Are you buying a property as your second home? Perhaps you are looking for a small cottage or apartment where you can escape to for your vacations, or maybe you want to have another home closer to your relatives? Maybe you want to rent out your second property and make a steady income from your investment. Whatever the reason, a second piece of real estate can be a fantastic investment. However, sometimes getting a mortgage on your second home can present a challenge. Generally, a mortgage … [Read more...]
Refinancing Your Mortgage: Understanding the Various Types of Refinancing
Whether you've been thinking about ways that you can draw on your home equity to fund a renovation project or you want to take advantage of low interest rates before they rise again, refinancing your mortgage is an excellent option. In today's blog post we'll introduce mortgage refinancing and discuss a few of the ways that you can use this tool to help accomplish your financial goals. Cash-In and Cash-Out Refinancing Many homeowners refinance their mortgage in order to take some of the home … [Read more...]
5 Uncommon Mortgage Terms You Need to Know
When it comes to finding a new home, there are lots of complex ratios, terms, and contracts that you'll encounter - and at times, it'll feel like you're trying to navigate a minefield. Here are five mortgage terms you may not encounter regularly that you'll need to know when buying a home. Escrow: Money Held In Trust To Pay Taxes An escrow account is a bank account that your lender maintains on your behalf. When you close your mortgage, you'll need to deposit a certain percent of your annual … [Read more...]
What’s Ahead For Mortgage Rates This Week – January 31, 2022
Last week’s economic reporting included readings from S&P Case Shiller Home Price Indices and the FHFA on home prices, data on new home sales, and the Federal Reserve’s statement on the federal interest rate range. The University of Michigan released its monthly survey on Consumer Sentiment and weekly readings on mortgage rates and jobless claims were also published. S&P Case-Shiller Home Price Indices: Home Price Growth Slows in November Home prices rose at a … [Read more...]
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