Fixed-Rate v. Adjustable Rate Mortgage

August 5th, 2019 by bmecker

As you are going through the homebuying process for the first time, there will be a lot of different options available for you. A lot of the time, people find themselves having to decide between a fixed-rate and an adjustable-rate mortgage.  A Fixed-Rate Mortgage is a fully amortizing mortgage loan where the interest rate on […]

What is a USDA Loan?

July 29th, 2019 by bmecker

A USDA home loan offers a zero down payment mortgage for eligible rural and suburban homebuyers. The program was designed to improve the economy and quality of life in rural America. By offering low interest rates and no down payments, it makes it extremely accessible for those who qualify.  Location and household size will limit […]

How to Buy a House

July 22nd, 2019 by bmecker

As you prepare to buy a house, you’ll want to know the ins and outs of it all. Below we’ve listed a few important steps you’ll want to take before you search for your new home.    Understand why you want to buy a home If you don’t have a clear picture as to why […]

Who is an FHA Loan Best For?

July 9th, 2019 by bmecker

FHA loans are perfect for borrowers who have little cash saved up for a down payment. They’re also great for borrowers who have less-than-ideal credit and can’t qualify for a conventional loan. With this criteria, FHA loans are typically popular with first-time homebuyers, and those with low to moderate incomes. A repeat buy can also […]

Home Equity

July 1st, 2019 by bmecker

Home equity is overall what makes homeownership such a great investment! A simple way to think of home equity is to see it as a portion of your home that you truly own. It’s  the value of your home that isn’t included in current home loan. With the opportunity to increase equity, it makes it […]

A Guide to Cash-Out Refi

June 25th, 2019 by bmecker

What is a Cash-Out Refinance? A cash-out refinance is one way to tap into the equity you have built in your home. Cash-out refinancing lets you refinance your current mortgage, borrow more than you owe, and then keep the difference in cash.  For example, if you owe $100,000 on your home and had a low […]

What is an FHA Loan?

June 17th, 2019 by bmecker

An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. The loan is popular with first-time homebuyers because they typically require lower minimum credit scores and down payments than many conventional loans. You can qualify for an FHA loan with a credit score as low as 500 with 10 percent down. To […]

Loan Estimates

June 10th, 2019 by bmecker

As you are shopping for a house, you’ve probably spent some time looking at rates or getting quotes from lenders. While this may give you a general idea of your options, it’s not always accurate. Instead, trying getting a Loan Estimate.   The Consumer Financial Protection Bureau created a standardized form in 2015 known as […]