A fixed-rate mortgage provides predictability because your interest rate and principal-and-interest payment remain consistent. However, that does not necessarily mean your total monthly housing payment will stay exactly the same. Property taxes can change over time, and when they do, homeowners who pay taxes through an escrow account may see their monthly mortgage payment change as well. Why Property Taxes Are ReassessedLocal governments use property assessments to help determine how much … [Read more...]
What Happens to Your Mortgage If You Move Before Paying It Off?
Most homeowners move before making the final payment on a thirty-year mortgage. Selling a home with an outstanding loan is completely normal, but many homeowners are unsure what happens to the remaining balance. Understanding the process can help you plan for your sale, estimate your proceeds, and prepare financially for your next home. Your Mortgage Is Paid Through the Sale When your home is sold, the closing company requests a payoff statement from your mortgage servicer. This statement shows … [Read more...]
Understanding PMI and Why It May Benefit You
Private Mortgage Insurance, commonly known as PMI, is often misunderstood by homebuyers. Many people view it as an added expense to avoid at all costs, but that perspective can actually delay homeownership and limit your options. When used strategically, PMI can be a valuable tool that helps you purchase a home sooner and begin building equity earlier. What PMI Is and How It WorksPMI is a type of insurance that protects the lender in the event a borrower defaults on a loan. It is typically … [Read more...]
VA Construction Loans: What You Need to Know Before You Build
Building your dream home from the ground up? If you’re a veteran, active-duty service member, or eligible military spouse, a VA construction loan could make that process a lot more accessible. But here’s the thing—VA construction loans aren’t quite as straightforward as traditional mortgages. Knowing how they work upfront can save you time, money, and a few headaches along the way. Let’s break it down. What Is a VA Construction Loan? A VA construction loan helps … [Read more...]
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