Whether you’re a first-time homebuyer or not, getting a mortgage can be a scary process. But when you’re armed with a little knowledge about what you’ll need, and what to expect, you can ease the anxiety. With that in mind, we’ve answered 20 of the most common questions would-be homebuyers have about mortgages — from […]
Articles
Why do mortgage rates fluctuate?
Trying to predict the movement of home mortgage rates is tough — Even for seasoned professionals. Changing economic conditions is one of the biggest causes, as is the government’s monetary policy at a any given time. But at the center of it all is one primary driving force: Supply and demand. Using today’s economy — […]
Reverse Mortgage Myths
Reverse Mortgages: Myth vs Reality Listed below are some common reverse mortgage myths along with a brief explanation of the reality. M: You must own your home free and clear to qualify for a reverse mortgage. Reality: A 62-year-old homeowner needs to have a minimum loan-to-value (LTV) ratio of approximately 45%, and a 95-year-old can […]
When is refinancing not a good idea?
Even with falling interest rates, a refinance may not be the best move. A mortgage refinance is when you take out a new home loan to pay off and replace your old loan. Common reasons to refinance are to lower the monthly interest rate, lower the mortgage payment, or to borrow additional money. When mortgage […]
Escrow Accounts
What is an escrow account? An escrow account, sometimes called an impound account, is set up by your mortgage lender to pay certain property-related expenses. The money that goes into the account comes from a portion of your monthly mortgage payment. An escrow account helps you pay these expenses because you send money through your […]
Mortgage Help for Homeowners Impacted by the Coronavirus
The FHFA announces new mortgage forbearance guidelines Fannie Mae, Freddie Mac and the Federal Home Loan Banks are taking steps to help people who have been impacted by the coronavirus. If your ability to pay your mortgage has been impacted by the coronavirus (COVID-19), and your loan is owned by Fannie Mae or Freddie Mac, […]
Private Mortgage Insurance
What is private mortgage insurance? Private mortgage insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan (see below). Like other kinds of mortgage insurance, PMI protects the lender — not you — if you stop making payments on your loan. PMI […]
Single-Family Loan Limits Increase for 2020
The Federal Housing Finance Agency (FHFA) announced on December 3, 2019 that the 2020 county loan limits for its single-family mortgage insurance programs would increase in most areas across the country. Effective January 1, 2020, the new loan limits for a single family residence are: Conforming loan limit: $510,400 (up from $484,350) FHA loan limit: […]