How to beat the closing cost doldrums Are you in the final stretch of buying your first home, only to be surprised by unexpected closing costs? If you’ve been diligently saving for your down payment, additional expenses like closing costs can take a big bite out of your budget. Imagine you’ve managed to set aside …
How to use a bridge loan to buy a home
How to use a bridge loan to buy a home A bridge loan is a financing option that allows you to use the equity of your current home as a source of funding for a new home. A bridge loan is a short-term loan used as a financial bridge between selling your current home and …
What are the differences between fixed-rate and adjustable-rate mortgages?
Know before you sign! Definitions The best way to understand the differences is first to understand what each loan is all about. Let’s start by defining both options: A fixed-rate mortgage is a home loan with an unchanging interest rate for the entire loan duration. An adjustable-rate mortgage is also called an ARM. This type …
What is a renovation home loan?
What is a renovation home loan? If you can’t find the perfect home, you can create it with a renovation home mortgage! With housing supply inventory at an all-time low and existing home prices rising, homeowners have been renovating like never before. A Fannie Mae HomeStyle Renovation mortgage can get you into a house you …
How credit scores impact your interest rates
The importance of your credit score when applying for a mortgage When applying for a mortgage for your new home, your credit score will significantly impact the interest rate you are offered and your ability to qualify for a loan. Credit scores are important numbers that influence everything from the interest rate to the type …
What is an FHA loan?
What is an FHA loan? An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). It is particularly popular with first-time homebuyers because it allows borrowers to finance homes with low down payments, sometimes as low as 3.5% of the sales price. Borrowers with lower credit scores and smaller down payments tend to gravitate toward FHA loans since they …
