13 Jun 2025
By noelkelman

Creative Strategies for Saving on Closing Costs

Mortgage Tips, ,
When you are budgeting for a new home, it’s easy to focus on the down payment, but do not forget the closing costs. These fees typically range from 2% to 5% of the home’s purchase price and cover things like the appraisal, title search, loan origination, and other administrative expenses. For many buyers, especially first-timers, they can feel like an unwelcome surprise. The good news? There are creative, effective ways to reduce these expenses and make homeownership more affordable. 1. Negotiate With the Seller In a buyer-friendly market, you may be able to negotiate for the seller to cover part…
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11 Jun 2025
By noelkelman

Are Interest-Only Mortgages A Smart Strategy or Risky Business?

Mortgage Tips, ,
When exploring home financing options, many borrowers are intrigued by interest-only mortgages. These loans offer the benefit of lower initial monthly payments, which can seem attractive, especially in high-cost areas or when cash flow is tight. But how exactly do they work, and are they the right fit for your financial goals? What Is an Interest-Only Mortgage?An interest-only mortgage allows you to pay just the interest on your loan for a set period, typically 5 to 10 years. During this time, your payments do not reduce the loan’s principal balance. Once that period ends, you begin paying both principal and…
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10 Jun 2025
By noelkelman

Can Freelancers Get a Mortgage?

Mortgage Tips, ,
If you are self-employed or work as a freelancer, you may be wondering whether buying a home is even possible. The good news? It absolutely is, but you will want to be prepared for a few extra steps in the process. Here are five common questions freelancers ask when it comes to getting a mortgage. What Makes It Harder for Freelancers To Get Approved?Freelancers don’t receive W-2s or paystubs, which means documenting income can be more involved. Instead, lenders look at tax returns, bank statements, and sometimes profit-and-loss statements. The key issue is proving your income is stable and ongoing.…
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05 Jun 2025
By noelkelman

The Impact of Inflation on Mortgage Rates and Home Affordability

Mortgage, ,
Inflation has made a loud and lasting entrance into our daily lives. From groceries to gas prices, everything seems more expensive. One of the most significant areas where inflation leaves its mark is in the housing market, particularly mortgage rates and home affordability. As inflation continues to fluctuate, many potential homebuyers are left wondering how it all connects, and what it means for their financial future. How Inflation Drives Mortgage RatesInflation refers to the rise in the cost of goods and services over time. When inflation is high, the Federal Reserve typically responds by raising the federal funds rate in…
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04 Jun 2025
By noelkelman

How to Pay Off Your Mortgage 10 Years Early Without Extra Payments

Mortgage, ,
If you're like most homeowners, the idea of paying off your mortgage early sounds amazing—more freedom, fewer monthly expenses, and peace of mind. But what if you could shave 10 years off your mortgage without making extra payments each month? Sounds too good to be true? It’s not! There are smart strategies that don’t require more money out of pocket, just a little planning and a fresh approach. As a mortgage originator, I have helped many clients explore options that save them time and interest. Here’s how you can, too. Refinance to a Shorter Term:One of the most effective ways…
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03 Jun 2025
By noelkelman

Will Multiple Mortgage Applications Hurt Your Credit Score?

Mortgage, ,
When you are ready to buy a home, it is natural to shop around for the best mortgage rate and terms. But you may have heard that submitting multiple loan applications can damage your credit score and throw a wrench in your homebuying plans. Here is the truth behind hard inquiries, rate shopping, and how to protect your credit while securing the best deal. Understanding Hard Inquiries vs. Soft InquiriesWhenever a lender runs your credit, whether for a credit card, auto loan, or mortgage, they generate a hard inquiry on your report. Hard inquiries can lower your score by a…
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23 May 2025
By noelkelman

How Much Down Payment Do You Need for a Mortgage When Buying a Home?

Mortgage Tips, ,
If you're considering buying a home, you're likely wondering how much you’ll need for a down payment. The common belief is that you need to put down 20% of the home’s purchase price, but that’s not the only option and in many cases, it’s not even necessary. Let’s break down what’s really required and explore your choices. The Traditional 20% RuleTraditionally, lenders prefer a 20% down payment. Why? Because it lowers their risk. If you’re purchasing a $200,500 home (the national median sales price), that is a down payment of $40,100. Understandably, many buyers, especially first-timer, struggle to save that…
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