06 Nov 2024
By 24hr Mortgage

Understanding an Appraisal Contingency in Your Home Purchase

Mortgage Tips, ,
When buying a home, you have the option to include contingencies in your purchase contract. These protect you by setting certain conditions that must be met for the contract to remain valid. If any contingency isn’t satisfied, you can back out of the sale without penalty. Three main types of contingencies help protect buyers: appraisal, financing, and home inspection contingencies. Here's how each can impact your home buying experience. The Appraisal Contingency An appraisal contingency allows you to step back from the sale if the property appraises for less than the agreed purchase price. Since lenders typically only loan up…
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05 Nov 2024
By 24hr Mortgage

Understanding “Cash to Close” in Your Home Buying Journey

Home Mortgages, ,
If you've received your Closing Disclosure from your lender, congratulations! You’re almost at the finish line of your home buying journey, ready to celebrate with keys in hand. The Closing Disclosure, or CD, is provided at least three business days before your closing appointment and details your loan terms, projected monthly payments, and the much-discussed “cash to close.” But what exactly is "cash to close," and how is it calculated? What is "Cash to Close"? "Cash to close" is the total amount you'll need to bring to your closing appointment to finalize your home purchase. It includes your down payment…
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04 Nov 2024
By 24hr Mortgage

What’s Ahead For Mortgage Rates This Week – November 4th, 2024

Financial Reports, ,
This week, the Federal Reserve’s preferred inflation data was released, and the results met expectations. This, along with recent GDP estimates, employment reports, and personal income/spending figures, paints a stable economic picture. It suggests that we may be on track for the Federal Reserve’s next round of rate cuts. The Federal Reserve has consistently stated its 2% inflation target and current figures show inflation at 2.1%. This indicates that a 'soft landing' for the economy could be within reach. PCI Index Prices in the U.S. rose modestly in September, but not enough to suggest inflation is rekindling or to prevent…
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01 Nov 2024
By 24hr Mortgage

Can You Refinance a Reverse Mortgage Loan?

Mortgage, ,
If you have a reverse mortgage loan, you might be curious about your options for refinancing. The good news is that yes, you can refinance a reverse mortgage, and doing so may offer several benefits depending on your unique financial situation. We will provide a detailed overview of refinancing a reverse mortgage, including reasons to consider it, eligibility requirements, costs, and important considerations. 1. Why Refinance a Reverse Mortgage? Homeowners often choose to refinance their reverse mortgage loans for various reasons, primarily centered around financial flexibility and accessing more equity. Here are some common motivations: Accessing More Equity: If the…
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31 Oct 2024
By 24hr Mortgage

Do Not Get Spooked by Your Underwater Mortgage – How Refinancing Can Help You Escape

Mortgage Tips, ,
It’s Halloween season, and while it’s fun to enjoy spooky decorations and scary movies, there’s nothing fun about feeling haunted by your mortgage—especially if you owe more on your home than it’s currently worth. If you’re feeling trapped in an underwater mortgage, don’t let it send chills down your spine! Refinancing your mortgage can be the solution to break free, no matter how far underwater you are. What Is an Underwater Mortgage? An underwater mortgage occurs when the balance you owe on your home loan is higher than your home’s current market value. This can happen for a variety of…
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30 Oct 2024
By 24hr Mortgage

Effective But Creative Ways to Save Money for a Down Payment

Mortgage Tips, ,
Saving for a down payment can feel overwhelming, but with some creative strategies, you can make it happen faster than you think. Whether you’re a first-time homebuyer or looking to upgrade, these tips can help you reach your goal and set you on the path to homeownership. 1. Automate Your Savings One of the simplest and most effective ways to save is by automating your savings. Set up an automatic transfer from your checking account to a separate savings account specifically designated for your down payment. Treat this transfer like a monthly bill—set it for a day shortly after you…
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