It seems like everything is getting jumbo sized these days. Jumbo sized soft drinks. Jumbo sized fast food meals. Jumbo sized smartphones. But one thing that nobody thought would get jumbo sized? Is mortgages. So what exactly is a jumbo mortgage? How is it different from a standard mortgage, and what does that mean for your refinancing options? Here's what you need to know. Jumbo Mortgages: Larger Sums For Enterprises And Wealthy Buyers As the name implies, the main factor that sets jumbo mortgages apart from standard mortgages is the loan limit. Fannie Mae and Freddie Mac impose mortgage limits all around the country, limits that vary depending on the cost of living in each individual … [Read more...]
How Low Can They Go: With Mortgage Interest Rates Low, Should You Refinance?
Do you have a mortgage? You've likely seen or heard a lot about mortgage refinancing as interest rates remained low in recent months. In today's blog post we'll explore the topic of mortgage refinancing, including when you should consider refinancing and how to take advantage of low interest rates. What is Mortgage Refinancing? In simple terms, refinancing refers to the practice of taking out a new mortgage and using the proceeds to pay off your old one in its entirety. You'll go through the full borrowing process with your chosen lender, including the credit check, financial history and employment history in order to ensure that you have the ability to pay your new mortgage – even if … [Read more...]
Mortgage 101: This Is How Mortgage Refinancing Works, in Plain and Simple Terms
There are so many unfamiliar terms involved in the real estate market that it can be easy to be confused by the jargon. However, some words are more important to learn than others if they can end up benefiting you in the long run. Whether or not you've heard of mortgage refinancing, here are the basics on what this may mean for your home and whether or not it's an option you should consider. Acquiring A Lower Rate If you're new to refinancing, the primary reason that most homeowners choose this option is to get a lower interest rate and pay less on the overall cost of their mortgage. Because a lower interest rate means that a higher amount is paid on the principal each month, you may be able … [Read more...]
Refinancing This Spring? How to Choose Between Variable and Fixed Interest Rates
From choosing a real estate agent to finding the right home, the process of getting a mortgage is rife with many different choices. If you're investing down the road, it's likely that you've heard about variable and fixed interest rates and are wondering about the differences between the two and how they can benefit you. While what will work best for you depends on your financial flexibility and market knowledge, here are some basics that will help you make a decision. The Details on Fixed Rates For many homeowners new to the market, the stability of a fixed rate is comforting because the interest rate will be set for the length of the loan period. This means your monthly mortgage payment … [Read more...]
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