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Category Archives for "Buying a home"

What is the PITI payment?

When it comes to buying a home, everything revolves around your mortgage payment. Whether you’re buying a new home or refinancing an existing loan, mortgage lenders are going to calculate the monthly payment for your new loan and try to understand if you can afford it based on your debt-to-income ratio. When going through the […]

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What credit score do I need to buy a house?

Mortgage companies take a lot of things into account when you apply for a home loan. A major factor in qualifying is your credit score. But what credit score is needed to buy a house? This question actually breaks down into two parts: What is the minimum credit score to buy a house? How does […]

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How does a reverse mortgage work?

Reverse mortgages, also called Home Equity Conversion Mortgages (HECM), solve a large problem for seniors. They convert a portion of their home’s equity to cash – allowing the home owner to access their equity without creating a new monthly payment or forcing the sale of the home. That all sounds great – but how does […]

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Fixed Rate vs. Adjustable Rate Mortgages

There are two major rate types, and they’re incredibly different. If you learn one thing here, it should be this! Fixed rate loans – the interest rate for the loan is set for the life of the loan & does not change. Adjustable rate loans – the interest rate is set for a period of […]

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What is a reverse mortgage?

A reverse mortgage, also called a home equity conversion mortgage (HECM), is a tool that helps retired seniors borrower money against the value of their home. Reverse mortgages are designed to secure a comfortable living situation for retirees, help cover major expenses (like health care costs) and potentially generate monthly cash for the borrower. Retiring […]

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Reverse mortgage pros and cons

A reverse mortgage can be a great tool for retirees – they can also cause a number of issues. There are a number of pros and cons with reverse mortgages, also called home equity conversion mortgages (HECM loans), all of which you should consider before applying for the loan. It’s important to know exactly what […]

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17 reverse mortgage facts you should know

Baby Boomers are not prepared for retirement. Business Insider does a good job of describing the problem: few seniors have enough savings for retirement, and that’s consistent across generational groups, race, and political affiliation. However, when looking at data from the 2013 American Housing Survey, one thing is clear – America’s seniors own homes. According to […]

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