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Mortgage

Mortgage Education

How Interest Rates Affect Your Affordability
How Do Interest Rates Affect My Purchase Power?
How Do Interest Rates Affect My Purchase Power? 1024 536 Vellum Mortgage

Nothing affects a home’s affordability more than interest rates. After all, we live with the monthly payment, not the amount of the loan. The higher your mortgage rate is, the higher your monthly payments are going to be. Buying power, simply put, is the amount…

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Conforming & VA Loan Limit Changes for 2020
Conforming & VA Loan Limit Changes for 2020
Conforming & VA Loan Limit Changes for 2020 1024 536 Vellum Mortgage

FHFA Announced Increase in Conforming Loan Limits for 2020 The Federal Housing Finance Agency announced that it is raising the conforming loan limits for Fannie Mae and Freddie Mac to more than $510,000. In most of the U.S., the 2020 maximum conforming loan limit will…

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Happy Veterans Day.
Happy Veterans Day.
Happy Veterans Day. 1024 536 Vellum Mortgage
101% Yours. No Mortgage Insurance.
101% Yours
101% Yours 1024 536 Vellum Mortgage

101% Financing, No Mortgage Insurance Owning a home is the American Dream! Whether you are a first-time buyer or moving up, we’ve made it easier than ever to get into a new home…even helping with closing costs. We are able to finance 101% of your…

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Mortgage Insurance
What is mortgage insurance and how does it work?
What is mortgage insurance and how does it work? 1024 536 Vellum Mortgage

Mortgage insurance lowers the risk to the lender of making a loan to you, so you can qualify for a loan that you might not otherwise be able to get.  Typically, borrowers making a down payment of less than 20 percent of the purchase price…

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20-year mortgage benefits
How a 20-year home mortgage can save you money.
How a 20-year home mortgage can save you money. 1024 536 Vellum Mortgage

The 30-year fixed-rate home mortgage dominates the housing market, particularly for first-time buyers who appreciate the ability to extend their home loan payments for the longest possible term. The second most common fixed-rate loan term is 15 years, but many lenders also offer loan terms…

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Pen Pals with Your Lender? Underwriters have questions.
Pen Pals with Your Mortgage Lender?
Pen Pals with Your Mortgage Lender? 1024 536 Vellum Mortgage

According to a piece in the Wall Street Journal, it is a common practice for underwriters to reach out to borrowers asking for letters of explanation sometimes referred to as “comfort letters” to firm up mushy spots in their knowledge of borrowers’ situations. These letters…

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30 Year Mortgage
30 Years of Certainty
30 Years of Certainty 1024 536 Vellum Mortgage

Thirty years can sound like a lifetime when you’re talking about getting a 30–year fixed–rate mortgage. There are so many uncertainties in life and who knows where you’ll be in 30 years. Will you switch careers? Will you move cities? Will you have children? It…

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Paying Extra Toward Mortgage Principal Pays Off
Paying Extra Toward Mortgage Principal Pays Off
Paying Extra Toward Mortgage Principal Pays Off 1024 536 Vellum Mortgage

Prepaying your mortgage: How reducing your loan principal can lead to big savings. When you prepay your mortgage, it means that you make extra payments on your principal loan balance. Paying additional principal on your mortgage can save you thousands of dollars in interest and…

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Appraisal Methods
Appraisal Methods
Appraisal Methods 1024 536 Vellum Mortgage

When you’re buying a home using a mortgage, refinancing your existing mortgage or selling your home to anyone other than an all-cash buyer, the home appraisal is a key component of the transaction. Whether you’re a buyer, owner or seller, you’ll want to understand how…

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