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Posts Tagged ' 2016'

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What Refinancing Means to A Homeowner

Typically, when interest rates drop significantly, there’s a lot of ‘buzz’ about refinancing and lowering your monthly payment. If you’re new to homeownership or a homeowner that’s been in their current mortgage for some time, you may have some questions regarding refinancing and what it means. For starters, refinancing is simply the process of financing something again. Often, this is a new loan at a lower interest rate. The decision to refinance your mortgage should be carefully considered based on your short and long-term goals. What’s more, you should always consult a qualified Home Loan Advisor to discuss your options as well as any costs associated with refinancing your home. Why Would A Homeowner Refinance their Mortgage? Quite simply, a refinance is intended to save you money. The interest rate of your mortgage loan impacts your monthly payment, so a lower interest rate means a lower payment. Plus, it reduces the overall amount to finance your home over ...

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5 Important Questions When Choosing Your First Home

Moving into your own place can be exciting and frightening at the same time. The American Bankers Association (ABA) suggests considering the following questions when choosing your own home. 1. How much money do you have saved up?​ Start with an evaluation of your financial health. Figure out how much money you have for a down payment or deposit on a rental. Down payments are typically 5 to 20 percent of the price of the home. Security deposits on rentals are usually about one month of rent and more if you have a pet. But be sure to keep enough in savings for an emergency fund. It’s a good idea to have three to six months of living expenses to cover unexpected costs. 2. How much debt do you have? Consider all of your current and expected financial obligations—like your car payment and insurance, credit card debt, and student loans. Make sure you will be able to make all the payments in addition to the cost of your new home. Aim to keep total rent or mortgage payments, plus utilities, to ...

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Millennials Are Ready to Put Homebuying on their ‘To-Do’ List

If you’re between the ages of 18 – 34, then congratulations, you’re officially considered a millennial. What’s more, as of 2015, your age group now outnumbers the Baby Boomer generation, or those aged 51 – 69. According to research, as a millennial, the chances are higher you’ve attended college; are more adaptable to an increasingly complex world; strive to save more and earlier; and are managing your debt (including student loans) at a better rate than other generations. Well done, millennials! What’s more, the majority of you are planning and/or saving now to purchase a home of your own very soon. Good bye, rent! At First Bank Mortgage, we understand when millennials start the homebuying process, most of you will have already ‘done your homework’ online. You’re generally just looking for a home loan consultant to help you determine the best home loan product for you and get it closed – as quickly and efficiently as possible. We can do ...

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Know “Before You Go” Searching for that Dream Home this Spring!

Before the home buying and selling season begins this spring, it’s important to be armed and educated with all of the language terms and details, related to home buying and selling. We’ve put together a list of common mortgage terms and definitions you may encounter to help guide you through the process. Adjustable Rate Mortgage (ARM)–An Adjustable Rate Mortgage, or ARM, is just that – a mortgage based on a rate that can fluctuate over the life of the loan, based on the market rate. This can benefit the borrower if the rate decreases over the life of the loan; conversely, it can also impact your payment should the rate rise. Most ARM loans include a cap on how high the interest is permitted to rise for the best interest of the borrower. Fixed Rate Mortgage Loan–If a homebuyer wants a home loan product that will offer a consistent, steady payment over the life of the loan, then a Fixed Rate Mortgage Loan is the best option. Offering varying lengths of payback timeframes, a F ...

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