MORTGAGE EDUCATION
How to Pay Off Your Mortgage Early: A Practical Guide to Financial Freedom
When buying a home or refinancing an existing loan, your mortgage rate plays a key role in determining your monthly payments and the overall cost of your loan. Even a small difference in rates can mean thousands of dollars saved or spent over the life of your mortgage. Understanding what affects your mortgage rate can empower you to take control and potentially secure a better deal. Here are the five key factors that determine your mortgage rate. Read More......
Five Key Factors That Determine Your Mortgage Rate.
When buying a home or refinancing an existing loan, your mortgage rate plays a key role in determining your monthly payments and the overall cost of your loan. Even a small difference in rates can mean thousands of dollars saved or spent over the life of your mortgage. Understanding what affects your mortgage rate can empower you to take control and potentially secure a better deal. Here are the five key factors that determine your mortgage rate. Read More......
How to Avoid Trigger Leads When Applying for a Mortgage.
When you are applying for a mortgage, you are likely focused on securing the best interest rate, gathering your documents, and preparing for one of the most significant purchases of your life. What many borrowers do not anticipate, however, is the influx of unsolicited calls, texts, and emails from competing lenders that can start almost immediately after your credit is pulled. These are the result of what is known as “trigger leads.” Read More......
Why Spring is the Best Time to Buy a House?
Spring is often associated with fresh starts, blooming flowers, and longer days—but for many homebuyers, it’s also the ideal season to make one of the biggest investments of their lives: purchasing a home. While the real estate market remains active year-round, spring offers unique advantages that make it one of the most favorable times to buy a house. Here are several compelling reasons why buying a house in the spring is a smart move. Read More......
Why a Renovation Loan is a Smart Financial Move?
Whether you're upgrading an outdated kitchen, adding a new bathroom, or repairing a leaky roof, home renovations can significantly enhance the comfort, functionality, and value of your property. However, the upfront costs of such projects often deter homeowners from taking the leap. That’s where a renovation loan can be a powerful financial tool. Read More......
When is the Right Time to Refinance your Mortgage?
Refinancing a mortgage can be a smart financial move, but timing is everything. Homeowners often wonder when they should refinance their mortgage. While refinancing can lower your monthly payment, reduce interest costs, or even help you pay off your home faster, doing it at the wrong time could cost more than it saves. Here’s how to determine the right time to refinance your mortgage. Read More......
Should You make a Large Down Payment on a Home?
Buying a home is one of the biggest financial decisions you'll make, and one of the first major choices you'll face is how much to put down upfront. While a 20% down payment has long been the traditional benchmark, many buyers today wonder if they should stretch their budget to make a large down payment — or hold back and conserve cash. Read More.....
Tax Benefits of Owning Your Home: What every Homeowner should know
For many, buying a home is a major financial milestone — one that brings stability, pride, and long-term investment potential. But beyond building equity and avoiding rent hikes, there’s another powerful perk: homeownership comes with significant tax benefits. Read More.....
Refinancing a Mortgage: A Comprehensive Guide
Refinancing a mortgage can be a powerful financial tool for homeowners looking to save money, pay off debt faster, or change the terms of their home loan. Whether you're seeking a lower interest rate, a shorter loan term, or access to home equity, refinancing offers several potential benefits. However, it’s essential to understand the process and consider both the advantages and disadvantages before moving forward. Read More....
Should You Apply for a Mortgage Online or in Person
In today's digital world, it's easier than ever to apply for a mortgage online. A few clicks, some basic information, and—boom—you’ve started the process. But is that really the best way to go about one of the biggest financial decisions of your life?
The short answer: No.
Sure, online applications are convenient, but when it comes to something as important as the largest investment you and your family will ever make in buying a home, convenience shouldn't replace clarity, guidance, and confidence. Here’s why applying in person (or at least over a video or phone call) is always the right move. Read More....
