Author Archives: Maria Macri

How to Finance a Vacation Home

If you dream of owning your very own mountain getaway cabin or ocean-side condo retreat, you’re not alone.  And for good reason. Owning a vacation home is a luxury that can also potentially turn out to be a good investment as property values rise. If you’re wondering how you might make that a dream a […]

How Do Most People Prepay Their Mortgage?

People prepay their mortgages in a variety of ways, but one of the more popular methods is to pay a little extra on your loan each month, which over the life of the loan could save you thousands or even tens of thousands of dollars. Let’s say you owe $100,000 on your 30-year loan at […]

What Is a Biweekly Payment Program?

A biweekly mortgage payment plan allows you to make half your mortgage payment every other week. Doing so means you’re making 26 half-payments per year, which is the equivalent of 13 full monthly payments per year instead of 12. This is a slight budget increase overall, but spreading it out over twice a month instead […]

What Are Closing Costs and How Much Are They?

In this article: What are closing costs? Closing costs are fees associated with your home purchase that are paid at the closing of a real estate transaction. Closing is the point in time when the title of the property is transferred from the seller to the buyer. Closing costs are incurred by either the buyer or seller. What […]

How Much Home Can I Really Afford?

An affordability calculator is a great first step to estimate how much home you can afford. But here are some other things to consider when figuring out your home shopping budget. The 28/36 Rule for Affordability One rule of thumb that lenders may use to assess how much of a mortgage you qualify for is […]

Myth: Find a home first, then worry about financing.

This is a very painful lesson for many first-time buyers who fall in love with a home only to learn they can’t qualify. That’s why it’s important to consult with a lender before you embark on your home-buying journey. A lender will ask a few questions and check your credit to pre-approve you. This process […]

Mortgage Types

Everybody has different mortgage needs – which is why a variety of different loan types are offered. The most common home loans include: Fixed rate mortgage: This is the most commonly sought loan option. As the name suggests, the rate stays the same throughout the life of your loan. Many borrowers start out with a 30-year fixed, […]

What Is a Reverse Mortgage?

In a word, a reverse mortgage is a loan. A homeowner who is 62 or older and has considerable home equity can borrow against the value of their home and receive funds as a lump sum, fixed monthly payment or line of credit. Unlike a forward mortgage—the type used to buy a home—a reverse mortgage doesn’t […]

Can I Get a Mortgage After a Short Sale?

In this article: When you owe more on your home than it’s worth and need to sell, the transaction is called a short sale. Because your lender must agree to accept less than they’re owed when a short sale closes, it negatively impacts your credit profile and your ability to finance a home in the […]

6 Steps to Expect During the Mortgage Process

So you’ve decided to buy a new home — congratulations! You’re probably feeling a lot of emotions right now. Elation. Anxiety. And possibly confusion. You may wonder what’s going to happen next. Or worry that if you forget to send a document or make a call, you’ll derail the process. First of all, relax. Most […]