The Federal Reserve took steps last year to reduce inflation. The mortgage rates rose rapidly after the 2021 record lows and reached a peak of just over 7% in October. Some buyers felt a decrease in their purchasing power and decided to halt their plans. The rate of … [Read more...]
Archives for January 2023
Hybrid Loan
I will be the first person to admit that the mortgage and real estate industries have their own word salad. Different words and terms can mean different things depending on their context. This is true for the mortgage industry as well. The term hybrid is still very much in … [Read more...]
Tips About Home Warranties
Homeowners may be surprised by unexpected repairs or appliance replacements. A home warranty can help your clients reduce their out-of pocket expenses and help them save money. Home warranties, also known as residential service agreements, are used to pay for repairs or … [Read more...]
Starter Home… What Does That Mean?
It is common to hear the term "starter home" quite often. But, as a buyer, you might wonder what that actually means. You need to understand the basics of buying a home, as well as whether you should invest in your forever home. You can choose to buy a starter home as … [Read more...]
Cash Out Refinance or Home Equity Loan
You may be able to get cash if you have substantial home equity. A cash-out refinance or a home equity loan let you borrow against the equity in your home, with your home as collateral. A cash out refinance replaces your current mortgage with a new one. A home equity … [Read more...]
DEBT-TO-INCOME RATIO- HOW TO CALCULATE YOURS
The home-buying process is complex, especially for first-time buyers. The debt to-income ratio is one of the criteria mortgage lenders use when assessing your mortgage application. Your debt-to income ratio is a comparison between how much debt you have (your debt) and how … [Read more...]
