Construction loans and mortgages are two important tools in the world of real estate financing. They each have specific purposes and come with their own set of rules and requirements. These differences cater to various needs when it comes to buying or building properties. Purpose Construction Loan: A construction loan is specifically designed to finance
Buying a home involves a variety of nuances and strange-sounding terms, and one of the least understood aspects of the home buying process is the escrow account. Essentially, an escrow account is a third party bank account your lender can require you to pay into in order to cover certain costs related to your home. Your lender uses an escrow account to ensure that property taxes and home insurance fees get paid on time.
Buying a home is one of the largest investments you will make in your life, and that's why so many people have longer mortgage amortization periods to pay down the principal. While it may seem appealing to have a longer amortization period, here's why an extended loan term can end up costing you more and may be less financially beneficial when it comes right down to it.
Are you in the market for a new home? If you are going to rely on mortgage financing to cover some of the purchase cost, you will need to start the application process as soon as possible. However, what if you just need to know how much you will be able to borrow so you can start finding homes in your price range?
Congratulations! You're about to embark on an exciting journey of buying a new home. As you navigate through all the decisions involved in this process, it's important to have as much information as possible to make the right choices for you and your family. One of the biggest decisions you'll make is choosing the right
Ed Currie and his team understand the importance of getting you the loan you need to move into your new home, so we’ve expanded our guidelines to make the process even easier, and to help you qualify for the loan you need. Expanded Debt Ratios We’ve expanded our debt ratios up to 50 percent in
Just the thought, idea or hearing the term adjustable-rate mortgage (ARM) can create a negative reaction in people. Some people would prefer riding on an atomic weapon just as Slim Pickens did in Stanley Kubrick’s famous movie than to get an ARM. This reaction is perfectly understandable. About 90% of mortgages people take out are
It used to be that the rates for buying or refinancing a second home were more or less the same as those for buying or refinancing a primary home. Those days are gone now, though. The Federal Housing Finance Agency is going to raise fees/rates as of April 1, 2022 on some home loans, specifically
Many homeowners dream of being able to build a custom home. Having a home designed for your family’s specific needs and preferences, tailored down to the exact finishes you’ve dreamed about? What’s not to love about that? But to do it right and not encounter unexpected expenses in your loan process? That is key. If
The vibrant warmth of summer days make it a great time to refresh your living space. The sunshine means more pleasant weather days for construction, and summer vacation can make it easier for the kids to deal with disruptions in their daily routine. Here are some great ways to assess any winter damage and restore
Home buying has costs associated with it other than the mortgage itself. Known as closing costs,,these fees are a part of the home buying process and they are due at the time that the mortgage is finalized. Buyers, however, can negotiate these costs and reduce the expense with a little bit of effort and with the help of a good mortgage professional.
If you are thinking about applying for a mortgage, it is important that you consider all of the options carefully and that you understand the key differences between them. Let's compare variable-rate and fixed-rate mortgages to see which might be the best in your situation.
