How Much Mortgage Can I Reasonably Afford?

Ah, the quest to buy a house. What fun to tour open houses, watch HGTV, and dream of the palace that will surely be yours as you start looking into buying a home. But then reality sets in: Who wants to fall in love with a home that’s out of their price range? That’s why as a home buyer, you …

Why Do You Need a Mortgage Pre-Approval?

Buying a home? Do this one thing first Ready to buy a home? There’s one thing that will help you before you even begin the homebuying process. Yes, that’s right: Turn off HGTV. Reschedule your showings. Because this piece of documentation should be done before you even start the home-shopping process. We’re talking about getting a mortgage pre-approval. Four benefits …

How Do I Improve My Credit Score?

Surprise! Improving your credit score might be easier than you think. Do you worry that the dream of getting a home loan is out of reach because of a low credit score? The great news is that it’s relatively easy to boost your credit and make that mortgage dream a reality. Here are 4 steps that can help improve your …

Why Should I Refinance My Mortgage? 

Refinancing your mortgage can yield some important financial benefits and it’s important to understand when — and why — a refinance makes sense. Is a mortgage refinance right for you? That’s a good question and one that many homeowners ask at some point. The answer often hinges on things like how long you’ve owned the home, what you’re currently paying for your …

What Happened to Subprime Mortgage Loans?

Once plentiful, subprime loans seem to have disappeared. Where did they go? In one sense, subprime loans have disappeared — and justifiably so, given the chaos they created during the mortgage crisis. Plus thanks to new lending laws like the Dodd-Frank Consumer Protection Act, you can’t get belly up to a broker, claim any income you like, and get a …

Do’s and Don’ts of Down Payments

Don’t leave your down payment for the last minute. Gathering funds as soon as possible will save you time and energy later. If you’re shopping for a house, you should already be thinking about your down payment. Partially, this is because your down payment has a big impact on what you can afford. While there are many options for low …

Advantages of a 40 Year Mortgage

You can get a 40 year mortgage! (And we have them at Newfi.) But it’s important to understand the advantages and disadvantages of 40 year mortgages before you consider one. First, it’s important to understand that there are two main types of 40 year mortgage available: Fully amortizing. With a fully amortizing 40 year mortgage, every payment you make goes …

The Advantages of a 15 Year Mortgage Refinance

If you’re looking for a way to significantly reduce your total mortgage expense, or to pay off your loan much, much faster, you should really look at switching to a 15-year fixed rate mortgage. At this moment 15-year fixed interest rates are 0.75% (or more!) below the 30-year fixed rate. That means significant savings over the life of your loan — …

The 40-Year Mortgage is Real

The 40-year mortgage is real, and it’s here at Newfi! People talk about 40-year mortgages as if they were mythological beasts of old, like dragons, gremlins, or presidents who never told a lie. But 40-year mortgages are real, and they’re here at Newfi! Now, our 40-year mortgage isn’t a standard mortgage, where each month your pay down your interest and principal. …