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55plus

What the heck is a HECM?

2019-10-16 09:39:19A HECM, or Home Equity Conversion Mortgage for purchase, may help you buy your next home without required monthly mortgage payments.  Sound too good to be true?  It’s not.  A HECM for purchase is a reverse mortgage insured by the Federal Housing Administration (FHA).  That means it’s the only one insured by the U.S. Federal Government. It was […]
Matt Morano
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road

Where are mortgage rates headed in 2019?

Where are mortgage rates heading in 2019?  The most likely correct answer is up.  But how high?  Nobody know, but let’s look at what the experts think. The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate, the greater the payment will be. That […]
Matt Morano
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20180625-KCM-ENG

Buying a home may be easier than you think.

Thinking about buying a home and not sure you can afford it? You may think you don’t have enough saved for a down payment, or believe your credit score is too low. The chart below shows the distribution of FICO® Scores for all loans approved in May. And keep in mind some loans only require […]
Matt Morano
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toes

Getting pre-approved should always be your first step.

One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. In many markets across the country the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace […]
Matt Morano
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pmi

What is Private Mortgage Insurance (PMI)?

What is PMI? Freddie Mac defines PMI as:  that is required for all conforming, conventional loans that have down payments less than 20%. Once you’ve built equity of 20% in your home, you can cancel it and remove that expense from your mortgage payment.” As the borrower, you pay the monthly premiums for the insurance policy, and […]
Matt Morano
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2018rates

Where are mortgage rates headed in 2018?

Heading higher… According to Freddie Mac’s U.S. Housing Marketing Outlook, interest rates are expected to slowly but surely head higher in 2018.  What does this mean for you if you are considering buying a new home? Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest […]
Matt Morano
37
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