23 May 2024
By Tawnya King

Making Mortgage Decisions: Online Lenders vs. Traditional Banks

Mortgage Application
The options for securing a mortgage have expanded beyond the brick-and-mortar banks to include online lenders. With this diversity comes a crucial decision for homebuyers: should you opt for the convenience of online lenders or stick with the familiarity of traditional banks? Let's explore the pros and cons of both options to help you make an informed decision. Online Mortgage Lenders Pros: Convenience: One of the most significant advantages of online mortgage lenders is the convenience they offer. You can apply for a mortgage from the comfort of your home, without the need to visit a physical branch. This is…
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22 May 2024
By Tawnya King

Things You Should Understand About Private Mortgage Insurance

Mortgage Tips
Private Mortgage Insurance (PMI) is a sizable expense during the process of buying a home that many overlook until it impacts their financial decisions. Understanding PMI, its purpose, and strategies to manage or eliminate it can save you thousands of dollars over the life of your mortgage. What is PMI? PMI is a type of insurance that protects lenders in case the borrower defaults on their mortgage payments. It's typically required when the borrower's down payment is less than 20% of the home's purchase price. This insurance doesn't benefit the homeowner directly but allows lenders to offer mortgages with lower…
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21 May 2024
By Tawnya King

Unlocking Lower Mortgage Rates By Boosting Your Credit Score

Credit Scoring
The interest rate you qualify for when securing a mortgage can make a huge difference in your financial journey. The good news is, that by understanding how credit scores impact mortgage rates and implementing strategic steps to boost your score, you can potentially unlock lower rates and save thousands of dollars over the life of your loan. Lenders use credit scores as one of the primary factors in determining the interest rate they offer you on a mortgage. Generally, the higher your credit score, the lower your interest rate will be. This is because a higher credit score indicates to…
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20 May 2024
By Tawnya King

What’s Ahead For Mortgage Rates This Week – May 20th, 2024

Financial Reports
The prior week showed a surprising display of inflation,  in that for consumers, it was less than expected. This is giving way to some optimism that inflation is on the right track to being under control. On the other end of the spectrum, for producers, inflation had shown to be slightly higher than expected. But the far higher impact of the two reports is the Consumer Price Index.  The Federal Reserve had still stuck to their stance as from the last FOMC opting to withhold any rate reduction decisions until late in the year, but the data coming in largely…
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17 May 2024
By Tawnya King

Escrow Analysis: Your Key to Understanding Mortgage Payments

Escrow Tips
Escrow might sound like a fancy term, but it's not rocket science. Let’s break it down into simple terms. In simple terms, an escrow analysis is a review of your escrow account conducted by your mortgage lender. Think of it as a regular check-up for your escrow account. You might be wondering, what is an escrow account? An escrow account holds funds collected with your monthly mortgage payment to cover expenses like property taxes, homeowners insurance, and sometimes even mortgage insurance. Why It Matters Without a proper escrow analysis, you might end up short on cash when those tax and…
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16 May 2024
By Tawnya King

Exploring Home Improvement Loans

Mortgage
Want to upgrade your home but short on cash? Home improvement loans can help! They're like a financial boost for fixing up your place without draining your savings. But with so many options, how do you pick the right one? Let’s review the options. Home improvement loans are like a cash lifeline for home projects. Unlike some loans, they don’t need your home as collateral. You get the money upfront and pay it back over time. What's the difference between home improvement and renovation loans? Improvement loans are more flexible and cover various projects, like a new roof or landscaping.…
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15 May 2024
By Tawnya King

Strategies for Single Homebuyers

Mortagage Tips
Are you a single individual ready to take the plunge into homeownership? Congratulations! While the journey might seem overwhelming, especially when it comes to securing a mortgage, there is no need to worry. With the right strategies and tips, you can navigate the process with confidence and success. As a mortgage lender with years of experience helping single homebuyers achieve their dreams, I'm here to share some valuable insights to guide you on your path to homeownership. Know Your Finances Inside Out: Before diving into the housing market, take a deep dive into your financial situation. Understand your credit score,…
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