10 Sep 2024
By Tawnya King

The Difference Between Mortgage Prepayment and Payoff

Mortgage
As a homeowner or prospective buyer, understanding the intricacies of mortgage management can save you time, stress, and potentially thousands of dollars. Two key concepts that often confuse borrowers are mortgage prepayment and mortgage payoff. While both strategies can reduce the overall interest paid and shorten the loan term, they function differently. Let’s break down what each term means and how they can affect your mortgage journey. What Is Mortgage Prepayment? Mortgage prepayment occurs when you make payments toward your mortgage above and beyond the required monthly installment. This extra payment goes directly toward reducing the principal balance of your…
Read More
14 Aug 2024
By Tawnya King

What is a Flex Payment Mortgage?

Mortgage
Understanding your options when shopping for a mortgage is crucial to making the best financial decisions. One option that is not well known is the Flex Payment Mortgage. But what exactly is it, and how can it benefit you? Understanding the Basics First and foremost, a Flex Payment Mortgage is a type of home loan that offers borrowers the flexibility to adjust their monthly payment amounts. Unlike traditional mortgages with fixed monthly payments, this mortgage type allows you to choose from several payment options each month. These options typically include a minimum payment, an interest-only payment, a fully amortizing payment,…
Read More
13 Aug 2024
By Tawnya King

Getting a Mortgage After Chapter 13 Bankruptcy

Bankruptcy History
Filing for Chapter 13 bankruptcy can be a challenging experience, but it doesn't mean the end of your dreams of homeownership. While the path to securing a mortgage after Chapter 13 might seem daunting, with careful planning and dedication, it's entirely possible. Here’s how you can prepare yourself for a successful loan application and rebuild your dream home. Understanding Chapter 13 Bankruptcy First and foremost, it's essential to understand what Chapter 13 bankruptcy entails. Unlike Chapter 7, which involves liquidating assets, Chapter 13 allows you to create a repayment plan to pay off your debts over three to five years.…
Read More
16 Jul 2024
By Tawnya King

Understanding Warrantable vs. Non-Warrantable When Purchasing a Condo

Home Buyer Tips
When you're shopping for a condo, there's a bit more on your plate than just the typical homebuying concerns like credit scores, interest rates, and loan programs. A crucial aspect is understanding the role of the Homeowners' Association (HOA) and whether the condo is warrantable or non-warrantable. This distinction can significantly impact your mortgage process and future as a condo owner. Warrantable Condos: What You Need to Know A condo is considered warrantable if it meets the standards set by Fannie Mae and Freddie Mac, the two main government-sponsored entities in the mortgage industry. These entities buy mortgages on the…
Read More
02 Jul 2024
By Tawnya King

Understanding Graduated Payment Mortgages

Mortgage
When it comes to buying a home, you will find many mortgage options available. One of the lesser-known but potentially advantageous choices is the Graduated Payment Mortgage (GPM). Let's discuss what GPMs are, how they work, and how they differ from other mortgage options. What is a Graduated Payment Mortgage? A Graduated Payment Mortgage is a type of home loan where the payments start low and gradually increase over time. This structure can be particularly appealing to those who expect their income to rise steadily in the future. The idea is to match your mortgage payments with your anticipated financial…
Read More
21 Jun 2024
By Tawnya King

How Long Does It Take to Refinance a House?

Mortgage
Refinancing your home can be a smart financial move, offering you the chance to secure a better interest rate, reduce monthly payments, or even tap into your home's equity. However, one of the most common questions homeowners have is: "How long does it take to refinance a house?" While the timeline can vary based on several factors, here's a general overview to help you understand the process. 1. Preparing to Refinance (1-2 Weeks) Before diving into the refinance process, it's essential to get your finances in order. This preparation phase can take one to two weeks and involves: Reviewing your…
Read More
10 Apr 2024
By Tawnya King

Negotiating Repairs After a Home Inspection

Mortgage Tips
So, you’ve found your dream home, made an offer, and had the home inspection done. But wait—what happens next? For many homebuyers, negotiating repairs after a home inspection can be a daunting task. However, with the right approach and some negotiation skills, you can ensure that your new home is in tip-top shape without breaking the bank. 1. Understand the Inspection Report The first step in negotiating repairs is to thoroughly review the inspection report. Take note of any major issues that could affect the safety or structural integrity of the home. These are the items that should be your…
Read More