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Refinance your home
Refinancing is when you apply for a secured loan in order to pay off another different loan secured against the same assets, property etc.
A balloon loan has a large remaining balance at the end of the loan term — sometimes almost as much as the original loan amount.
Between your real estate agent and the help of our expert home mortgage team here at Rite Way Mortgages, there is very little for you to do.
Mortgage price tags come in two parts. One cost is the interest rate; the other is points. A point is equal to one percent of the mortgage amount.
If ever you are in need of borrowed funds, one practical and handy source of credit is aHome Equity Line of Credit (HELOC).
Types of home ownership
Several types of home ownership are available to you. Find out which one meets your needs.
Buying without a real-estate broker
Some homeowners choose to sell their properties directly and without the use of a broker.
Real Estate Brokers
When you are ready to look for a home, you may choose from several real estate brokers to work with.
Once you’ve decided on a house that’s in your price range you have to decide whether to pay the seller’s asking price or negotiate for a better price.
The offer you make to the seller should include a clause that says the purchase is contingent on the home passing inspection within a certain number of days and that the inspection must be satisfactory to you.
When it’s time to make an offer, the real estate broker representing the seller will often produce a standard form listing the price and other details of the purchase offer.
Adjustable Rate Mortgages
With (ARM) Adjustable Rate Mortgages, the interest rate stays fixed for the initial loan term, then adjusts up or down based on a specified index rate.
Settlement, or closing, is the final step in the home-buying process. This is the time when the seller is paid, title is transferred, and all elements of the sale agreement are completed.
undamentally, people refinance because they either want to save money or spend money. This article discusses the most common circumstances in which you might save money by refinancing.
Why is an appraisal required?
An appraisal is an estimate of the value of a property. An estimate of the value of the property generally refers to its fair market value.
Who owns the appraisal?
In almost every case the appraisal is owned by your mortgage company, even though you may have paid for it.
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Reasons for an Appraisal
Appraisals are normally ordered when you are obtaining a loan on a property. However, there are many other reasons why you might want an appraisal.
As an Equal Housing Opportunity Lender, we conduct business in accordance with the Federal Fair Housing Law (Fair Housing Amendments Act of 1988).
Increased Appraised Value
In general you do not have much control over the appraised value of a property. The appraiser is assumed to be neutral, objective and capable of providing an unbiased valuation of the property.
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Credit Reporting Agencies
There are three Credit Reporting Agencies that accumulate data on which to base your credit history.
RiteWaymortgages.com knows that you care how information about you is used and shared, and we appreciate your trust that we will do so carefully and sensibly.
Credit and Your Consumer Rights
A good credit rating is very important. Businesses inspect your credit history when they evaluate your applications for credit, insurance, employment and leases.
In the 1960s, Fair Isaac Corporation started working on a system lenders could use to evaluate the likelihood of receiving repayment on loans.
Fair Credit Reporting Act
If you've ever applied for a charge account, personal loan, insurance, or job, there’s a file about you.
An important step in purchasing is home is determining how much of a down payment you’ll make, and from what sources the down payment and other costs will come.
What is a FICO score?
A FICO score is a generic term for a credit bureau score and specifically refers to the score derived from the FICO statistical model.
Switching to a 15 year loan
Question: How do you determine if you should “exchange” your current 30-year loan for a 15 year loan?
Credit Report Errors
Few aspects of both consumer and real estate financing have come under as much written and verbal gunfire as has the credit reporting industry.
How much down payment?
Your down payment amount depends on three factors: the requirements of the lender you choose, the type of mortgage involved, and your financial situation.
Cosigning a Loan
What would you do if a friend or relative asked you to cosign a loan? Before you answer, make sure you understand what cosigning involves.
Private Mortgage Insurance (PMI)
Private Mortgage Insurance (PMI) protects lenders against loss due to foreclosure. Most lenders require PMI when the down payment is less than 20 percent.
Avoiding PMI Payments
The easiest method for avoiding PMI payments is to make a cash down payment of 20% or more.
At RiteWay mortgages we believe that all our clients should educate them self’s when making the biggest investment of there lives, so we have provided a Glossary to enhance your knowledge.
Can you afford to buy a house?
Find out what house you can afford. Before you go out shopping for a home, it’s a good idea to pre-qualify for your mortgage with a lender.
The Department of Veterans Affairs (VA) is a government entity that caters specifically to our nation’s veterans.
Fixed Rate Mortgages
With Fixed Rate Mortgages, you pay a predetermined interest rate for the duration of the mortgage.
The Federal Housing Administration (FHA) is a government entity that provides insurance on loans made by FHA-approved lenders.