Purchasing a home is a significant milestone, but the process can be intimidating, especially when it comes to saving for a down payment. Fortunately, Down Payment Assistance (DPA) loans offer a solution that can make homeownership more accessible. Let’s discuss how DPA loans work, their benefits and drawbacks, and the steps involved in leveraging these loans for your home purchase. Understanding Down Payment Assistance (DPA) Loans Down Payment Assistance (DPA) loans provide funds to help … [Read more...]
What’s Ahead For Mortgage Rates This Week – July 29th, 2024
Following the release of the PCE Index figures, which the Federal Reserve prefers as its key inflation metric, the data indicates a slight increase in inflation for the third quarter. Nonetheless, market sentiment remains unchanged, and the prediction that the Federal Reserve is on track to implement rate cuts this year holds firm. Saddled along with the PCE Index, we also have the Personal Income & Spending reports which have indicated the economy is still expanding, and the GDP estimates … [Read more...]
What’s Changed in the Industry? The Post-COVID Mortgage Landscape
The COVID-19 pandemic reshaped many industries, and the mortgage sector was no exception. As we move further away from the pandemic, the mortgage industry continues to adapt, reflecting new economic realities, regulatory changes, and shifts in consumer behavior. For mortgage originators, understanding these changes is crucial to helping homebuyers navigate the current landscape. Here are some of the most significant transformations and what homebuyers should be aware of in the post-COVID world. … [Read more...]
Fixed vs. Graduated vs. Interest-Only Mortgage Amortization
When selecting a mortgage, one of the most critical decisions is choosing the right amortization schedule. This choice significantly impacts your monthly payments and the total interest you’ll pay over the life of the loan. Here, we’ll compare three common amortization options: fixed, graduated, and interest-only. Fixed Amortization A fixed amortization mortgage offers predictable monthly payments that remain constant throughout the loan term. This stability makes budgeting easier … [Read more...]
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