PMI drop off automatically? If your mortgage is a single family, primary residence when the balance of your mortgage is first scheduled to reach 78% of the original value of the secured property (based solely on your initial amortization schedule), your monthly PMI costs will be removed from your loan. PMI also terminates […]
Recast, Everything You Need to Know!
What is a recast? (EXAMPLE) A mortgage recast is a feature where the remaining payments are recalculated based on a new amortization schedule. During a mortgage recasting, an individual pays a large sum (over $5,000) toward their principal, and their mortgage is then recalculated based on the new balance. What types of loans are NOT […]
How do Renovation Construction Loans Work?
You fell in love with your new home, and then you lived in it. Over time, things have started to look worn and frayed. The kitchen no longer excites you the way it used to. You wake up one day and your bathroom feels cramped and outdated. You keep catching yourself daydreaming about all the […]
Is a Renovation Construction Mortgage Loan right for me?
If you want to renovate or remodel your home but don’t have the cash to pay for it out of pocket, home renovation loans are a smart way to get your home improvement project funded and on track. Whether you’re adding a new room to your home, redoing your kitchen, or replacing your roof, home […]
What is a Jumbo Loan?
A jumbo loan is a home mortgage for a higher amount. Choosing this type of loan One of the most important parts of buying a home is determining the kind of mortgage you need. At the very least, this part can be overwhelming – especially if the amount you need to finance is higher than […]
How much should I save for the down payment for my Home?
The largest payment you’ll likely make on your home is the first one. That’s the down payment. It’s a percentage of the total purchase price. For example, a 5% down payment on a $400,000 home would be $20,000. The larger the down payment, the lower your monthly mortgage payment should be. So how much should […]
How is my monthly payment determined?
It’s called a monthly mortgage payment, but it includes more than payment on the loan itself. Yes, it will include a portion to help pay off the principal loan amount, but that’s just for starters. It will also include interest and will likely include property taxes and homeowner’s insurance, as well. It may also include […]
What is the difference between fixed and adjustable interest rates?
In terms of interest rates, we offer two types of mortgage loans: those with fixed rates that never change and those with adjustable rates that can go up or down over time. Both types offer the home buyer benefits. Which kind is right for you? Let’s take a deeper look. A fixed rate is predictable […]
What Loan Programs are available for First Time Home Buyers?
Buying your first home is huge. It’s probably the biggest single purchase you’ve ever made and coming up with all the funds to make it happen can be daunting. So, if you’re wondering if there are ways to make all this a little easier, the answer is, yes. We offer programs designed to help provide […]
How would my Home Equity Line of Credit effect a Refinance?
Refinance loans happen years after the home purchase. They exist to help homeowners like you reduce your monthly costs, shorten the length of your mortgage, tap into cash for important life events, and fund home repairs and improvements. Most refinance loans are shaped by the equity you’ve built in your home – but some require […]
