Now is Your Unique Opportunity to Cash Out Earlier this year, rates started moving higher because of inflation fears. Since that time, the Federal Reserve is done a good job of telegraphing that this inflationary pressure we are feeling is likely transitory. Because of this, investors have become comfortable with this synopsis and rates have …
By now, If you are a homeowner and have a mortgage, you most likely have heard about the option for mortgage forbearance. The government, in their infinite wisdom, came up with this plan to allow homeowners to skip monthly mortgage payments for up to six months assuming that you have had a hardship related to …
Is Refinancing A Better Alternative Than A Mortgage Forbearance? Read More »
Explore These Options to Finance. Whether you are looking to freshen up or expand your existing home or a new home you are considering purchasing, the question always comes up about how to pay for this. The answer to this question depends somewhat on how much you are talking about financing and how long you …
1.15.2019 In this second video entry, Scott discusses the advantages of consolidating your debt when you refinance your home. Until Next Time! The FMT
When purchasing or refinancing a home, getting from loan application to the actual closing can take time, typically 3 weeks in an average home market. However, some loan approvals for unique situations have been known to take much longer. Many different factors could determine how long it will take to get to the closing table; and …
For normal conventional loans (loan sizes from $50,000 – $1,000,000) for borrowers with average to above average credit that can document their income, qualification is generally an automated process. We take a standard loan application over the phone or via the internet, pull your credit and the file is then uploaded to one of two …
When you refinance and pay closing costs, you can certainly roll in these expenses to the new loan if you so desire as long as you have enough equity to avoid paying PMI. If you will be over the threshold by rolling in your closing costs we could set you up with a small 2nd …
Oftentimes it may seem like a good idea to refinance to combine a first and second mortgages. If you have enough equity to keep your combined loans under 80% of the appraised value of your home this may work. There are some considerations however. If you’re existing 2nd mortgage was not used to originally to …
There may be some out of pocket funds required at closing depending upon a couple of factors. If you have an escrow account for taxes and insurance, it does not roll over to your new mortgage. This means we must collect for the new escrow account whatever amount should be in that account at this …
Will I have to write a check at closing with my refinance? Read More »
Convert your adjustable to a fixed rate When you bought your home originally or refinanced your home the last time, you most likely predicted that you would be moving prior to the expiration of your initial fixed rate period on your adjustable rate mortgage. Or because the rate was much lower at the time, it …
