09 Oct 2024
By Tawnya King

Does Your Home Loan Have a Prepayment Penalty?

Mortagage Tips
Buying a home is a huge milestone, and the excitement of closing can lead many buyers to quickly accept any mortgage offer without fully understanding its terms. One important detail to watch for is whether your mortgage includes a prepayment penalty. This fee can be an unwelcome surprise, so it’s crucial to know what you’re signing up for before finalizing your loan. What is a Prepayment Penalty?A prepayment penalty is a fee that some lenders charge if a borrower pays off their mortgage within a specified period, typically during the first two to five years. Though less common, some loans…
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21 Aug 2024
By Tawnya King

Exploring Different Types of Home Insurance Coverage

Mortagage Tips
When it comes to protecting one of your most significant investments—your home—having the right insurance coverage is essential. Home insurance, also known as homeowners’ insurance, offers financial protection against a wide range of potential risks, from natural disasters to theft. However, not all home insurance policies are created equal. Understanding the different types of home insurance coverage can help you make an informed decision that best suits your needs. We will touch on the various types of home insurance coverage available and what each one entails. 1. Dwelling Coverage Dwelling coverage is the cornerstone of any home insurance policy. It…
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20 Aug 2024
By Tawnya King

When to Ask for Repairs vs. Taking a Credit

Mortagage Tips
Buying a home is a significant investment, and ensuring the property is in good condition is crucial. There are times when asking the seller for repairs is the best course of action, but in other situations, requesting a credit may be more beneficial. Understanding when to choose each option can help you navigate the buying process more effectively. The Impact of Loan Types on Repairs Certain loan types, such as Federal Housing Administration (FHA) and Veterans Affairs (VA) loans, require the home to meet specific condition standards. If the house doesn’t meet these standards, the loan could be rejected. This…
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19 Jul 2024
By Tawnya King

How to Manage a Mortgage After a Career Change

Mortagage Tips
A career change is usually an exciting journey, it offers new opportunities and growth. It can also bring challenges when you have a mortgage to manage. Balancing a new job and financial commitments can be stressful, but with the right strategies, you can stay on top of your mortgage payments and maintain your financial stability. 1. Assess Your New Financial SituationThe first step is to thoroughly assess your new financial situation. Understand your new income, any changes in benefits, and how these impact your overall budget. You should be considering the following: New Salary: Calculate your take-home pay after taxes…
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27 Jun 2024
By Tawnya King

How Divorce Affects Mortgage Responsibilities: What Changes, Who is Responsible, and More

Mortagage Tips
Divorce is a challenging life event that can significantly impact various aspects of your financial life, including your mortgage responsibilities. When couples decide to part ways, the fate of the family home and the associated mortgage often becomes a complex issue that requires careful consideration. We will explore how divorce affects mortgage responsibilities, what changes you can expect, who is responsible for the mortgage, and more. What Changes with the Mortgage in a Divorce? When a couple decides to divorce, several changes can occur concerning the mortgage. Here are the most common scenarios: 1. Selling the Home One of the…
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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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22 Mar 2024
By Tawnya King

Consumer Guide: Mortgages for Veterans – A Guide to VA Loans

Mortagage Tips
Are you a veteran or an active-duty military member considering homeownership? VA loans offer significant benefits tailored to meet the needs of veterans and service members. Here's a concise guide to understanding the advantages and requirements of VA loans: Benefits of VA Loans: No Down Payment: One of the most significant advantages of VA loans is that they often require no down payment, making homeownership more accessible for veterans and active-duty military personnel. Lower Interest Rates: VA loans typically offer lower interest rates compared to conventional mortgages, which can result in substantial savings over the life of the loan. No…
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