You may have heard of the term "annual percentage rate (APR)" but might not understand exactly what it means.
But just like other important mortgage terms like rate lock, it's important to understand APR from top to bottom because it affects how much you pay for your mortgage over the long term.
We'll cover some APR basics to help you understand the answer to … [Read more...] about What is APR (Annual Percentage Rate) And How Does it Impact Homebuying?
credit score
What is APR (Annual Percentage Rate) And How Does it Impact Homebuying?
Debt-to-Income Ratio: What is it and How is it Used by Lenders?
When you are thinking about buying a house, you're probably envisioning the memories you'll make in your new home, the great family dinners and nights hanging out with friends. Your thoughts may not initially stray into terms like "debt-to-income (DTI) ratio" or "credit score." You will be more familiar with terms like these as you undergo the mortgage process. In this … [Read more...] about Debt-to-Income Ratio: What is it and How is it Used by Lenders?
What is Cash-Out Refinancing and When is it a Good Option?
What would you do with some extra cash in your pocket? Wipe out your credit card debt once and for all? Update your kitchen? Finally finish your basement? Pay off high-interest student loans or personal loans? Refinancing your mortgage with a cash-out refinance means you might get to check off all the boxes on your to-do list or give yourself an infusion of cash for upcoming … [Read more...] about What is Cash-Out Refinancing and When is it a Good Option?
What is Mortgage Forbearance and is it a Good Idea?
Have you ever gotten a bill and immediately wondered how you'll come up with the money to pay for it? It's a common situation, especially when you experience financial hardship or an unfortunate job loss. It's a good rule of thumb to reach out to your creditor or lender when you have trouble making your payments — including when you can't make your mortgage … [Read more...] about What is Mortgage Forbearance and is it a Good Idea?
How to Refinance a Mortgage Step by Step
You may have noticed that mortgage rates have gone down compared to when you bought your home years ago. Or maybe you'd like to change your loan term. Maybe you'd like to switch to a 15-year mortgage from a 30-year mortgage. On the other hand, you may have a 15-year mortgage as your existing mortgage but need to reduce the amount you pay per month (some people choose … [Read more...] about How to Refinance a Mortgage Step by Step
