24 Oct 2023
By Tawnya King
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Reasons You Need an Insurance Binder and How to Get One

Mortgage
When a borrower applies for a mortgage loan, the lender typically requires proof of insurance coverage before they approve the loan. An insurance binder is a document issued by the insurance company that provides temporary proof of insurance coverage until the official insurance policy is issued. The insurance binder for mortgage loans will typically include information about the property being insured, the coverage limits, and the effective date of the policy. The lender will review the insurance binder to ensure that it meets their requirements for coverage and will usually require the borrower to maintain insurance coverage for the duration…
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23 Oct 2023
By Tawnya King
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What’s Ahead For Mortgage Rates This Week – October 23, 2023

Financial Reports
This week featured the usual retail sales report which shows consumer demand and as well as an indicator of the velocity of money, not only for consumers but business to business as well. An increase would show an increase in national and local increase in economic activity, which is important as we move into Q4 of the year; where the holiday season is expected to see an increase in consumer activity. Retail Sales Retail sales have exceeded expectations this month showing month-to-month increases across the board: Retail sales are up 0.7% from the previous month with an expected increase of…
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20 Oct 2023
By Tawnya King
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Three Reasons Why You Might Consider a Reverse Mortgage When Nearing Retirement

Mortgage
As retirement approaches, many individuals find themselves faced with financial challenges and uncertainties. One option that is often overlooked but can be incredibly beneficial is the reverse mortgage. A reverse mortgage is a financial tool that allows homeowners aged 62 and older to convert a portion of their home equity into tax-free funds. Here are three compelling reasons why you might consider a reverse mortgage when nearing retirement: Supplement Your Retirement Income: One of the most common concerns for retirees is whether they will have enough income to maintain their desired lifestyle throughout their golden years. Social Security and retirement…
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19 Oct 2023
By Tawnya King
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Understanding Why You Don’t Need to Pay Off Your Mortgage Early

Mortgage Tips
In the world of personal finance and homeownership, there's a common debate: should you pay off your mortgage early, or is it better to take a more relaxed approach to your home loan? While the idea of being mortgage-free is undoubtedly appealing, there are compelling reasons why you might not need to rush to pay off your mortgage ahead of schedule. Tax Benefits: Mortgage interest payments is a tax deduction that can help reduce your taxable income, potentially lowering your overall tax bill. Before you rush to pay off your mortgage, consult with a tax professional to determine how this…
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18 Oct 2023
By Tawnya King
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How Do Mortgage Lenders Decide How Much You Can Borrow?

Mortgage, Mortgage Tips
When it comes to buying a home, one of the most critical factors to consider is how much you can borrow through a mortgage. Mortgage lenders play a pivotal role in determining your borrowing capacity. We will delve into the intricacies of how mortgage lenders decide how much you can borrow. Your Income and Debt One of the primary factors that mortgage lenders consider is your income. They want to ensure that you have a steady source of income to make monthly mortgage payments. Generally, lenders prefer that your housing expenses do not exceed 28% of your gross monthly income.…
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17 Oct 2023
By Tawnya King
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3 Important Tips When Making a Down Payment for a Home

Home Mortgage
When it comes to purchasing a home, one of the most significant financial decisions you'll make is how much to put down as a down payment. Your down payment not only affects the amount you need to borrow but also plays a vital role in determining your mortgage interest rate and overall financial stability. Here are three crucial tips to keep in mind when making a down payment for a home: Determine Your Budget and Financial Goals: Before you start setting aside money for a down payment, you must understand your budget and financial goals. Assess your current financial situation,…
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16 Oct 2023
By Tawnya King
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What’s Ahead For Mortgage Rates This Week – October 16, 2023

Financial Reports
Last week’s economic report schedule included notable reports with the CPI & Core CPI in addition to PPI and Core PPI. Many markets are keeping a close eye on the inflation numbers for the U.S. as well as many other parts of the world to help guide their policies. Other notable reports were MBA Mortgage Applications Index and the University of Michigan Consumer Sentiment Report (Prelim.) Consumer Price Index With current inflation data, the Federal Reserve has hinted that they are close to ending their rate-hiking cycle for the future. This reflects a greater optimism for a soft landing in…
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