Most buyers have heard scary stories about ARMs -- adjustable rate mortgages -- from family members or from headlines years ago. It seemed like homeowners would face crazy increases and end up getting in over their heads.
Today’s ARMs are not that way at all. Gone are the risky features such as interest-only and balloon payments. (Yep, those do sound risky!)
Read MoreYou see and hear about interest rates advertised online, on the radio, and TV. So when you call a mortgage lender, you expect to get that low interest rate that was advertised.
Unfortunately, that most likely won’t happen.
Ninety-nine percent of the time, the advertised interest rate will NOT be the interest rate you get!
Read MoreIf you’re even thinking about buying a home in the coming year, now is the time to start giving your credit score the attention it deserves. It can be considered your “one ticket” to homeownership. You want to clearly understand its importance in getting a good mortgage.
Read MoreBetween "winter break", getting covid, 500 snow days and preparing for the Spring real estate market - I haven't had as much time as I had hoped to provide updates on our little #cavendishcottage. A lot has happened since we bought the house in October. In fact, I'd say we are more than half way finished with the project which is CRAZY! But how did we go from casually chatting about it to actually doing it?? I wrote a little blog and you can learn all about how we ended up owning this cutie little cottage on Cavendish.
Read MoreAre you delaying homeownership because you don’t think you have enough for a down payment?
Guess what … you might not need as much cash as you think! Gone are the days when a good mortgage required 20% down.
Read MoreIt’s all about what you can afford each month before you determine a price range!
As discussed previously, you need this amount so your lender can work backward to determine a correlating sales price.
That’s why your first step is to look at your monthly budget, which will help determine what your monthly mortgage payment should be. Then they can pre-approve you for an amount you’re comfortable with (and not necessarily a higher amount they say you can afford).
Read MoreIt’s been a difficult year for homebuyers. Between the high demand for homes, not enough homes coming on the market, and the competitive bidding wars, you or someone you know may have thought it was impossible to buy a home recently.
Read MoreWhat do they say? The only thing that stays the same is that nothing stays the same.
Read MoreWith mortgage rates at historic lows…
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