Home Loan & Banking Education

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Are you in a Chapter 13 bankruptcy? Currently own a home and have equity? OR – are you renting and wish you could buy while rates are still low? If yes, there may be good news for you. Under current FHA and VA programs, options may be available for homeowners or renters to obtain the […]

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The way you’ve handled your finances in the past can help predict how you may do so in the future, so lenders will consider your credit rating when you apply for a mortgage or other loan. A higher credit score may help you qualify for better mortgage interest rates, and some lenders may lower their […]

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Research your mortgage options. As a first-time homebuyer, you’re undoubtedly anxious and excited about moving into your new home, but take the time to step back, do the research and learn the differences between the various types of mortgages so you’ll know which one is best for you. Know your credit score. As soon as […]

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Set a budget. Calculate a monthly home payment that takes into account how much home you can afford, then discuss this amount with your lender. Making sure you can meet your projected future home payment is probably the most important part of successful homeownership Include PITI (principal, interest, taxes and insurance) in your budget. Mortgage […]

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Adjustable-rate mortgages (ARMs) have an interest rate that may change periodically depending on changes in a corresponding financial index that’s associated with the loan. Generally speaking, your monthly payment will increase or decrease if the index rate goes up or down. ARM loans are usually named by the length of time the interest rate remains […]

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A fixed-rate mortgage means your mortgage interest rate – and your total monthly payment of principal and interest – will stay the same for the entire term of the loan. This offers you consistency that can help make it easier for you to set a budget.   When might a fixed-rate mortgage make sense? If […]

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