18 Aug 2022
By 24hr Mortgage

Understanding the Principal Limit on a Reverse Mortgage and What Happens if You Reach It

Home Mortgage Tips, ,
If you're considering applying for a reverse mortgage, you'll want to ensure you understand certain critical factors. One such factor is the principal limit. The principal limit will have a strong influence on your finances, which is why you'll need to ensure you know – before applying for your reverse mortgage – what your principal limit is. So how does a principal limit work, and how can you find out what yours is? Here's what you need to know. Principal Limit: The Maximum Amount You Can Borrow Simply put, the principal limit is the maximum amount of money that you…
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30 Jun 2022
By 24hr Mortgage

The Quick and Easy Guide to Understanding the Math Behind Your Mortgage Closing Costs

Home Mortgage Tips, ,
It's amazing that in a year with extremely low mortgage rates being reported around the country, closing costs are up by as much as 6% from the previous year. Part of the reason for this is that the stricter regulations on loans have increased the costs to banks, and they always find a way to pass on new costs to the consumer. Understanding Third-Party Closing Costs When closing on a mortgage the borrower will notice a long list of additional fees that they are expected to pay for. These can range from insignificant into the thousands of dollars depending on…
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16 Jun 2022
By 24hr Mortgage

3 Reasons You Should Trust in a Mortgage Advisor Instead of Trying to Predict Rates

Home Mortgage Tips, ,
If the time has come to purchase a home and you've been perusing the real estate market, it's possible you've also been considering the mortgage options that might work best for you. In the event that you're already spending a lot of time looking at homes and trying to sell your own, here are a few reasons you may want to leave your mortgage considerations to a professional. Qualifications You Can Count On If you're new to the world of home purchasing and have concerns about learning the ropes on your own, a mortgage advisor can be a great way…
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02 Jun 2022
By 24hr Mortgage

How Much Should You Budget for Closing Costs? Let’s Take a Look

Home Mortgage Tips, ,
If you're in the market for a new home, you're probably trying to budget for all of the expenses that come with a home purchase. After all, the asking price isn't necessarily the entire amount that you'll pay - there are other expenses that will factor in to the final price. One such expense is your closing costs. Closing costs are the miscellaneous fees you'll pay when you sign the deal to buy your home. But how much do you need to save up for closing costs? Here's what you need to know. The General Guideline for What to Expect…
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26 May 2022
By 24hr Mortgage

FHA Streamline Refinance Mortgage Loan Program

Home Mortgage Tips, ,
Refinancing a home loan can provide numerous benefits, but it can also seem daunting and intimidating to some. Many homeowners would love to lower their interest rate or take advantage of other benefits associated with refinancing, but they are concerned about the time and expense associated with refinancing their current mortgage. The FHA Streamline Refinance loan program is designed to provide those who currently have an FHA loan with an easier way to refinance their mortgage, and this may be a desirable option for many. No Appraisal Needed One common complaint that people have when applying for refinancing relates to…
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25 May 2022
By 24hr Mortgage

Saving Up for Your Down Payment? Try These Money-saving Tips to Speed Things Up

Home Mortgage Tips, ,
One of the most significant challenges that many people face when preparing to buy a first home relates to saving money for a down payment. While there are many different loan programs with varying down payment requirements, the fact is that it can still be difficult to save up a large sum of money. Some programs may require you to save as much as 10 percent or 20 percent of the sales price of the home. You can employ a few different tips and techniques to save money for a down payment more quickly, and these are some of the…
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