Tammie VanDeusen

  Are you conflicted between   buying a condo   or renting an apartment? Choosing one over the other presents a very different type of lifestyle, and it may be difficult to even know what the difference is between a condo and an apartment. So, which is better for your living situation? Let us take a look at the   differences   to help you figure out which works better for you: a condo or an apartment? Let’s start with the first and most important question. Is an apartment and a condominium the same thing? No, they are not the same. However, they do have some similarities. For example, neither are typically a standalone building, like a single-family home. Instead, both are usually located in buildings with other units and often have common areas that are shared by other residents. The biggest difference between the two is that you rent an apartment and buy a condominium. What makes a condo a condo?  A condo, also known as a condominium, is a private residen...

  Are you considering applying for a mortgage at some point in the near future? If you are, it is probably a good time to review your credit information and perhaps take steps toward improving your credit score. While a credit score is not the only factor that lenders take into consideration when determining whether you  qualify for a home loan , your credit score plays a big role in the amount of interest you’ll pay on a loan. An improving credit score is important not only because it can help you qualify for a loan, but it also may help you get a better deal and save money by landing a lower interest rate. If you are concerned about your credit score, there are certainly steps you can take to improve it. But first, let’s look at how credit scores work. What is a Credit Score? To put it simply, a  credit score  is a number that reflects how trustworthy you are when it comes to paying your debt as agreed. While scores can be calculated a few different ways depending ...

  When you hear the words “mortgage rates have dropped” and “lowest refinance rates in years,” many thoughts may race across your mind like “how does that affect me?”, “what can I do to learn more?” and “where do I start?” As you’re trying to sort it all out, here are some important facts to help you gain a better understanding of mortgage rates dropping and how they may affect you. Understanding Interest Rates and APR Before we reveal the answers about how you can benefit from lower interest rates, it’s important to understand interest rates and Annual Percentage Rate (APR). Let’s start with your  annual interest rate . This simply refers to the cost of borrowing money on the principal loan amount – in other words, the amount of interest you’ll pay. It is ultimately determined by your  creditworthiness . Along with your principal loan balance, your interest rate is used to calculate your  estimated monthly payment . Benefits of an Interest Rate Drop Key Takeaways: L...

When it comes to home loans, you’ve probably heard the term “equity” on more than a few occasions, and you might have just as many questions. Fortunately, we have plenty of answers. Since it affects your borrowing power in so many ways, let’s review some essential points about equity. Home Equity Defined Playing a vital role in your loan qualification, your home equity is an asset. It is, quite literally, the part of your property that you truly own. (While your lender may have funded your home, they technically do not own your home; The home is considered collateral for the loan.) As time passes, your home equity can increase or decrease depending on the market value of the property and how much of the loan balance is paid or unpaid. How Do You Calculate Your Home Equity? For those needing a refresher on calculating equity, it’s the difference between your loan’s current balance and your property’s appraised value. So, if your loan balance is $140,000 and your property value is $400,0...