By Rae Oakley, Flyhomes Mortgage If you have considered taking out a mortgage, you may have come across this peculiar-sounding loan type: the Jumbo Loan. ‘Jumbo’ refers to the size of the loan, and it’s a term you should be comfortable with, especially if you are looking to buy in high cost areas like Seattle or the San Francisco Bay Area. So what is a … Continue reading What is a Jumbo Loan?
Watch a webinar about refinancing from the experts at Flyhomes Mortgage, including how headlines in March 2020 affect interest rates. Continue reading Video: Refinancing 101
Learn a formula to help you decide between a mortgage with points or one with credits. Continue reading How to Choose your Interest Rate: Points vs. Credits
When you pay points, you pay a portion of your mortgage’s interest up front as a one-time fee at closing in exchange for a lower interest rate, hence the name discount points. Continue reading What Are Points?
Locking protects your mortgage from future price fluctuations, so if you lock today and rates go up tomorrow, you’re still guaranteed the rates and pricing from today. Continue reading Should I Lock My Interest Rate Today?
If you bought or refinanced at this time last year, you may have taken an interest rate close to 4.9%. With today’s rates, you could be saving nearly $400 (or more!) on your monthly mortgage payments. Continue reading Rates Dropped by Over 1% in the Past Year … Have You Refinanced Yet?
What to consider about the different types of financial institutions behind the (likely) biggest purchase you’ll ever make. Continue reading Banks, Brokers, and Credit Unions … Oh, My!
Both a home equity loan and a home equity line of credit (HELOC, pronounced HEE – lok) allow you to take a certain amount of equity out of your home. Learn the differences! Continue reading All About Home Equity Loans and HELOCs
Similar to a regular rate and term refinance, you’ll apply for and close on a new mortgage with a new rate that you’ll pay back over a new term … except with cash out, you’ll walk away with a cash that you get to use as you see fit. Continue reading What is a Cash-Out Refinance?
The closing period—the time between having your offer accepted and taking ownership—is less stressful if you know what to expect. Continue reading My offer was accepted. Now what?