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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.
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.
If ever you are in need of borrowed funds, one practical and handy source of credit is aHome Equity Line of Credit (HELOC).
Buying without a real-estate broker
Some homeowners choose to sell their properties directly and without the use of a broker.
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.
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.
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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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In the 1960s, Fair Isaac Corporation started working on a system lenders could use to evaluate the likelihood of receiving repayment on loans.
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.
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?
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.
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.