June Tip: Consider a combo
When purchasing a home with less than 20% down, consider a combo instead of paying mortgage insurance. For people with good credit buying a home with a first and second mortgage will often times give you a lower payment than a single lien.
May Tip: Going for the "longer" haul
Until recently, the longest term for a mortgage was 30 years. Lenders are now offering 40 year and longer terms. Before you consider an extended term realize that the payment drop past 30 years is small. Look at all your options (interest only, temporary buy down) before making a decision.
April Tip: Cash out or equity loan?
People often ask if it is better to do an equity loan or refinance the entire mortgage. There is no simple answer to that question. One type of loan is not necessarily better than the other. We need to look at your situation and determine what will fit your needs better.
March Tip: To lock or not to lock, that is the question.
The most common mortgage question after "what is my rate" is "should I lock". While there is no simple answer, the safe bet is to lock. Markets fluctuate constantly and rates go up much faster than they come down. We recommend that you should lock when you and your lender agree on a rate that makes you feels comfortable.
February Tip: How much can I afford?
We are often asked how much house a person can afford. Lenders limit the amount they will lend on a persons debt ratio. We will help you with that, but another thing you should ask yourself is "what do I feel comfortable paying?" People get in trouble by buying too much house. Make sure you are comfortable with your new payment before buying your new home.
