What is a Second Mortgage and How Can It Be Used?
One of the benefits of owning your own home is the chance to build equity. The longer you own a property, the more value it accrues. This happens for two reasons. First, you pay a little bit towards the principal balance every time you pay your mortgage. Second,...
Downsizing Mistakes to Avoid
There are many times when downsizing a home makes sense. Empty nesters will often choose to downsize after their children are grown, and they no longer need a spacious family home. Sometimes families who face financial challenges will downsize to save money on their...
What does it mean to lock in mortgage loan, and what happens if rates go down after I lock it in?
Mortgage interest rates are always changing. Even within 24 hours, mortgage interest rates may move up and down, often more than once. These fluctuations can create frustration for homebuyers who want to know that they're getting the best possible rate. One tool you...
Benefits of Homeownership – Beyond Home Equity
Buying a home carries many benefits. Some of these you may know and others you may not. If you're considering becoming a homeowner, it's worthwhile to take a closer look at the many potential benefits that come with the home purchase. 1. Home Equity Home equity is one...
Foreclosure and Buying a Home – What You Should Know
If you have had a foreclosure in your past, buying a home becomes a little more complicated, but a foreclosure does not mean you can never become a homeowner. Each type of mortgage has its own set of circumstances and requirements you must meet. Knowing what these are...
Mortgage Rates and COVID-19
Mortgage rates can be temperamental. The rate the Federal Reserve charges is one of the factors that influence the rate your lender charges you for a mortgage. Not surprisingly, global economic factors come in to play when deciding mortgage rates. The recent...
Second Home or Investment Property – What’s the Difference?
Second homes and investment properties may sound like the same thing, but they're not. The subtle differences between these two types of homes can make a big difference, primarily because your lender will base your mortgage on which type of property you're trying to...
3 Ways to Pay Off Your Mortgage Early
You're eager to pay off your mortgage. You've thought of refinancing, but you're wondering if there is a way to pay off your existing mortgage early. The option to pay your mortgage early depends on your mortgage company and when the mortgage was taken out. If you...
Home Appraisal: How to Get the Best Value for Your Home
If you are planning to sell your home, Hiring a home appraiser can be advantageous to determine your home's current market value. A current appraisal helps buyers to understand the value of your property and can bolster the asking price for your home.. What Do Home...
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This is not a commitment to lend. Terms and conditions of programs, products and services are subject to change. All loans are subject to credit approval and property appraisal. Certain restrictions may apply on all programs. First Home Mortgage Corporation of America, First Home Mortgage Services, and First Home Mortgage Company of Maryland are d/b/a's of First Home Mortgage Corporation. First Home Mortgage Corporation is licensed in Connecticut, Delaware, District of Columbia, Florida, Georgia Residential Mortgage Licensee (Lic. #23135), Indiana, Kentucky, Maine, Maryland, Massachusetts Mortgage Lender and Broker (Lic. #MC71603), Michigan, New Hampshire, Licensed by the New Jersey Department of Banking and Insurance, North Carolina, Pennsylvania, Rhode Island Licensed Lender and Broker, South Carolina, Tennessee, Vermont, Virginia, West Virginia. Equal Housing Lender. First Home Mortgage Corporation NMLS ID #71603 (www.nmlsconsumeraccess.org). Privacy Policy.