Should You Refinance to a Shorter-Term Loan?

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By: Vellum Mortgage

April 23, 2019

New homebuyers often choose to take out longer term mortgages such as a 30 year term mortgage on their new homes due to the security and peace of mind that a consistent monthly mortgage payment provides. However, a 30 year term can be really long…

Paying Extra Toward Mortgage Principal Pays Off

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By: Vellum Mortgage

April 10, 2019

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…

What’s the Point?

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By: Vellum Mortgage

February 25, 2019

Your financial house is in order and you’re ready to make your dream of homeownership a reality. Now it’s time to get a mortgage. So what are these so called “points” and is there a point in paying them? A “point” equals one percent of…

13 Mortgage Questions to Ask

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By: Vellum Mortgage

January 15, 2019

Having a list of mortgage questions to ask potential lenders is just the start. Knowing the answers you’re looking for puts you ahead of the game. Which type of mortgage is best for me? This question will help you know if you’re talking to just a…

Understand Your Loan Options

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By: Vellum Mortgage

November 7, 2018

Not all home loans are the same. Three key choices are the loan term, or length of the loan, the interest rate type and the loan type. Knowing what kind of loan is most appropriate for your situation prepares you for speaking to lenders. A…

Private Mortgage Insurance

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By: Vellum Mortgage

September 19, 2018

PMI, aka private mortgage insurance, is a type of mortgage insurance from private insurance companies used with conventional loans. Similar to other kinds of mortgage insurance policies, PMI protects the lender if you stop making payments on your home loan. PMI can be arranged by…