Mortgage Payments

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What Is a Mortgage Reinstatement?

Three things in life are certain: taxes, iPhone updates and unexpected expenses. Unexpected expenses can cost homeowners a lot – even their homes. If you’re struggling to make your mortgage payments because of a medical emergency, an accident or the upheaval we all experienced during the COVID-19 lockdowns, you’re not alone. In March 2021, over...

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How To Pay Off Your 30-Year Mortgage in 15 Years

A house is one of the biggest purchases you’ll probably make in your lifetime. Who wouldn’t want to pay off such a big purchase early? Even with low interest rates on 30-year mortgages, if you pay off your mortgage in less time – let’s say 15 years, for example – you’ll owe less in overall...

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What Is a Mortgage Recast?

For homeowners with mortgage loans, refinancing (read: swapping out your original loan for a new loan with different terms) is a well-known way to lower monthly mortgage payments.  But refinancing isn’t the only option. Have you ever thought about a mortgage recast? Not sure what that is? We can explain what mortgage recasting is (it’s...

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When Is Your First Mortgage Payment Due?

Congratulations, you did it! You took the plunge and officially entered the housing market. Becoming a homeowner is an exciting time in a person’s life and, chances are, you’re feeling pretty proud of yourself.  The road to closing may have been long and winding, but that part’s over, and we’re here to help you navigate...

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What Is Negative Amortization? How It Works and How to Avoid It

If you use it right, debt can afford you some of life’s greatest purchases – a dream home or your own set of wheels. But debt comes at a price. The price of debt is interest, and interest is the price you pay to borrow money.  Normally, the amount you owe on a loan gets...

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What Is Mortgage Forbearance and Is It Right for Me?

Life happens, and sometimes you may experience financial challenges that might jeopardize your ability to pay bills – like your mortgage – on time and in full.  If you’re dealing with financial setbacks from a job loss or an emergency expense (or expenses!) and you’ve fallen behind on your monthly mortgage payments, you may find...

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What Is a Prepayment Penalty and How Can I Avoid It?

Crack open a finance book, scroll through Instagram, listen to a money podcast or watch a financial pundit on TV. Almost all of them will share a common rule of personal finance management: Pay off your debts sooner rather than later.  While this rule of thumb has its place in everyone’s money management action plan,...

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Can You Pay Your Mortgage With a Credit Card?

Nowadays, most of us pay for just about everything with a credit card, and it often makes sense. But can you pay your mortgage with a credit card?  If you’re thinking about paying your mortgage with a credit card, the real question you need to ask isn’t whether you can, but whether you should. Let’s...

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How To Pay Off a Mortgage in 5 Years

Just because you’ve got a 25-year or 30-year mortgage term doesn’t mean you have to take anywhere near that long to fully pay it off. You may be surprised to learn that you can pay off your loan much earlier. And if you’re up to the challenge, you can even pay off your mortgage loan...

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What is LTV (Loan-to-Value Ratio) and How To Calculate It

There are a lot of numbers involved in buying and owning a home, like your credit score or debt-to-income (DTI) ratio. Another equally important number – not only when you buy your home, but throughout homeownership – is your loan-to-value (LTV) ratio.  Whether you’re looking to become a homeowner or already own a home, it’s...

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4 Reasons Not To Pay Off Your Mortgage Early

Learn why paying extra on your monthly mortgage payments and reducing your principal early may not be a good idea.

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Is It Better To Prepay Or To Refinance?

Compare the pros and cons of refinancing with current low mortgage rates to making additional payments towards the principal and saving on interest.

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