What Attracts Borrowers to Adjustable Rate Mortgages?
Fixed rate mortgages once dominated the market on the residential level, with guaranteed monthly payments and reliability. However, adjustable rate mortgages (ARMs) have gained popular among savvy shoppers that are familiar with their inherent nature. While ARMs would be risky by virtue of their unpredictability, there are appealing characteristics that qualify them as the ideal […]
How is Interest Calculated on a Reverse Mortgage?
A reverse mortgage enables homeowners 62 and older to borrow against a chosen percentage of their home equity without having to sell the home. It is unlike normal mortgages, in which you pay each month to decrease the loan balance. It is the reverse. Your loan balance increases over time with interest accrued on it, […]
Can I Add Someone to My Mortgage Without Refinancing?
Adding a person to your mortgage sounds like it should be a simple process. But the reality is that it’s more involved than most homeowners anticipate. Whether you’re marrying, divorcing, or adding a relative to your loan, knowing your options will spare you time, money, and legal issues. If you’re seeking local expertise, BrickWood Mortgage, […]
Why Would a Mortgage Lender Need a Divorce Decree?
Divorce can be scary, especially if you’re attempting to sort out your financial life once more and purchasing a new home. If you’ve divorced and are in the middle of a mortgage application, you might be surprised when your lender asks for a copy of your divorce decree. Why would a mortgage lender need a […]
The Pros and Cons of Refinancing Your Mortgage
Most homebuyers apply for a mortgage to invest in a property. However, life circumstances and shifting interest rates often tempt them to refinance the mortgage a few years later. But, is refinancing worth it? There are positive and negative aspects of refinancing. So, you must assess them before making a decision. What is Refinancing? Mortgage […]
Are Jumbo Loans Harder to Qualify for?
If you’re purchasing a home that’s seeking a residence larger than mortgage limits generally allow, you’re no stranger to a “jumbo loan.” Jumbo home loans are often used to fund luxury homes, and many shoppers fear they’re much more difficult to qualify for than a mortgage. But is this true? The short answer is yes—jumbo mortgage […]
What Credit Score Do You Need For a VA Home Loan?
Eligible veterans and active-duty service members in America can apply for a VA loan to invest in a home. The U.S. Department of Veterans Affairs guarantees this mortgage to benefit borrowers. 100% financing and low interest rates are major advantages of choosing this loan. But, the department has not set the minimum credit score needed for […]
What is the Difference Between a Conventional and FHA Loan?
Making a choice between mortgages is a stressful decision when one is set to acquire a first or a new residence. Two common formats that you might be offered are conventional loans and FHA loans that target different borrowers. Knowing a couple of the most significant differences between them enables you to make an intelligent […]
Can You Refinance a Reverse Mortgage?
If you already have a reverse mortgage, you may be wondering if refinancing is a good option. The short response is that refinancing a reverse mortgage is a possibility, and there are some good reasons that you would be considering this option. A mortgage refinance can help you save or access more funds based on […]
How Much Down Payment is Required for FHA Loans?
When it comes to buying a home, many first-time buyers and families turn to FHA loans for their low down payment requirements and flexible credit guidelines. At BrickWood Mortgage Inc, we specialize in helping South Carolinians navigate the ins and outs of FHA loans and other mortgage loan programs designed to fit your unique financial […]
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