What exaclty is an Equity Share Program? A shared equity mortgage is an arrangement under which a lender and a borrower share ownership of a property. The borrower must occupy the property. When the property sells, a percantage of the…
What is a Family Opportunity Mortgage? The Family Opportunity Mortgage is an excellent Fannie Mae/Freddie Mac conventional loan option for buying homes for family members. It’s designed to help Americans who have elderly parents or adult children with disabilities live…
5/1 Adjustable Rate Mortgage A 5/1 adjustable rate mortgage (ARM) or 5-year ARM is a mortgage loan where “5” is the number of years your initial interest rate will stay fixed. The “1” represents how often your interest rate will…
Are you considering buying a home but don’t know where to start? A mortgage broker can help guide you through the process from start to finish. But what does a mortgage broker do exactly? Let’s take a look at the…
Q: Do Mortgage rates change daily or hourly? A: Mortgage interest rates are in constant flux, changing every day. That’s because there are a lot of different factors that influence mortgage rates, including economic conditions, inflation and U.S. Treasury bonds.…
What exactly does PITI stand for in mortgage terms? PITI – is an acronym for the breakdown of what’s included in your mortgage payment. P – Principal I – Mortgage Interest T – Property Taxes I – Homeowners Insurance Lenders will calculate your PITI…
Shopping for a home Whether this is your first or tenth home purchase, shopping for a home is an exciting time. It can also be a stressful and lengthy process. This guide can help you stay on track and in…
Ready to purchase your first home? Use this easy-to-follow checklist to navigate the path to home ownership. Determine Your Budget: It’s best to determine how much house you can afford early in the process to avoid falling in love with…
If you have received your Closing Disclosure from your lender, you are almost done with your home buying journey. The Closing Disclosure, provided at least three full days before closing when you sign the final purchase documents, means that you…
Before you begin your new home search, talk to a lender about getting preapproved for a mortgage. This important step can save you time in negotiations and keep your search on target and within budget. What exactly is a preapproval…
