When it comes to getting a mortgage loan, one important term you should be familiar with is “rate lock” or “lock-in.” A rate lock means that your interest rate remains fixed from the time you receive the offer until the closing of your loan as long as you meet certain conditions. There are no changes […]
First, let’s answer the question, “What are Adjustable-Rate Mortgages?”. An ARM is an alternative option to the traditional fixed-rate mortgage. Unlike fixed-rate mortgages, they provide borrowers with the flexibility of a fixed interest rate for a specific number of years, after which the rate and monthly payment can fluctuate. ARM loans are commonly structured in […]
For a while now we have been hosting “Buying into Brooklyn” workshops for first time home buyers with questions. Right by our side has been local loan officer Mark Maimon from Freedom Mortgage and we really can’t say enough nice things about him. He recently shared this shortcut for calculating mortgage payments with us and […]
Single women make up at least 15 percent of home buyers, making them the second largest group of buyers in the U.S. real estate market. The largest being married couples. Also, statistically speaking, single women are likely to default less on their mortgages and tend to make larger down payments; in spite of their lower […]
With how quickly places go in the NYC real estate market, it is important to have all your ducks in a row if you’re serious about buying. Without good preparation, many buyers get lulled into the mistaken notion that if a lender pre-qualifies them for a mortgage this means that they have been pre-approved for a home loan. With a pre-qualification, the […]
