With interest rates rising, it’s only normal that I get asked this question a lot. Should I lock in my mortgage? The reality is, that there is no one answer to this. When working with a client, we evaluate their personal mortgage situation. Everyone is unique and therefore we cannot recommend a locked-in rate for…
If you are purchasing a home that is $500,000 or less, the minimum down payment is 5% or less. If your down payment in this price range is less than 20%, you will require mortgage default insurance. If you are purchasing a home that is over $500,000 but less than $1 Million, a down payment…
I talk a lot about the importance of getting pre-approved for a mortgage, but do you truly understand how it will benefit you? 1) You will know your borrowing capacity – If you know how much you’re pre-approved for, you can plan your mortgage payments and determine exactly what your budget can afford each month.…
An appraisal is the best way to estimate your property’s market value based on the location, condition and recent sales of similar homes in the surrounding area. Beyond an estimate of how much your property is worth, an appraisal also indicates the amount a lender will let you borrow for a property. An appraisal directly affects the…
If you are purchasing a home that is $500,000 or less, the minimum down payment is 5% or less. If your down payment in this price range is less than 20%, you will require mortgage default insurance. If you are purchasing a home that is over $500,000 but less than $1 Million, a down payment…
I talk a lot about the importance of getting pre-approved for a mortgage, but do you truly understand how it will benefit you? 1) You will know your borrowing capacity – If you know how much you’re pre-approved for, you can plan your mortgage payments and determine exactly what your budget can afford each month.…
An appraisal is the best way to estimate your property’s fair market value based on the location, condition and recent sales of similar homes in the surrounding area. Beyond an estimate of how much your property is worth, an appraisal also indicates the amount a lender will let you borrow for a property. An appraisal…
It sure does! Your credit score is a fast pass to great mortgage rates and excellent terms. It’s essentially proof that you can be trusted to make payments if you’re given a loan of any kind. A high credit score means you’ll get access to the best mortgage rates on the market and have more…
What is it? This program allows you to borrow the cost of renovations (up to a certain percentage) and add it to the home price, rolling it all into one easy-to-manage mortgage payment. Once you take possession of your new home, you can start the upgrades immediately. This type of mortgage comes with a few…
