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Jumbo Mortgage 101 – What You Need to Know: Definition, Rates, and Limits

What happens if you find your dream home, but you’ll need to borrow more than half a million dollars to finance it? Even after the 2007/2008-era housing market crash, it’s still possible to access jumbo mortgage loans for pricier properties. However, you’ll likely face more restrictive borrowing requirements than you would with a conventional mortgage loan. Jumbo Mortgage – What You Need to Know While jumbo mortgages can be riskier for lenders, don’t let the name and tighter lending requirements deter you from a potentially favorable loan to finance your next property. What is a Jumbo Mortgage? Simply put, a jumbo loan is a type of mortgage financing that exceeds the Federal Housing Finance Agency’s (FHFA) maximum conforming loan limits, … Read more

How to Save Money on Your Mortgage

by Hank Coleman

Everyone wants to save money on the cost of owning a home, but very little people know how to save money on your mortgage. A large monthly expense that many people can struggle to pay, it’s good to know efficient ways of decreasing your monthly payment so that it’s more manageable, and how to pay off your home loan quickly so that you don’t have years and years left on the term. The Perks of Paying Your Mortgage Early You’ll own your own home – the sooner you’ve paid off your mortgage, the sooner you’ll own your own home. This helps to give you peace of mind that it won’t be repossessed if you ever miss a payment on it. … Read more

Can You Save for a Mortgage Down Payment With Student Loan Debt?

by Hank Coleman

Tips Saving Down Payment and Buying A House With Student Loan Debt

According to Mother Jones, the median income for Millennials has decreased by 10% since 2000 while average home prices have increased significantly from where they were in 2000. This massive gap is caused by a combination of stagnant (or even deflated) wages and a housing market roaring back to life after the 2008 era crash. It is often preventing many people under 35 from being able to purchase their own homes. Student loan debt isn’t helping either. But, should you consider saving for a down payment and buying a house with student loan debt still hanging over your head? The answer may surprise you! But, sluggish income growth and unaffordable homes aren’t the only things holding younger potential homebuyers back. The average … Read more

Pros and Cons of Paying Off Your Mortgage Early

by Hank Coleman

Understanding The Types Of Mortgages Available To Save You Money

One of the most significant financial events in an adult’s life is the moment when they pay off the mortgage on their home. It’s something we spend decades preparing for by faithfully making our payments on time and in full, month after month until the home finally belongs to us. As of 2017, 34% of Americans had 100% equity in their homes, which means they either paid off the mortgage or bought their homes outright and never had a mortgage loan in the first place. If you’d like to join the mortgage-free club in the future, there are many reasons why you might (and might not) want to pay off that mortgage loan early if you have the means to … Read more

What Is a Bi-Weekly Mortgage Payment?

by Hank Coleman

If you have a 15 or 30-year mortgage, it may seem like it will take forever to pay off your debt. Thirty years, or even 15 years, is a very long time to continually have to make payments on something even though it is your house. However, there is a trick to the mortgage payment system that allows you to pay off your mortgage even quicker than you expect with little pain out of your pocket. It is called a bi-weekly mortgage. What Is a Bi-Weekly Mortgage? A bi-weekly mortgage is just like it sounds. You make mortgage payments every two weeks instead of monthly. Instead of making one single monthly payment, you pay every other week, no matter what. … Read more

Why I Am Considering Refinancing My Mortgage

by Hank Coleman

When I was in the bank the other day, the teller was telling me about the new rates on a 30 year fixed rate mortgage and how I could save by refinancing my current loan. So, it got me thinking about my mortgage. So, I thought that I would consider refinancing my mortgage. Here are a few things to consider when looking at refinancing and what I look for when refinancing my mortgage. With interest rates on the rise, lock in a low, fixed rate with Figure’s Home Equity Loan Plus today. Refinancing a Mortgage My Current Interest Rate When my wife and I bought our home in December 2008, we received a 30 year fixed rate mortgage from our … Read more