The Five-year Equity Rule

When you buy a home, plan on staying there for approximately five years. Why? You’ll need equity in order to sell the home without losing money. Equity is your percentage of ownership VS how much the bank owns. With any mortgage loan, the first few years of payments go more toward paying interest than reducing your principal. […]

Can you get an even better rate by paying points?

According to Freddie Mac, mortgage interest rates are still hovering at all-time lows, signaling that the COVID-impacted economy is still struggling.  With interest rates well under three percent, it’s an ideal time to buy or refinance a home. Can you get an even better rate by paying points? When you’re quoted a rate like 2.73%, it […]

Down Payment Assistance and Resources

It’s a great time to buy a home, so now is the time to start lining up resources to help you make a down payment. There’s plenty of assistance available if both you and the home you want to buy meet eligibility requirements. While most programs are designed for first-time and/or low-income homebuyers, some are […]

How to Unpack Mortgage News

In June 2020, average mortgage interest rates fell below three percent for the 30-year-fixed-rate mortgage – the lowest level in modern recorded history, according to Mortgage News Daily. What caused such a dip? A stock market sell-off sent investors to the relative safety of the bond market, wrote housing journalist Diana Olick. Mortgage rates loosely follow the […]