Greg Riordan

In simple terms, refinancing is the process of replacing your existing mortgage with a new mortgage that has more favorable terms. This might be done for a number of reasons, the most common being to lower your interest rate. When interest rates fall, homeowners sometimes have the opportunity to refinance an existing loan for another loan with a shorter term. This loan, without much change in the monthly payment, can save homeowners a sizable amount of interest in the long term with the … [Read more...] about Reasons Why Homeowners Refinance Their Mortgage Loan

An appraisal is a critical part of the homebuying process. It is an objective, professional assessment of the value of the property. An appraisal will verify that the sale price of the home matches fair market value. This ensures that the buyer pays what the home is worth, and that the lender doesn’t lend more than the home is worth. When a homeowner is refinancing their mortgage, the lender will get a home appraisal to ensure its market value before offering a new loan. Here are some things a … [Read more...] about Understanding Home Appraisals: Ensuring Fair Market Value in Real Estate Transactions

Whether you are purchasing your first home, refinancing or upgrading to your dream home, your loan officer is a crucial player in a successful home purchase. When it comes to your financial future, you can’t afford to fill this role with anything less than the best. You want to make sure that your loan officer has your best interest at heart, that they are experts in their field and that they have a clear process. Here are some key things to look for when meeting with a loan officer: You … [Read more...] about Understanding the Key Role a Professional Loan Officer Plays in Homebuying

As mortgage rates have continued to rise over the last couple of years, many people are turning to temporary buydowns to make homeownership more accessible and affordable in the early years. A temporary buydown is when upfront funds are deposited into an escrow account to temporarily reduce the interest rate and monthly mortgage payment for a specific time period. This lower rate reduces your monthly payment and reduces the interest you’ll pay over time. Temporary rate buydowns are also … [Read more...] about Using Temporary Buydowns to Offset Higher Interest Rates for Mortgages

When you purchase a home utilizing a mortgage, you won’t just be paying back the principal amount (the amount you borrowed) – you’ll be paying interest as well. There are several factors that determine how much you’ll pay in mortgage interest, which include the type, size and duration of your loan. Your down payment contribution will also be taken into consideration. Mortgage lenders typically finance 80% or more of the home’s price. You agree to pay this amount back with interest. There are … [Read more...] about What Makes Up an Interest Rate?

Looking to buy a house? You know it’s a long process, but if you are not sure where to start, here’s the 411! It all starts will getting pre-qualified so you know what you can afford; then you will want to discuss mortgage options with your mortgage professional. For a pre-approval application, you need to make sure to include the most accurate information you can to the lender. You’ll also need to provide documentation, which often includes things like paystubs, tax returns and a verification … [Read more...] about How to Buy Your Dream Home