Conventional Mortgage
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...
What Is a Second Mortgage and How Does It Work?
Real estate jargon can get pretty confusing, but it’s likely we all know what a mortgage is. But (pop quiz!) what is a second mortgage? In short, it’s a valuable financial tool for homeowners with equity in their homes. There are two types of second mortgages: home equity loans and home equity lines of credit...
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...
What Is a Conventional Loan?
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. The most common type of home loan is a conventional loan. This mortgage is...
30-Year Mortgage Rate History Explored
When you’re looking at home mortgages, most lenders will list their 30-year fixed-rate mortgage right at the top. How popular is it? Well, according to statistical data from the Federal Housing Finance Agency (FHFA), on new residential mortgages between 1998 and 2020, an average of 69.4% of mortgages were 20- and 30-year fixed-rate mortgage loans....
30-Year Mortgage: Today’s Rates Explained
The 30-year fixed-rate mortgage has been one of the most popular ways that homeowners in America have financed new home purchases. What is this mortgage mainstay’s secret of success? Is it the right option for you when you buy? What if you want to refinance? Read on to find out more. How Does a 30-Year...
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...
What Is Delayed Financing for Cash in Home Buying?
Learn how delayed financing can help potential homebuyers compete with other buyers who can pay cash to get their dream homes.