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You have the down payment for your new home, you’re ready to start looking for the perfect house, but have you considering the other costs that come with owning a home? Homeownership can be a smart long-term move to build wealth. However, once you buy a house, there are additional costs to consider you should be prepared for on top of your monthly mortgage payment. Here’s a look at some of the average costs associated with owning a home.Mortgage Payment Unless you’re paying...
READ MOREWhat is Private Mortgage Insurance?Private Mortgage Insurance (PMI) is normally required on a conventional mortgage if the borrower’s down payment is less than 20% of the property's value. PMI is a protection for the lender if the borrower stops making their mortgage payments and defaults on the loan.For example, if you were to purchase a home for $300,000, you should anticipate a down payment of $60,000 to not pay PM, anything less, you would have to pay PMI.The good news is that PMI...
READ MOREIf you think buying a new home is easy, you’ve probably been spending too much time watching HGTV. Everything on TV seems easy, but that effortlessness rarely translates to real life. That’s because real life has real complications, and that’s especially true when it comes to buying a house. However, we’ve got a few tips for you straight from real estate professionals. Incorporate them into your home buying strategy to make the process quicker and easier.Line Up Your...
READ MOREAre you looking to buy a new home but worried your payments will be too high? If so, you may want to consider a purchase temporary mortgage buydown. A temporary mortgage buydown is a financing option that allows you to obtain a lower interest rate for the first few years of your mortgage. This can help you to keep your monthly payments more affordable and make your dreams of buying a new home a reality.What is a Temporary Mortgage Buydown?A temporary buydown is a mortgage financing option that...
READ MOREAn important part of shopping for a new home is knowing how much you can afford. A Mortgage Pre-Approval helps you shop for homes within your budget, and helps your offer stand out once you find a home. We’ll go over the what, why, and how of getting a Mortgage Pre-Approval for your new home.Learn all about the benefits of an PHH Mortgage Pre-ApprovalIs There A Difference Between A Mortgage Pre-Qualification and Pre-Approval?A pre-qualification and pre-approval are both ways to...
READ MOREHomeowners across the country are looking for smarter ways to manage their finances—starting with their home loans. One of the most effective ways to cut costs, improve terms, and unlock cash flow is to refinance your mortgage. With changing mortgage rates and evolving financial needs, this year may be the perfect time to consider a refinance.Here are the top 5 reasons why refinancing your mortgage in 2025 could be a game-changer for your financial health.Take Advantage of Lower Mortgage...
READ MORECredit is an agreement to borrow money with the promise that you will pay it back at a later time through scheduled payments.How Credit Influences FinancingMaintaining good credit is key to financing a home purchase. In fact, your credit is one of the first things lenders examine when considering you for a loan.What can you do to improve your credit – and your chances of getting a mortgage? Making payments on time is an important way to establish good credit. A pattern or history of...
READ MOREBuying a home is one of the biggest financial decisions you’ll ever make, and proper planning is key. A mortgage calculator can be your best friend when it comes to home loan planning. It gives you a clearer picture of your monthly payments, total interest costs, and how different factors impact your loan.What Is a Mortgage Calculator? A mortgage calculator is an online tool that helps estimate your monthly mortgage payment based on the home price, loan term, interest rate, down payment,...
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