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Saving for a down payment is one of the biggest steps toward homeownership, but it doesn’t have to feel overwhelming. With the right plan and smart strategies, you can reach your goal faster than you think. Here are some effective ways to build your down payment savings. 1. Set a Clear Savings Goal Determine how … Continue reading Smart Strategies to Save for a Down Payment on a Home
Your credit score plays a big role in what kind of mortgage rate you’ll be offered — and even small changes can make a noticeable difference. Lenders use your credit score to decide how risky it is to lend to you. A higher score usually means lower risk — and that earns you a lower … Continue reading Credit Scores Affect Your Mortgage Rate
Market Comment Mortgage bond prices finished the week sharply higher which put significant downward pressure on rates. Back and forth trading continued around daily tariff developments. Flight to safety buying of US Treasuries and MBSs resumed after a disruption in those flows the prior week. The data was mixed. Retail sales rose 1.4% vs 1.3%. … Continue reading MIG Market Watch, April 21st, 2025
Not everyone fits perfectly inside the box when it comes to getting a mortgage — and that’s where Non-QM loans come in. “Non-QM” stands for Non-Qualified Mortgage. These loans don’t follow the traditional rules set by government agencies or the CFPB’s “qualified mortgage” guidelines. But that doesn’t mean they’re risky or shady — they’re just … Continue reading Non-QM Loans: Expanding Your Mortgage Options
A second mortgage can be a useful financial tool for homeowners looking to access their home’s equity without refinancing their primary loan. Whether you’re funding home improvements, consolidating debt, or covering major expenses, it’s important to understand how second mortgages work and if they’re the right choice for you. What is a Second Mortgage? A … Continue reading Understanding Second Mortgages
When new housing developments or road projects pop up around town, it’s easy to brush them off as construction headaches. But these kinds of changes can actually have a big impact on homeownership — whether you’re already in a home or thinking about buying one. For starters, new developments often signal growth. That can mean … Continue reading How Community Growth Impacts You
Market Comment Mortgage bond prices finished the week sharply lower which put significant upward pressure on rates. Tariffs dominated headlines and pressured both stocks and bonds. Flight to safety buying of US Treasuries and MBSs diminished as fear and uncertainty gripped the financial markets. Minneapolis Fed President Kashkari added fuel to the fire by stating … Continue reading MIG Market Watch, April 14th, 2025
Buying a home is exciting — but mortgage lingo can make it feel overwhelming fast. Here’s a quick glossary to help make sense of the most common terms: Pre-Approval:A lender’s estimate of how much you can borrow based on income, credit, and debts. Stronger than pre-qualification. Interest Rate:The cost of borrowing money, shown as a … Continue reading Decoding Mortgage Jargon: A Glossary for Homebuyers
Refinancing your home can be a powerful financial tool, whether you’re looking to lower your monthly payments, shorten your loan term, or tap into your home’s equity. However, the process can seem overwhelming if you’re not sure where to start. In this guide, we’ll break down everything you need to know to make an informed … Continue reading Refinancing Your Home: What You Need to Know
If you’ve built up equity in your home and need access to cash, you might be considering a Home Equity Loan or a Home Equity Line of Credit (HELOC). While they both let you borrow against your home’s value, they work differently — and serve different needs. Home Equity Loan: HELOC (Home Equity Line of … Continue reading Home Equity Loans vs. HELOCs
Market Comment Mortgage bond prices finished the week higher which put downward pressure on rates. Rates improved gradually throughout the week. Tariffs dominated headlines and sent stock prices plummeting lower. Flight to safety buying of US Treasuries and MBSs was the primary reason for the downward pressure on rates. The data was mixed but was … Continue reading MIG Market Watch, April 7th, 2025
How Do They Impact Your Mortgage? When securing a home loan, you may come across the term “funding fee.” While not all mortgages have one, understanding how funding fees work is essential, especially if you’re considering a government-backed loan such as a VA or FHA loan. A funding fee is a one-time charge that helps … Continue reading Funding Fees
