For many people, buying their first home is a significant milestone. It’s an exciting time, but it can also be nerve-wracking, especially if you’re unfamiliar with the process. There are many things to think about, and making a mistake can…
Mortgages have many options, but you can choose from fixed rates or ones that change. Fixed-rate loans lock in your interest rate and payment for life, while adjustable rate mortgages (ARMs) have fluctuating margins which could lead to savings if…
When looking to refinance, a homeowner has several rate and cost options to choose from. Homeowners can pay upfront points to buy a lower interest rate resulting in high closing costs. Or, go with a no-point loan with a slightly higher interest…
Buying a home is an exciting time involving some very important decision-making. On one side of the matter, you are choosing a place to put down roots. It should be a house you find personally charming, that you love to…
When it comes to interest rates, the lower the rate and monthly payment, the greater the savings. A quarter of a percent doesn’t sound like much, but it can mean thousands of dollars in interest savings over the life of a…
A loan-to-value (LTV) ratio compares the size of your mortgage to the value of your property. Lenders use your LTV ratio to determine your interest rate, monthly payment, and how much you can borrow. What is a Loan-To-Value Ratio (LTV)?…
When considering buying a home, you must get familiar with your debt-to-income ratio (DTI). Moving forward with a high DTI compared to your income could be risky. Even if you’re prepared to buy a home, you may struggle to find a…
“What is a conventional loan?” you might ask. Conventional home loans in Missouri are the most common type of mortgage. These loans are not government-backed loans like FHA (Federal Housing Administration). Conventional Home Loan: Defined As previously stated, FHA loans are…
Most of us will spend the most money on purchasing a home, so anything that might lower the mortgage cost is worthwhile. Some homeowners purchase mortgage points, commonly called “origination points” or “discount points,” to reduce the interest they pay.…
If you have recently received extra money, you might consider paying your mortgage principal. If so, this article covers the pros and cons of what you should know about recasting a mortgage. Occasionally, homeowners will receive a rather sizable amount…
