When it’s time to purchase your first home, chances are that you’ll be unfamiliar with much of the new mortgage terminology. In the unending lists of acronyms and long words, two of the most important terms are jumbo and conforming loans. The terms jumbo and conforming refer to just how large your loan amount is.
Often times the best way to get money is to borrow it from yourself. When in need of money, it is possible to borrow money against the current equity in your home. Borrowing against your home equity As home prices rise and you pay down your mortgage the difference between the loan amount and the
What is it A reverse mortgage is essentially what it sounds like. It takes your home equity and converts it into money in monthly payments or a lump sum. Are you qualified There are several requirements you need to meet to apply for a reverse mortgage. The minimum age requirement for a reverse mortgage is
Balloon Payment Loans Recently, I was asked some questions regarding balloon payment loans. A loan has a large sum of funds due after a fixed period of time. Generally, I do not recommend this type of the loan to my clients, however, in few cases; this can be an option if the traditional loans are
With the stock market dropping more than one thousand points in the past week, with the rates are still good it’s the perfect time for you to get a loan. The question is whether you should get a fixed or variable rate on your mortgage. Pros and Cons of Fixed Rates Fixed rates