Archive for December 2022
An In-Depth Look at Cash-Out and Rate-and-Term Mortgage Refinancing
According to a study by the Federal Reserve Bank of New York, American homeowners took out $8.4 trillion in new mortgages over the last couple of years. That’s more than a third of our country’s total GDP! One of the main reasons why this occurred is because countless Americans sought to refinance their mortgages in a bid to…Read More
Why Is It Worth Hiring Mortgage Brokers?
Do you know why the 2007-2009 Global Financial Crisis (GFC) occurred? Housing demand skyrocketed because irresponsible mortgage lenders gave out loans to borrowers without properly considering their default risk. As a result, house prices shot up artificially before the housing bubble popped due to mass defaults—and this changed the game for mortgage brokers forever. Fast-forward to today,…Read More
All You Need To Know About Mortgage Loans
6 Reasons Why Your FICO Score Could Suddenly Drop
If you’ve ever applied for a mortgage, chances are you’ve heard of the term ‘FICO score’.It’s a three-digit number that reflects your ability to pay back a loan; The bigger the number, the easier it is for you to take out a mortgage because you’re seen as less of a default risk compared to others! FICO scores…Read More