02 Jul 2024
By 24hr Mortgage

Understanding Graduated Payment Mortgages

Mortgage, ,
When it comes to buying a home, you will find many mortgage options available. One of the lesser-known but potentially advantageous choices is the Graduated Payment Mortgage (GPM). Let's discuss what GPMs are, how they work, and how they differ from other mortgage options. What is a Graduated Payment Mortgage? A Graduated Payment Mortgage is a type of home loan where the payments start low and gradually increase over time. This structure can be particularly appealing to those who expect their income to rise steadily in the future. The idea is to match your mortgage payments with your anticipated financial…
Read More
25 Jun 2024
By 24hr Mortgage

Can Closing Costs Be Included in Your Loan? Here’s What You Need to Know

Mortgage, ,
When buying a home, many people are aware of the down payment but often overlook the additional costs that come with closing the deal. These expenses, known as closing costs, can sometimes catch buyers off guard. The good news is that, in certain circumstances, closing costs can be included in your loan. Here’s a closer look at how this works and what you need to consider. Understanding Closing Costs Closing costs are fees associated with the finalization of a real estate transaction. They typically include expenses such as: Loan origination fees Appraisal fees Title insurance Home inspections Property taxes Homeowner’s…
Read More
21 Jun 2024
By 24hr Mortgage

How Long Does It Take to Refinance a House?

Mortgage, ,
Refinancing your home can be a smart financial move, offering you the chance to secure a better interest rate, reduce monthly payments, or even tap into your home's equity. However, one of the most common questions homeowners have is: "How long does it take to refinance a house?" While the timeline can vary based on several factors, here's a general overview to help you understand the process. 1. Preparing to Refinance (1-2 Weeks) Before diving into the refinance process, it's essential to get your finances in order. This preparation phase can take one to two weeks and involves: Reviewing your…
Read More
20 Jun 2024
By 24hr Mortgage

Home Mortgage Application: Understanding Proof of Income

Mortgage, ,
Buying a new home is exciting, but it comes with a fair share of paperwork, especially when applying for a mortgage. One crucial component lenders will analyze is your proof of income. Let's take a look at what proof of income involves, document examples, and where to find them. What is Proof of Income? Proof of income is documentation that verifies your earnings. Lenders require this to ensure you have a steady income stream capable of covering your mortgage payments. This documentation provides lenders with a clear picture of your financial health and helps them determine how much you can…
Read More
18 Jun 2024
By 24hr Mortgage

Exploring 5 Types of Refinance Loans

Mortgage, ,
Refinancing your mortgage can be a smart financial move, offering potential savings, access to cash, or improved loan terms. With various refinancing options available, it's essential to understand what each type entails to make an informed decision. Let's look into five popular types of refinance loans: Rate and Term Refinance, Cash-Out Refinance, Cash-In Refinance, Home Affordable Refinance Program (HARP), and Short Refinance. 1. Rate and Term Refinance What is it? A Rate and Term Refinance allows you to change the interest rate, loan term, or both without altering the loan amount. Benefits: Lower Interest Rates: Securing a lower interest rate…
Read More
14 Jun 2024
By 24hr Mortgage

Important Tips for Paying Off Your Mortgage Early and Saving on Interest

Mortgage, ,
Are you dreaming of the day when you can declare yourself mortgage-free? Paying off your mortgage early not only liberates you from monthly payments but can also save you a significant amount in interest. While it may seem daunting, a few strategic moves can bring this goal within reach. Here are seven actionable tips to help you pay off your mortgage early and save on interest. 1. Make Biweekly Payments Instead of sticking to the conventional monthly payment schedule, consider switching to biweekly payments. By making half of your monthly payment every two weeks, you'll end up making 26 half-payments…
Read More