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Conventional Mortgage

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A MoneyTips Guide to Conventional Loans

If you’re shopping around for a mortgage, you’ll probably hear words like “conventional” and “conforming” and acronyms like “VA” and “FHA” thrown around by mortgage lenders and loan officers. It can feel a bit overwhelming, but we’re here to translate. With this helpful guide to conventional mortgage loans, you can shop for your mortgage without...

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8 Ways Technology Is Changing the Mortgage Process

Technology has changed everything about how we live our lives. From ordering takeout to dating and banking, there always seems to be an app for that. What you might not realize is that financial technology (fintech) has changed the way we buy homes and get mortgages, too. Here are eight ways that technology has changed...

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What Is Escrow and How Can It Help You Buy a Home?

“Escrow is the safe third party that holds the money until all the red tape is done.” – Chrishell Stause, Selling Sunset As you dip into the home buying waters, you may hear the term “escrow” being thrown around. As a homeowner, you’ll be set up with a mortgage escrow account, which will serve you...

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What are the Different Types of Renovation Mortgage Loans?

When you can’t afford a home in the neighborhood of your dreams, a fixer-upper can give you the chance to renovate a home anywhere and turn it into the house of your dreams. And because fixer-uppers likely need repairs, they’re usually easier on the wallet. Yes, it all sounds perfect until you realize how much...

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What Is a Graduated Payment Mortgage (GPM)?

Even if it’s not your first time buying a home, it may be hard to meet the income requirements to cover your mortgage payment. Lucky for you, you don’t necessarily have to commit to those big payments right away if you can get a graduated payment mortgage (GPM). A GPM is a loan where payments...

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10-Year Fixed Mortgages over 30-Year: Which Is Better?

Whether you’re looking to take the leap into buying your first home or looking to upsize from your current property, you’ll probably need a mortgage to purchase the home. There are lots of different variables to consider as you apply for a mortgage. Your income, debts, savings and career plans should all factor into the decision....

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A Simple Timeline of the Home Buying Process

Does it ever feel like everyone knows how to buy a house – except you? Well, looks can be deceiving. And, fortunately for you, home buying follows a standard set of steps to help you on your home buying journey. And your good fortune doesn’t end there. We’ll outline the basics of the home buying...

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CEMA Mortgage: What You Should Know

For most homeowners and home buyers, CEMA may look like another acronym floating around in the alphabet soup that is real estate lingo. If you’re not a New Yorker, you may have never heard of CEMA because it’s only available to New York homeowners and home buyers. If you are a New Yorker, whether you’ve...

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FHA vs. Conventional Loan: What’s the Difference?

If you’re shopping for a home, getting a mortgage loan can be the largest hurdle standing between you and your dreams. With so many types of mortgages available, it’s easy to feel lost when trying to decide what loan is best for you. One big question for borrowers (especially first-time buyers) is whether a Federal...

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What Is a Second Mortgage and How Does It Work?

A second mortgage is a loan you take out on your home if you’ve already got an existing mortgage. And if you are a homeowner in need of extra cash, there are two options you can consider. The first is to refinance your home using the equity you’ve built since you got your first mortgage....

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What Is an Escrow Holdback?

No one wants to reschedule closing on a property. But in some cases, that’s the only option when home repairs crop up or are delayed. Maybe the sale was contingent on those repairs, so the closing had to be paused. Whatever the case may be, escrow holdbacks were designed with this common closing day hiccup...

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What Is an Escrow Refund and What Happens?

Depending on the type of mortgage you have, you may be required to have an escrow account to pay your property tax and homeowners insurance. When mortgage servicing companies perform their annual escrow analysis, they may find a surplus or shortage of funds. Let’s take a look at what happens when there’s a surplus of...

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What Is an Escrow Shortage?

Ever come up short on a bill? When this happens with escrow payments (aka disbursements), it’s called an escrow shortage. If your escrow account balance has come up short, there’s no need to worry. We’ve got the lowdown on escrow shortages – what they are and, of course, what happens next. Escrow Shortage, Defined An...

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What Are Escrow Fees?

“Selling Sunset” fans (bear with us if you aren’t binging the real estate reality show), do you remember the episode when fan-favorite real estate agent Chrishell Stause had to sit and calculate a long list of closing costs, collect money from her client and make sure all the parties involved with the closing got paid?...

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What Is an Escrow Waiver and Should You Use It?

Your mortgage loan will likely come with an escrow account that’s managed by your lender or loan servicer. The money in the account (which is drawn from your monthly mortgage payments) is used to cover your annual property taxes and your home insurance premium.  The escrow account is set up for your benefit – and...

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