Mortgage Tips

02 Jul 2024

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…

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…

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…

05 Dec 2023

By Tawnya King

The Required Steps For A Smooth Mortgage Refinance Process

Mortgage

There are lots of people who have heard that one of the top ways to ensure the best mortgage rate possible is to refinance. At the same time, it is critical to make sure that this process is planned out accordingly. Therefore, there are a few steps that everyone has to follow to make sure they are able to handle the mortgage refinancing process in a smooth manner that leads to the best rate possible. Ask If A Refinance Is The Right Step There are a lot of people who assume that a mortgage refinance is a financial win; however,…

27 Oct 2023

By Tawnya King

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Turned Down for a Mortgage? What to Do if You are Declined

Home Mortgage

If you have been declined for a mortgage, you may think that buying that new home is out of reach. However, there are ways to turn a rejection into an approval and to find a more accessible loan. Here are just a few steps you can take to learn about your loan options and get the mortgage that works for you. Find Out Why The Mortgage Application Was Denied The first step to getting a second opinion is to find out why your mortgage application was denied. Banks commonly deny mortgages for reasons like a low credit score, a high…

26 Sep 2023

By Tawnya King

What Does Contingent Mean on a House Sale

Home Buyer Tips

In the context of a house sale, "contingent" typically means that the sale of the house is dependent on certain conditions being met. These conditions could include things like the buyer securing financing, the completion of a home inspection, or the sale of the buyer's current home. For example, if a buyer makes an offer on a house and the offer is accepted by the seller, the sale may be contingent on the buyer obtaining financing within a specified period of time. If the buyer is unable to obtain financing, the sale may fall through. Another common contingency is a…

20 Sep 2023

By Tawnya King

Looking to Pay Back Your Mortgage Faster? Three Reasons to Consider Switching to Bi-weekly Payments

Home Mortgage Tips

While there are differing schools of thought when it comes to whether or not a person should pay off a mortgage before the loan term ends, there may be some benefits to making payments on a bi-weekly basis as opposed to monthly basis. What are some of the reasons why it may be beneficial to make two payments a month instead of one? Here are three reasons why you should ditch the monthly fees and make payments once every two weeks. You'll Make An Extra Payment Per Year If you're looking to pay off your mortgage ahead of schedule, making…