06 Nov 2024
By Tawnya King

Understanding an Appraisal Contingency in Your Home Purchase

Mortgage Tips
When buying a home, you have the option to include contingencies in your purchase contract. These protect you by setting certain conditions that must be met for the contract to remain valid. If any contingency isn’t satisfied, you can back out of the sale without penalty. Three main types of contingencies help protect buyers: appraisal, financing, and home inspection contingencies. Here's how each can impact your home buying experience. The Appraisal Contingency An appraisal contingency allows you to step back from the sale if the property appraises for less than the agreed purchase price. Since lenders typically only loan up…
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31 Oct 2024
By Tawnya King

Do Not Get Spooked by Your Underwater Mortgage – How Refinancing Can Help You Escape

Mortgage Tips
It’s Halloween season, and while it’s fun to enjoy spooky decorations and scary movies, there’s nothing fun about feeling haunted by your mortgage—especially if you owe more on your home than it’s currently worth. If you’re feeling trapped in an underwater mortgage, don’t let it send chills down your spine! Refinancing your mortgage can be the solution to break free, no matter how far underwater you are. What Is an Underwater Mortgage? An underwater mortgage occurs when the balance you owe on your home loan is higher than your home’s current market value. This can happen for a variety of…
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30 Oct 2024
By Tawnya King

Effective But Creative Ways to Save Money for a Down Payment

Mortgage Tips
Saving for a down payment can feel overwhelming, but with some creative strategies, you can make it happen faster than you think. Whether you’re a first-time homebuyer or looking to upgrade, these tips can help you reach your goal and set you on the path to homeownership. 1. Automate Your Savings One of the simplest and most effective ways to save is by automating your savings. Set up an automatic transfer from your checking account to a separate savings account specifically designated for your down payment. Treat this transfer like a monthly bill—set it for a day shortly after you…
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22 Oct 2024
By Tawnya King

Top 10 Strategies to Lower Your Mortgage Payments

Mortgage Tips
Lowering your monthly mortgage payment can have a positive impact on your financial health, allowing you to allocate more money toward other needs or savings. Whether you're experiencing financial stress or just want to optimize your budget, exploring ways to reduce your mortgage payment is a smart move. Here are ten strategies that can help you manage and lower your mortgage payments like a pro: 1. Refinance to a Lower Interest RateRefinancing your mortgage to a lower interest rate is one of the most effective ways to reduce your monthly payment. If interest rates have dropped since you first secured…
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17 Oct 2024
By Tawnya King

Shared Equity vs. Traditional Loans

Mortgage Tips
When it comes to purchasing a home, most buyers tend to opt for traditional financing methods like Conventional, FHA, or VA loans. These tried-and-true options have been the cornerstone of home financing for decades. However, an alternative called a Shared Equity Agreement (SEA) is also available, which some may find appealing. Let’s discuss what a Shared Equity Agreement is and why traditional financing options are often a better choice for homebuyers. What is a Shared Equity Agreement (SEA)? A Shared Equity Agreement is essentially a partnership between a homebuyer and an investor. In this arrangement, the investor provides a portion…
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18 Sep 2024
By Tawnya King

Green Loans for a Sustainable Future and The Rise of Eco-Friendly Mortgages

Mortgage Tips
In recent years, the demand for eco-friendly living has surged, with more homebuyers seeking properties that are energy-efficient and environmentally conscious. This growing trend has given rise to eco-friendly mortgages, also known as green mortgages. These specialized loans offer financial incentives for purchasing or upgrading to energy-efficient homes, benefiting both buyers and the environment. Understanding Eco-Friendly Mortgages Eco-friendly mortgages are designed to support homeowners who prioritize energy efficiency and sustainability. They often come with various benefits, including lower interest rates, reduced down payments, or rebates for energy-efficient upgrades. Here’s a closer look at how these mortgages work: Types of Green…
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17 Sep 2024
By Tawnya King

Managing Your Mortgage During Major Life Changes

Mortgage Tips
Life is full of significant transitions, and major life events such as divorce, inheritance, or starting a business can deeply affect your financial landscape, including your mortgage. Understanding how these changes impact your mortgage options and financial planning can help you make informed decisions and manage your home loan effectively. Divorce: Reassessing and Refinancing Divorce can be emotionally and financially challenging, especially when it comes to managing joint mortgages. Here are some steps to consider: Review Your Mortgage Agreement: Determine whether you and your ex-spouse are both legally responsible for the mortgage. This review will guide your next steps, whether…
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