Category: Oakland County Mortgage Banker
Most Common Mortgage Types Part 3
Last week, I discussed the most common mortgage programs, including conventional, FHA, and VA. I also discussed rehabilitation, or construction, loans. On Tuesday, I discussed the two most common financing options: fixed rate and adjustable rate mortgages (ARM). Today, I am going to put these two concepts together to discuss the most common types of […]
Most Common Mortgage Types Part 2
Last week, I discussed some of the most common types of mortgage programs. This included conventional, FHA, and VA, and I touched on construction, or rehabilitation, loans. These are definitely the most common ways people finance a house, and each targets a specific part of the housing market. Today, I will discuss the most common […]
Most Common Mortgage Types
This is a loaded topic, because mortgage “types” can mean a lot of things to different people. But when I speak to people I meet and tell them I am a mortgage professional, the question of what is the “best” or what is the “most common” type of mortgage usually comes up within five minutes. […]
Buying a Vacation Home
Many people dream of having a vacation home. A second house somewhere a drive away to go on vacation for free and build equity, turning it into a great long-term investment, too. But there are a few things to consider before you plunge into this kind of purchase. First, you want to consider what it […]
Ways to Pay Off a Mortgage Faster
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 […]
What is the Difference Between a Cash Out Refi and a HELOC or HELOAN?
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 […]
What is a HELOAN?
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 […]
What is a HELOC?
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 […]
Buying a Fixer Upper
On Tuesday, I discussed buying new construction homes, and the things to consider in relation to them. Today, I would like to look at the other end of the spectrum; “fixer uppers.” Fixer uppers are those houses that have great potential to be the home of your dreams, but need some love to get there. […]
Does it Make Sense to Buy Down my Interest Rate?
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 […]