Month: October 2020

We know 2020 has already been spooky! So we are wishing you and your family a safe and happy Halloween! No tricks - all treats! 👻

We are often asked about whether borrowers should take out a 15 or 30 year mortgage. You may have noticed rates on a 15 year mortgage are amazingly low. Lower rate is better right? Well its not quite that simple. Most people actually get a 30 year mortgage. Lets review the pros and cons. The main pros of a 15 year mortgage are the aforementioned lower rate. You are also paying less in interest over the lifetime of the loan. For example a $200,000 mortgage at 15 years with today’s current rates you’d be looking at less than $45,000 in interest. While the same loan at 30 years you’d pay over double that, over $100,000 in interest over the life of the loan. You also have the benefit of paying…

You've probably heard that interest rates are currently at record lows. You've probably also heard 2020 is a year like no other. Many people are asking about cash out refinancing or getting a home equity line of credit. Here are is quick breakdown of the similarities and differences between the two loan types. Both allow you to get cash out immediately and in both cases you are borrowing against the equity in your home. The major differences is with a cash out refinance, you are replacing your first loan with a new one and the home equity loan is a second loan to your existing first mortgage and an additional payment. Cash out refinancing generally has a lower interest rate, as it replaces the existing first loan and is seen…

If you’re self employed getting a mortgage secured is a slightly different process than traditional mortgages. It often comes with additional requirements and red tape. Here are some tips to help you get organized and approved if you’re self employed! Apply For A Mortgage When Your Income is Up We know this is easier said than done but lenders will look at your last two years income most closely, and if you’re income fluctuates its best to apply on an up year. This can help you qualify for a greater loan amount and lower interest rate. Get That DTI Lower Your debt-to-income ratio is one of the key factors in getting approved. So you’ll want to try to pay down debts (both business and personal) as well as avoid opening…

If you are about to purchase a house – you are going to be excited and maybe a little nervous. Here are 5 things to do to help lower any anxiety or future surprises. 1. Look For Wet Spots Check the ceilings for wet spots (rings or circles) and discoloration around windows. They can cause issues down the road and be hard to fix! 2. Check The Wiring Turn on the switches, dimmers, check the doorbell, garage door, basically check it all. If things are not working right, there could be an overall wiring issue. 3. Inspect the Bathroom Again look for water damage around toilets, showers and tubs. Also make sure everything is working properly, flush the toilets, check the showers and faucets to make sure the hot water…