One of the first important decisions you’ll need to make when buying or refinancing a property is whether you prefer a 15-year or 30-year mortgage. While both choices offer a set monthly amount over a lengthy period of time, there are more distinctions between the two than simply how long it would take you to …
A reverse mortgage is a unique type of home loan that allows investors and property owners who are at least 62 years old to turn significant property equity into cash they can spend. With a reverse mortgage, property owners essentially borrow against the property’s value. They do not have to make traditional monthly mortgage payments …
How to MAXIMIZE the Benefits of a Reverse Mortgage in 2023 Read More »
FHA loans and conventional mortgages are common mortgages used to finance homes. Whereas Federal Housing Administration (FHA) mortgage loans are insured by the government, conventional loans come solely from private lenders such as credit unions, banks, and mortgage brokerages. FHA loans have lower qualifying standards and lower down payment criteria than conventional loans. Conventional mortgages, …
Your Guide to Comparing FHA vs Conventional Loan Mortgages Read More »
Fixed-rate and variable-rate mortgages are two types of mortgage loans that homeowners use to finance their homes over years. The basic difference between variable rates vs fixed rates is the interest rate. Fixed-rate mortgages have a fixed interest rate that does not fluctuate, no matter the market conditions. Meanwhile, variable-rate mortgages have variable interest rates …
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In the world of mortgages, there are two major categories: jumbo loans vs. conventional loans. While conventional loans conform with the loan limit and conditions set by the Federal Housing Finance Agency or Fannie Mae and Freddie Mac, jumbo mortgages do not. Jumbo mortgages make up only a tiny percentage of all mortgages in the …
When looking for a way to finance or refinance your home, it’s essential to answer the mortgage broker vs. lender question. While both mortgage brokers and lenders can help you get the financing you need to buy a home, there are differences in their duties and the way they operate. Understanding the differences can help …
There are many questions about second home vs. investment property mortgage rates, but we’re here to answer them. Mortgage rates for rental properties or second homes are higher than primary residences. However, there is less risk in buying a second home as opposed to an investment property. But that doesn’t mean there aren’t costs you …
Mortgage Rates for Second Home vs. Investment Property Read More »
Getting the Best DSCR Loans for Your Rental Properties If you’re a real estate investor, you want to make the most of your properties. But first, you have to be able to afford them! This can often be a difficult task, requiring all kinds of financial structures, loan considerations, and income criteria. For investors of …
A ready-to-move-in home that is rented out for a couple of days to a few weeks at a time is known as a short-term rental. Vacation rentals are another name for short-term rentals, which are viewed as an alternative to hotels. Many people with a second house or holiday properties earn extra money by renting …
Owning a house has several advantages, one of which is the chance to build equity in the home. The equity in your house is the sum of your mortgage debt and the property’s fair market value. You can access this equity in a number of ways, including by obtaining a second mortgage. But what distinguishes …
Second Mortgage vs Home Equity Loan: Pros & Cons Read More »
