Annual percentage rate, or APR, should always be checked before shopping for a mortgage loan. In fact, APR is a primary indicator of the quality of your mortgage deal. But if you don’t fully understand it, it could make it difficult to use as a comparison tool. So, what exactly is APR and how does […]
Today’s housing market is full of steady increases. Home prices and mortgage rates continue to rise year over year. In fact as of late July 2018, the average 30-year fixed-rate mortgage was 4.54%. That’s quite a bit higher than the same period the year before, which averaged around 3.92%. Knowing this information, home buyers […]
If you’re 62 or older looking to pay off your mortgage, supplement your income or pay for healthcare expenses, you may want to consider a reverse mortgage. What is a reverse mortgage? A reverse mortgage allows you to convert part of the equity of your home into cash, without having to sell your home or […]
When it comes to buying a home, closing costs are easily one of the biggest stressors in the process. Not to mention the variable fees and attorney costs, which could result in a higher price point than anticipated. Mortgage closing costs are unavoidable, however there are some areas that can be negotiated. If you’re looking […]
Think of credit card debt and mortgage approval like using a handheld map to reach a destination. You can still get somewhere with a handheld map, but a GPS navigation system would make it a hell of a lot easier. You can still apply for a home loan with credit card debt, but it will […]
We’ve received a ton of questions regarding COVID-19 and how it can affect your mortgage. Things have been changing rapidly, and we know how troubling and confusing these times can be. We’re providing a breakdown below that will highlight what COVID-19 means for home buyers, homeowners that are considering refinancing, people with adjustable-rate mortgages, and […]
Buying a home is a complex process. Even though you’ve likely done some research in advance, you may have additional questions. Here are some questions to ask a mortgage lender that could help guide your conversation and get the information you need to know before you buy. What types of loans are available, and which […]
Saving for a down payment may seem like a daunting task to many home buyers. The good news is that there are plenty of mortgages that require little to no down payments. Here’s what you need to know about buying a home with a small down payment, or no down payment at all. Pros and […]
Getting a mortgage pre-approval is a crucial first step in the home-buying process that can sometimes be overlooked. A mortgage pre-approval helps you understand how much house you can afford, makes you more attractive to sellers, and alerts you to problems that may affect your ability to get a loan. Why should you get pre-approved […]
Debt to income ratio is a calculation of the percentage of your monthly debt payments, compared with your gross monthly income. Monthly debt payments include mortgage payments, car payments, and any other minimum loan or card payments. Living expenses like gas, groceries, and utilities are not included. Debt to income ratio is an important factor […]
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Ken Venick
Phone: 443-471-4310
ken@kenvenick.com