Author Archives: Maria Macri

Top Reasons to Use a HELOC

You only pay when you use it. When you get a HELOC, you’re not taking a lump sum of cash out of your home. You’re setting it up as a maximum drawable balance, and if you always left the balance at zero, your payment would be zero. This makes a HELOC a flexible tool to have […]

How much are closing costs?

Typically, home buyers will pay between about 2 to 5 percent of the purchase price of their home in closing fees. So, if your home cost $150,000, you might pay between $3,000 and $7,500 in closing costs. On average, buyers pay roughly $3,700 in closing fees, according to a recent survey. Your lender will give […]

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.

Financing Tip for First Time Home Owners:  Make sure you understand the full cost of homeownership

As a first-time home buyer, you’re probably accustomed to the monthly cost of renting, which usually includes your rent payment, some of the utilities, and your internet and cable bills. As a homeowner, you’ll be responsible for additional monthly costs that may have been covered by your landlord. That includes things like water, sewer and […]

What Is the Risk of a Biweekly Payment Program?

Some biweekly payment programs — especially those run by third-party companies other than the lender that sends your loan statements to you each month–will charge fees for this service. They can charge significant upfront fees, plus small fees along the way for each biweekly payment processed. It can take up to 10 years for participants […]

What Is a Reverse Mortgage?

A reverse mortgage is a loan that allows qualified homeowners who are age 62 or older to take part of their home’s equity as cash, either as a line of credit, or monthly or lump sum payment, or combo of a credit line and payments. But, unlike a standard mortgage loan, it requires no repayment […]

Options if Your Current Home is Still for Sale

In an ideal world, the sale of your current home will happen seamlessly along with the purchase of your new home. But in reality, these two steps don’t always align. If you are hoping to buy before your current home sells, here are a few loan options that can help make the process smoother: Home […]

How to Save Thousands on Your Mortgage

Buying a house may be the largest purchase most consumers ever make. So it’s surprising that over half (52 percent) don’t shop around for a lender. That’s like buying the first car you see or trusting that one gas station will always give you the best price. It’s an oversight that could hit your wallet in […]

Mortgages for Unique Situations

When you plan to stay for the long haul Fixed-rate loans are popular with those planning to stay put in their home for a while because they offer payment stability. These loans offer the same interest rate for the entire repayment term, normally 10, 15, 20, or 30 years. The shorter the loan term, the […]