Everyone who buys a house does so with the intention of eventually owning a house – even if it is not the one they just purchased – free and clear. And while the most common mortgage is the 30 year fixed, it takes most people far longer than 30 year to ever own a house […]

Last week, I covered in detail what a Home Equity Line of Credit (HELOC) and a Home Equity Loan (HELOAN) are. They are two common options to obtain a secondary loan to utilize the equity in your home for a major purchase or to act as a safeguard just in case you should ever need […]

On Tuesday, I discussed Home Equity Lines of Credit (HELOCs), which are lines of credit that allow you to access the equity in your home. Today, I will discuss another variation of the home equity product line, the Home Equity Loan (HELOAN). These loans function similarly to the HELOC in many ways: they sit in […]

A Home Equity Line of Credit (or HELOC, for short) is a line of credit which is secured against the equity in your house. Different banking institutions offer different rates and terms based upon the percentage of equity you have available in your home. These lines of credit sit behind your mortgage, allowing you to […]

If you have the cash reserves to buy your next house, it might be tempting to forego the mortgage process and use your savings, instead. You won’t have to worry about going through the mortgage process, you can generally close faster, and you avoid all of the interest paid on the mortgage. For the right […]

Many loan programs come with the option for home buyers to buy down an interest rate. What this means is the borrower can pay a certain amount in closing costs to have their interest rate reduced. The upfront cost is usually measured in points, where 1 point is 1% of the overall loan amount, and […]

I know there are dozens of these lists available online, but I think it is important to discuss some of the most common problems I have seen first time home buyers run into, so that you can try to avoid them. There is nothing worse than getting a week to closing and having to drop […]

This is a really common question I get during initial consultations with clients, and it is a very hard one to answer. In a perfect world, you would put down at least 20% and that would create the perfect payment that you are comfortable with. In reality, that’s not usually the case; sometimes it makes […]

If you are buying a house with a FHA mortgage or with a conventional mortgage with less than 20% down, you will probably have some form of mortgage insurance. This is an additional monthly charge on top of your normal payment to buy insurance on your mortgage. The insurance is not for you, though, it […]

When looking to buy or sell a home, it is important to pick the right Realtor. Some are better at selling homes, others at helping you find a home, and still others are not better at either. Clearly, a referral from a friend who recently bought or sold a home and got a great deal […]