19 Dec 2023
By Tawnya King

How Mortgage Refinancing Can Help to Finance Home Improvements

Home Mortgage Tips
If you're planning to remodel or renovate your home in the near future - whether to provide a better living environment or as part of a house flip - you'll need to find a way to pay for your home improvements. There are several different possible sources of renovation money, each with its own advantages and disadvantages. One option that is gaining popularity is mortgage refinancing. How does mortgage refinancing work, and how does it compare to other renovation financing options? How can you use a mortgage refinance to get the most out of your renovation? Here's what you need…
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08 Dec 2023
By Tawnya King

Understanding the Jumbo Mortgage and Why Refinancing is Different

Home Mortgage Tips
The contemporary trend towards expansive dimensions is palpable in various aspects of modern life. Oversized soft drinks, large fast-food meals, and expansive smartphones have become ubiquitous. However, one unlikely sector experiencing a similar trend is the realm of mortgages. Delving into the specifics, what exactly constitutes a jumbo mortgage? How does it differ from its conventional counterpart, and what implications does it hold for potential refinancing? Here's a comprehensive overview. Jumbo Mortgages As the name suggests, the primary distinguishing factor of jumbo mortgages lies in the loan limit. Fannie Mae and Freddie Mac administer mortgage limits nationwide, contingent upon the…
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13 Oct 2023
By Tawnya King
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The LTV Ratio How Loan to Value Works and Why You Need to Understand This Ratio

Mortgage
Are you in the market for a new home? If you plan on using mortgage financing to buy your next home you've likely heard the phrase "loan-to-value" or the acronym "LTV" before. Let's take a quick look at the loan-to-value ratio including why it's important, how to calculate it, and how it can affect your mortgage. What is the Loan-to-Value or LTV Ratio? In short, the LTV ratio is a number that compares how much money you owe against your home with its resale value in the marketplace. A low LTV ratio indicates that you have far more equity in…
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12 Oct 2023
By Tawnya King
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What Makes Up A PITI Mortgage Payment?

Mortgage Tips
Many mortgage payments are made up of four parts, called PITI. PITI is an acronym that stands for principal, interest, tax, and insurance. It's important to understand PITI because it is the real number you need to use in order to find out how much mortgage you can afford to pay each month. One of the biggest mistakes first-time homebuyers make is using only the principal plus interest figure to calculate how much they'll be paying every month for their mortgage. Then, when the lender comes back and denies them, the prospective buyer is confused. Knowing and understanding PITI will…
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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…
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24 May 2023
By Tawnya King

Running A Quick Financial Health Check Before You Apply For A Mortgage

Mortgage
Getting a mortgage is a significant financial decision, and it is crucial to ensure that you are financially prepared before applying for one. Conducting a quick financial health check before applying for a mortgage can help you determine your financial standing and your ability to afford a mortgage payment. Here are some reasons why you should consider conducting a quick financial health check before applying for a mortgage: Check your credit score: Your credit score is an important factor that lenders consider when deciding whether to approve your mortgage application. Check your credit score to see where you stand and…
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27 Apr 2023
By Tawnya King

What Does It Mean To Be In A Seller’s Market: A Brief Overview

Mortgage
In the realm of real estate, market conditions can differ significantly due to a variety of factors. One such state is known as a seller's market, which typically benefits those wanting to sell their property. Let’s dive into what makes a seller's market advantageous for homeowners looking to offload their house and why it's an attractive option for buyers too.  A Lack Of Inventory The lack of available homes creates supply-side pressure in a seller's market; there are fewer houses on offer than there are prospective purchasers searching for them. This scarcity could be attributed to many reasons including economic…
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