Jumbo loans, also known as non conforming loans, are defined as any mortgage with a loan amount greater than the conforming loan limit set annually by the Federal Housing Finance Agency, or FHFA. To most consumers, that doesn’t mean much, so let’s start this post with a quick review of the most common loan types […]

What is Delayed Mortgage Financing? Delayed financing (or more technically, a “delayed financing exception”) is the term used when a homeowner arranges conventional mortgage financing after having acquired property within the prior six months without any mortgage financing initially in place. The most common example of delayed financing is an all-cash purchase transaction where the […]

No closing cost mortgages first appeared when mortgage interest rates began declining from double-digit levels in the late 1980s. Since then, they have become one of the most popular options for home buyers, as well as for existing homeowners looking to refinance. Even so, many people still don’t understand how no-closing-cost mortgages work or the […]

A mortgage rate lock is a way of booking or protecting your loan interest rate against fluctuations for a given period, usually 10 to 60 days. In other words, you strike a deal with your mortgage lender to process your loan at a fixed interest rate even if the rates go up. Most lenders who […]

Closing costs can run into thousands of dollars and are often needed upfront to finalize a home purchase or refinance deal. The down payment alone can empty your life savings, meaning you’ll have nothing left to cover the closing fees. Luckily, you could agree with the seller to pay the closing fees, or your lender […]