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30-year Mortgages vs. 15-Year Mortgages

The majority of American home buyers sign up for 30-year fixed-rate mortgages (FRMs) – the staples of mortgage lending. And yet there is another option that may serve many borrowers better: the 15-year fixed-rate mortgage. Both loans include an interest rate that does not change over the course of the loan but one is paid off twice as fast as the other. Both can be financially savvy in certain situations. Payments If you are looking for the lowest monthly payment, a 30-year FRM beats the 15-year. That is because the loan principal balance is paid off twice as slowly than the 15-yea...

November 7th, 2018 | Conventional Loans, Mortgages, Mortgage, 30-year Mortgages vs. 15-Year Mortgages

Attention, first-time homebuyers: Don't fear mortgage insurance.

by Shikma Rubin, NMLS # 1114873 Let me dispel one of the biggest myths in home buying: Mortgage insurance is something you must avoid at all cost. That is incorrect, and here is why. Mortgage insurance makes it possible to purchase a home even if one can’t make the traditional 20 percent down payment. The insurance allows one to keep more of his or her cash and achieve homeownership. Now that you understand why mortgage insurance plays a key role, let’s break it down on a more technical level. Mortgage insurance protects the lender for losses suffered if the borrower defaults on...

April 2nd, 2018 | mortgages, Attention, first-time homebuyers: Don't fear mortgage insurance.

Hampton Roads Right For Reverse Mortgages

In a recent study from Reverse Market Insight, the Hampton Roads Region was listed as a top twenty market for Reverse Mortgage growth.  What factors led to this designation?  Several areas were  considered, but here are a few of the prime reasons: Home price increases – for the second year in a row, the median sale price of existing homes increased from the previous year in 2013. While it was a modest 3.5%, it shows signs of some growth.[1] Numbers of eligible senior households – Hampton Roads has almost 132,000 senior households. Prior to 2013, only 6.67% of...

April 2nd, 2014 | Reverse Mortgage, home loans, mortgages, seniors, Hampton Roads Right For Reverse Mortgages

Tidewater Home Funding

Tidewater Home Funding, LLC NMLS# 41552
(www.nmlsconsumeraccess.org).
Equal Housing Lender.

Licensed in Virginia, North Carolina & Florida.

VSCC Bureau of Financial Institutions, P.O. Box 640, Richmond VA 23218-0640, (1-800-552-7945) www.scc.virginia.gov/bfi

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