In our continuing monthly video interview series of Mortgage Monthly, broadcast live on CUbroadcast, we feature Executive Sales Consultant Rick McLaughlin discussing the mortgage pendulum swinging now toward purchase money mortgages from last year’s refinance boom. Rick joins us to share his many insights on this trend, advising credit unions to prepare for this shift […]
What is Collateral and Why is It Important
The fundamental difference between a secured and unsecured loan is the collateral requirement. But what is collateral? Why is it important? And what is a lien? You’ll learn all about it below. Definition of collateral Collateral is an asset you are willing to pledge to a lender to secure credit. The asset is often physical, […]
Know Your Credit During “National Credit Education Month”
With March being National Credit Education Month, how much do you know about your personal credit and its impact on the mortgage you want? Here are some facts and recent developments every aspiring first-time home buyer or repeat homeowner should know as the spring housing market heats up: There’s a good chance your credit score […]
How Low for How Long? Mortgage Rates May Surprise in 2021
The economy’s historically low interest rate period experienced last year could become a perpetual trend in 2021, which means the average interest rate on a mortgage may remain low. If true, it’s an enormous benefit for those looking to purchase or refinance. This could happen for three reasons: First, the U.S. economy has its thumb […]
7 Tips to Use Gift Funds for Your Down Payment
Saving for a down payment has become more difficult these days as rent, college loans and various other expenses have risen. In fact, 30 percent of U.S. homebuyers in the 22-to-29 age range (and 20 percent in the 30-to-39 year-old cohort) said the most difficult step in purchasing a home was saving enough money for […]
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