There are a couple of different types of loans that are popular for first-time homebuyers. A conventional loan requires a minimum 3% down payment, and has monthly mortgage insurance. The mortgage insurance can be removed from the payment when you have 20% equity in the home. A FHA loan requires a minimum 3.5% down...
Tag: Equity
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EFFECTIVE INTEREST RATES
Many people are struggling to figure out the best way to draw funds from the increased equity in their home. If they refinanced a year or two ago, they do not want to lose their low interest rate. So, many are choosing to obtain a home equity line of credit (known as a heloc). However,...
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ARE YOU CONSIDERING A BRIDGE LOAN?
If you have a lot of equity in your home, and want to purchase a new home before selling your current home, you may want to consider a bridge loan. A bridge loan allows you to leverage the equity in your current home to make a down payment on the new home, without selling...
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GIFT OF EQUITY FOR DOWN PAYMENTS
You may, or may not be familiar with a gift of equity. What is a gift of equity? Perhaps your child is looking to purchase a home and you are ready to sell your home. Your child has expressed an interest in living in the childhood home instead of you selling it to a third...
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BANKS ARE EXPECTING A STRONG YEAR (2019) FOR CRE LENDING
Today’s post is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC. The Mortgage Bankers Association (MBA) recently reported another stellar year for commercial/multifamily mortgage originations in 2018. Although the MBA will release final data next month, results from its fourth quarter mortgage originations survey point to volume that could be...