Last week, I explained what an adjustable rate mortgage is, and when it could be an appropriate product. Today, I plan on explaining what a fixed rate mortgage is, and how fixed rate mortgages work. Fixed rate mortgages have a set interest rate which will not change for the life of the loan. Prevailing interest […]

Adjustable rate mortgages, or ARMs, for short, are mortgages with interest rates that can change over time. These mortgages have an initial fixed rate for a period of time which will “adjust” at the end of that predetermined timeframe. Then, the interest rate will reset every year thereafter. These mortgage offer lower payments upfront, but […]

Making extra principal payments on your mortgage can have a number of benefits – these extra payments can reduce the number of years you are in debt, save you thousands upon thousands of dollars in interest over the life of the loan, and allow you to build equity in your home much more quickly, should […]

A growing trend I have noticed over the last few years is homebuyers looking to go through the process without a realtor. And while you can save some money in fees to the realtor, I personally would not recommend this. A realtor adds a lot more to the home buying process than many prospective homebuyers […]

Halloween is one of my favorite holidays of the year. I love the weather as the seasons are changing, I love the atmosphere of fun and mischief, and I love how happy kids get for a few small candies. If you or your family will be dressing up this year for Halloween, or if you […]

Speculative real estate transactions have become extremely popular again in the last few years. Depressed house values combined with historically low interest rates have created the perfect environment for people looking to flip homes for a profit. But for many, this does not mean buying the house with cash, it instead means getting a mortgage […]

Last week, I discussed some of the consequences of the government shutdown on the mortgage industry. Now, 6 days after the government reopened, I am proud to report that the impact has been almost nonexistent. Mortgages continued to close during the shutdown and continue to now. No one lost a home or lost an interest […]

In today’s market, many customers buy houses with cash, rather than a mortgage, to expedite the process and avoid closing costs. And while this strategy may be great for investors, it is usually not a very good idea for people buying a primary residence or a vacation home. When considering if buying a house with […]

There is a lot of misinformation online in relation to credit and qualifying for a mortgage. Yes, credit is certainly a factor when determining eligibility, but many people qualify who do not realize they do. This can be for a number of reasons – if you or your spouse are a veteran, you qualify for […]

For the last 5 years, there has been a lot of talk about interest rates. Every three months, it has felt like, there has been a new low set in regard to mortgage rates. Then about six months ago, rates suddenly jumped back up, based on perceived economic strength. Now, they are still at unprecedented […]