What is a Primary Residence?
Understand the differences between primary residences, secondary residences, and income properties from a mortgage lender’s perspective.
Category: Mortgage
3 Things to Know About Jumbo Loans During the Pandemic
Answers about what’s going on with Jumbo home loans during the coronavirus pandemic.
What is a Jumbo Loan?
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 […]
Video: Refinancing 101
Watch a webinar about refinancing from the experts at Flyhomes Mortgage, including how headlines in March 2020 affect interest rates.
How to Choose Your Interest Rate: Points vs. Credits
Learn a formula to help you decide between a mortgage with points or one with credits.
What Are Points?
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.
Should I Lock My Interest Rate Today?
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.
Rates Dropped by Over 1% in the Past Year … Have You Refinanced Yet?
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.
Banks, Brokers, and Credit Unions … Oh, My!
What to consider about the different types of financial institutions behind the (likely) biggest purchase you’ll ever make.
All About Home Equity Loans and HELOCs
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!