What is an Advantage of an Adjustable Rate Mortgage?
As you go shopping for a mortgage, there are two options that stand out for most, the fixed-rate mortgage and the adjustable rate mortgage (ARM). While the former has the same interest rate until the loan is repaid, the latter has interest rates that change periodically according to the market. Most homebuyers will automatically default […]
Why Does My Mortgage Payment Keep Going Up After a Few Years?
You’ve been faithfully paying your mortgage for a couple of years without incident, but now you look and see that the figure is higher. This surprise increase can be annoying and unsettling when you assumed you’d agreed to a set figure. Why does my mortgage payment keep going up? Knowing this will make it easier […]
Can You Transfer a Mortgage to Another Person Without Refinancing?
Traditional transactions involve the purchase of a new loan by the buyer and the pay-off of the old loan by the sale proceeds to the seller. However, what if the existing loan could simply be transferred to the buyer? That is the essence of mortgage assumption, a procedure that can be very valuable to both […]
What are the Payment Options for the HECM Loan Program​?
A Home Equity Conversion Mortgage (HECM), or reverse mortgage, enables homeowners 62 and above to tap into some of their home equity in the form of cash. This product can be an excellent source of revenue in retirement, especially for those seeking HECM loans in South Carolina and beyond. The most attractive feature of the […]
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 […]
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