Home Mortgage Tips Archives – Page 4 of 116

06 Dec 2023

You Ask, We Answer: What Are the Pros and Cons of Private Mortgage Insurance?

Home Mortgage Tips

It's easy to get Private Mortgage Insurance (PMI) confused with homeowners' insurance, but PMI is an entirely different thing that may or may not be necessary when it comes to your home purchase. If you're going to be investing in a home in the near future and are wondering what PMI may mean for you, here are some things to consider regarding this type of insurance. Your Down Payment Amount If you've been perusing the housing market for a while, you've probably heard that 20% is the ideal amount to put down when investing in a home; however, you might…

06 Oct 2023

By Mark Feder

Setting Your Budget: How to Analyze Your Finances to Determine How Much Mortgage You Can Afford

Home Mortgage Tips

Whether you're buying a home for the first time or you've decided it's about time that you upgraded to a larger, more expansive house, if you're making a real estate purchase you'll need to be aware of how much you can reasonably afford to borrow in a mortgage. In today's post we'll take a look at a few ways that you can analyze your financial situation to help decide how much mortgage you can truly afford. Prepare An Honest Monthly Budget The first step in understanding how much of a monthly payment you can afford is to create an honest…

03 Oct 2023

By Mark Feder

4 Facts You Need to Know Before Setting Up a Mortgage Escrow Account

Home Mortgage Tips

Buying a home involves a variety of nuances and strange-sounding terms, and one of the least understood aspects of the home buying process is the escrow account. Essentially, an escrow account is a third party bank account your lender can require you to pay into in order to cover certain costs related to your home. Your lender uses an escrow account to ensure that property taxes and home insurance fees get paid on time. But how exactly do escrow accounts work? Here's what you need to know. Escrow Accounts Are Mandatory With Certain Mortgages Not all home buyers are required…

28 Sep 2023

By Mark Feder

A Quick Look at Reverse Mortgages: The Golden Ticket to Enjoying Your Golden Years

Home Mortgage Tips

With a high volume of millennials set to enter the real estate market this year, it may seem like all the available options out there were created to snag new home buyers. However, there are products available on the market that cater to those who are in their golden years too. If you're older than 62 and are currently weighing the options with your mortgage, here are the basics on reverse mortgages and why they might positively benefit you. The Scoop On Reverse Mortgages It may seem like this mortgage option hasn't been around that long, but it was actually…