When you have been researching your different options for a mortgage on your home, you might have heard of an âInterest-Only Mortgageâ. What exactly does this type of mortgage mean and how does it work?
When you have been researching your different options for a mortgage on your home, you might have heard of an âInterest-Only Mortgageâ. What exactly does this type of mortgage mean and how does it work?
A recent study of US and UK home buyers, conducted by the London based Nationwide Building Society, found that more than 40% of people buying homes were confused by the jargon that lenders used to describe mortgages.
If you are on the verge of buying real estate, you’ve probably heard the term Private Mortgage Insurance. Mortgage professionals talk about it a great deal, but you may be asking, “What is it exactly? And why should I care?”
There are many reasons people take out reverse mortgages. However, this option is usually considered by cash-strapped seniors who own their homes and are looking to ease the burden of their golden years. The beauty of reverse mortgages is that youâll receive money as long as you are current on property taxes and homeowners insurance.
Most of the financial advice out there is focused on how you can pay off the mortgage on your home as quickly as possible, from making lump sum payments to switching to bi-weekly payments rather than monthly.
You have found your dream home and you are eager to get a mortgage, move into the property and start enjoying life there. However, there is only one problem standing in your way â the fact that you have been through some hard financial times in the past.
As lenders tighten mortgage guidelines for home buyers, minimum down payment requirements are increasing.
A mortgage loan approval is never final until it’s funded. And that means after you’ve signed the final paperwork and the bank has wired funds to escrow.
Are you applying for a mortgage on your home? Keep in mind that a mortgage is a major financial decision and choosing one will have a significant impact on the rest of your life.
What happens if you go through a tough financial period and you find yourself behind on your mortgage payments for your home?
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