HECM Program Pros and Cons: Is a Reverse Mortgage Right for You?
As mortgage brokers, we frequently meet with clients who have dedicated many years to establishing a life and a home. They have reduced their mortgages and have built up a tremendous amount of equity in their properties, but they are struggling with cash flow issues when they go into retirement. They can be described as […]
What Income Do You Need for a $800,000 Mortgage: Payment Guide
Purchasing a home can be one of the most extensive and critical financial transactions in your lifetime. With rising values of properties, bigger loans such as the $800,000 mortgage will not be surprising. The problem with acquiring a huge loan such as $800,000 is that the lender will verify your financial capability of repaying the […]
How Does the Mortgage Interest Rate Impact What You Pay?
When you are about to buy a home, the first thing you notice about the property could be the price. Then the next thing, which could be equally important, would be the rate of interest associated with the loan. It might be a small difference, but the difference that it makes to your budget could […]
Why My Mortgage Payment Went Up By $500
There are very few things that will start your day on the wrong foot quite like opening your loan letter and finding that your housing costs have gone up significantly. We get calls on a regular basis at BrickWood Mortgage from worried clients who are asking us the same thing. That is, they want to […]
Why Do Mortgage Lenders Sell Mortgages?
If you have recently purchased a house, you may have received a notice that your loan has been purchased by a different company. You may have been confused or alarmed by this, especially since you have worked very hard to obtain this loan through your original lender. But loan sales are a very common occurrence […]
What Do Mortgage Lenders Look for on Bank Statements?
When it comes time for some mortgage applications, your bank statements become one of the most analyzed documents of your application. As a Charleston, SC, mortgage broker, we recognize on a daily basis just how these financial pictures can be the deciding factor in whether or not your loan application gets approved. Your bank statements […]
Can You Use the VA Home Loan More Than Once?
In our capacity as a mortgage broker in South Carolina, we frequently have the opportunity to work with service members, military vets, and their families. Among the most valuable benefits that service members have is that of a VA home loan. And among the most frequent inquiries that we receive is in regards to how […]
How Do You Calculate a Reverse Mortgage?
As mortgage brokers in South Carolina, we often meet clients interested in learning more about reverse mortgages. This type of product has received a lot of traction as clients look for ways to tap into their home’s value in retirement. Learning about reverse mortgage calculations will prove beneficial in making decisions for your future. Whether […]
Can You Use Equity Acquired While Purchasing for a Reverse Mortgage?
These days, it’s common for homeowners to ask whether it is possible to use a reverse mortgage as an option when they have recently purchased or have accrued a lot of value in their house. We, as mortgage brokers, frequently get asked this question by clients evaluating their financing choices. Yes, it is possible to […]
Buying a House with Solar Panels – Pros and Cons
As the demand for green living and lower utility expenses continues to grow for homeowners, pre-installed solar panel houses are becoming a regular feature in the marketplace. If you are a potential purchaser, your mind may be wondering whether a house running by the sun is a worthwhile investment. While these residences have plenty of […]
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