Home Equity 101. Most people who buy a home will, at some point, refinance. Refinancing is a service that is typically paid for by the customer, and it basically gives you a loan for a newly appraised amount instead of the original amount. The old loan is then swallowed by the new one, and the [...]
There are many varying types of mortgages on the market today, the latest spike in interest in super jumbo mortgages (especially in Minnesota) is proof of this. Today we’ll be talking about interest only mortgages.
An interest-only mortgage is similar to a balloon mortgage in that it allows the borrower to make small monthly payments and [...]
Buying a home isn’t something most people do on a regular basis. You may be new to the entire process so it’s no wonder many first time homebuyers are terrified they’ll mess up the biggest purchase they’ll ever make in life. The golden rule of super jumbo purchases (and mortgages are a commodity purchase just like [...]
For a number of reasons, it is possible that the total owed on your home may be more than what the home is worth. Most of the time, this isn’t a problem because time is the solution. Depending on how much you owe, just be patient and the value of your home will increase.
Problem fixed. [...]