DTI
If you are in the homebuying process, you have undoubtedly heard the term DTI over and over again. What is a DTI and why is does it matter? DTI stands for Debt-To-Income Ratio. The DTI is one of the most important ways a lender analyzes your application for credit. A DTI is not just for mortgages. A DTI analysis is completed for Automobile Loans, Credit Card Applications and Mortgage applications. When you apply for a mortgage, auto loan, credit card or other types of loan, banks and other lenders calculate your DTI to help determine if you can afford more debt. In lenders terms do you have the capacity to pay for new credit? How much more debt can you afford?....Read More
Mortgage Rates Hit a 40-Year High? Would a Buydown Help?
Over the past two-years the rapid increase in mortgage rates shocked potential homebuyers. The average 30-Year Mortgage Rate increased from 3.22% in January 2022 to a 40-Year high of 7.08% by the end of October 2022. The spike in mortgage rates basically doubled the cost of homeownership. When mortgage rates are high, borrowers will look for ways to lower their monthly payment. One of the options available to help you reduce your mortgage rate and monthly mortgage payment is a buydown. A buydown may be the perfect way to make your monthly mortgage payment more.... Read More
What is Home Equity?
In an economic climate plagued by rising inflation and disrupted stock market performance, many of FDM’s clients have found themselves looking for more (and sometimes, detrimental) ways to make ends meet. While many have smartly leveraged the equity in the home, others have relied on credit cards and personal loans. As we all know, taking on more consumer debt to pay off existing consumer debt is akin to “robbing Peter to pay Paul.”
Today’s homeowners have an important choice to make- Through which avenue or vehicle are they going to position themselves to overcome these tough economic times, and many are simply making the wrong decision. In this post, we will break down what home equity is and how to leverage those funds which still maintaining an excellent credit profile and maximizing tax savings...Read More
Secrets of a Credit Score!
Everyday we hear about Credit Scores on the news, radio, on line and on tv. We see ads for Credit Karma, Experian Boost, Free Credit Report.com. and others. We hear a lot of noise about Credit Scores, but what is a Credit Score and why does It matter? Many of us know if you are buying a car, applying for a credit card or buying a home Credit Scores matter. Did you know that your Credit Score impacts car insurance, and a poor Credit Score may even hurt your search for a new job?
Your Credit Score helps financial institutions determine your overall credit situation. A Credit Score helps insurance companies, and employers determine your judgment and sense of responsibility. Bad credit can indicate irresponsible behaviors. If your Credit Score is too low and you have poor credit, you will pay higher interest rates and receive unfavorable terms from lenders. You even may be denied the products and loan programs you desire....Read More
To Lock or Not to Lock that Mortgage Rate!
One of the most pressing issues when applying for a mortgage is when do I lock in my mortgage rate? Rates go up. Then rates go down. When is the right time to lock?
When it comes to “timing the market” the mortgage market is just like the stock market: “The odds that you will achieve long-term success by actively trading or timing the market round to zero” Morgan Housel. The reality is trying to time the market according to Warren Buffet is “Impossible and stupid.” Where does that leave us when applying for a mortgage?...Read More
Applying for a Mortgage
Buying Your First Home, or Your fifth? The Game Has Changed, Yet The Rules of Engagement Remain The Same.
Review your credit, and take steps as needed to elevate to “Mortgage-Ready Status”
Long before you start your search for your right (or right NOW!) home, it’s always advised to do a deep dive into your current credit status.....Read More
The Power of Homeownership: A Path to Independence!
Here at Fidelity Direct Mortgage, we believe that owning a home is more than just a financial investment; it is a symbol of independence and security. For many of our clients, the journey to homeownership symbolizes freedom, stability, and a sense of accomplishment. There are several different dimensions in which owning a home contributes to independence, as well as exploring the financial, emotional, social and psychological aspects.... Read More
Home Purchase Basics
Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you're a first-time homebuyer. Here's some information that will keep you on track... Read More
Get Pre-Approved
Are you shopping for your new home? Many lenders offer a quick Pre-Qualification, basically a review of your credit report and stated income to give you an estimated loan amount. This does not provide a firm loan commitment allowing you to shop in confidence. Read More