The buydown program can be used for owner-occupied homes and second homes for purchases and rate and term refinance. However, borrowers cannot get cash out by using this program. How is the rate determined on a 2-1 Buydown mortgage? The rate is two percentage points lower than the note rate during the first year and …
4 things to know about adjustable-rate mortgages
With rates on the rise, many homebuyers are investigating adjustable-rate mortgages (ARMs), so how do you know if an ARM is right for you? Of course, ARMs are not for everyone; however, in a rising rate environment, many first-time homebuyers will look to an ARM which may have a lower introductory rate than a 30-year …
What you need to know about using Cryptocurrency to buy a home
Most of us have heard of Cryptocurrency, but many still struggle to understand what it is, how they can use it, and how it will affect them. Over the past couple of years, people are only getting more curious about the current crypto and real estate trend. At the end of May 2021, the largest …
Are homebuyer frustrations on the rise?
High home prices and rising mortgage rates have become a source of frustration for homebuyers, especially first-time homebuyers trying to enter the housing market. However, if first-time homebuyers compare home prices and rates to what previous generations paid, they may be shocked by what they learn. Decades ago, the average home price was a fraction …
Should I get pre-qualified or pre-approved to buy a home?
Pre-qualified vs. pre-approved Ask anyone in the housing industry what the first thing you should do is when planning to buy a home this spring, and they will say get pre-approved. However, that can mean different things to different people. Do they mean pre-approved or pre-qualified? In this competitive market, you must know the difference …
What are the most important real estate terms to know when buying a home?
For first-time homebuyers, the process of buying a home may be daunting, and it is not helped by the variety of new vocabulary words one will hear as one begins this journey. Understanding this new vocabulary is essential during the home buying process. It will deepen your understanding of the real estate market and make …
