Home Mortgage Tips

03 Nov 2021

Reverse Mortgages 101: How This Unique Financial Product Can Make Your Life Easier

Home Mortgage Tips

If you've been in your home for a while and have considered other loan options, you may have heard the term reverse mortgage without being aware of how this product can benefit you. While this type of mortgage works for those who have a high amount of equity in their home, here are the details on reverse mortgages and how this product may work for you. What's A Reverse Mortgage? The reverse mortgage was created in 2009 as the Home Equity Conversion Mortgage for Purchase (HECM) and is something that can be used by those who are older than 62. As this type of mortgage does not require the homeowner to…

27 Oct 2021

By Mortgage Blog Content

Refinancing Your Mortgage? Know These Key Terms Before You Sign Your Paperwork

Home Mortgage Tips

When it comes to your mortgage, there are a lot of key terms that are important for every homebuyer to know, and this is no less true than when it comes to refinancing your most important investment. Instead of leaving what's unknown up to chance, it's important to be aware of exactly what you're looking at so you can get the best mortgage product available. If you're currently considering refinancing and don't want to get snared by unknown terminology, here are some terms you'll need to watch out for. Cash-Out Refinance This type of refinance is a transaction where the home's mortgage amount is higher than the existing mortgage amount, and…

22 Oct 2021

By Mortgage Blog Content

Applying for a Mortgage? 3 Easy Ways to Make the Process Easier — and Reduce Your Stress

Home Mortgage Tips

There are more than enough details involved in getting a mortgage and moving into your own home that you'll want to know how to make the process as seamless as possible beforehand. However, there's a chance you might not be aware of the things you can do to make it a little easier on yourself. If you're currently looking for a home and are wondering how to streamline the approval process, here are some things to do before applying to minimize mortgage-related stress. Get Electronic Documentation In order to get approved for your mortgage application, you'll need to provide documentation that will likely include bank statements, federal tax returns and recent…

08 Oct 2021

By Mortgage Blog Content

Baby on the Way? Helpful Advice for Managing a Mortgage With Only One Parent Working

Home Mortgage Tips

If you're dealing with paying off your mortgage and going down to a one-income family, it can be complicated to determine how to financially swing it. However, becoming a parent and managing a mortgage are quite common nowadays with maternity leave and the modern family. While managing a mortgage on just one salary can be a challenge, there are a few simple things you can do to make it work. Buy The House You Can Afford It may sound much too simple, but many people get so wrapped up in the concept of a dream home that they forget about what makes the cost of it manageable from month to month.…

01 Oct 2021

By Mortgage Blog Content

Understanding the Reverse Mortgage and How to Best Use This Unique Financial Tool

Home Mortgage Tips

If you've studied the real estate market recently, you've probably heard about the reverse mortgage. This unique tool is a financial arrangement designed for senior citizens who have limited incomes and want to use the equity in their homes to meet their everyday expenses. And although it's becoming increasingly popular, few homeowners truly understand it. So how does a reverse mortgage work, and when is it appropriate for a homeowner to get one? Here's what you need to know. What is a Reverse Mortgage? A reverse mortgage is a loan that uses your home equity as collateral - essentially, you borrow money against the value of your home. But unlike home…

22 Sep 2021

By Mortgage Blog Content

Worried About Mortgage Rates Going Up? 3 Steps to Prepare Yourself Financially

Home Mortgage Tips

Mortgage rates have been at record lows for quite some time, making it easy for new homebuyers to finance their dream homes. But what comes down will eventually go back up, and with the world economy expected to rebound in 2016, we're about to start seeing more expensive mortgages. So what can you do to prepare yourself before mortgage rates start to rise? Here are three strategies that will keep you ahead of the game. Start Saving More Money Now If you have a variable rate mortgage, you've benefitted from great interest rates that this world won't see again for quite some time. Hopefully, you've taken advantage of this low-interest period…