Two things first-time homebuyers often mix up are closing costs and down payments. Both of these are costs you need to pay upfront when you purchase your home. But they are not the same thing. Let’s break it down, explaining the difference between closing costs and down payments. What are Closing … [Read more...]
Reduced FHA MIP and VA Funding Fees Announced
Borrowers applying for the government-backed FHA and VA loan programs will be able to take advantage of reduced FHA MIP as well as lower VA funding fees for some loans. Let’s take a look at the changes. FHA MIP Reduced Starting on March 20th, 2023, the monthly mortgage insurance premiums (MIP) … [Read more...]
What Should You Look for When Choosing Homeowners Insurance?
During the process of applying for a mortgage and purchasing a home, you will need to shop for homeowners insurance. This is necessary before you can take out a mortgage, and is also important for protecting your investment. Rates as well as quality of policies can vary from one insurer to … [Read more...]
Ways to Drop Mortgage Insurance
Depending on the type of home loan you have and the down payment you made, you might be paying for mortgage insurance as MIP or PMI. In either case, mortgage insurance is a significant ongoing expense that can eat into your finances. If you are able to stop paying for mortgage insurance, you can … [Read more...]
Credit Tips to Consider When Applying For a Mortgage
Are you applying for a home loan soon? If so, one of the most important things you can do is check and protect your credit score. Your credit score will be one of the key factors we assess. That means that if your score is high, you may qualify for more competitive rates and features for your … [Read more...]
Benefits of a Mortgage Pre-Approval Letter
One of the tools we offer home buyers here at First Residential Mortgage is a mortgage pre-approval letter. When you apply for mortgage pre-approval, we run your credit to generate an estimate of how much you qualify to borrow. We then print up a statement which you can show sellers as you … [Read more...]
