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Scott Haymore

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Should I Pay Mortgage Taxes and Insurance on My Own?

When you buy a home or refinance, your lender will talk about setting up an “escrow” account. They may also refer to the charges in that account at “impounds.” If you are new to mortgage loans, you may not understand what these terms mean. And even if you’ve been around the mortgage block a few times, you may wonder if you’d be better off handling the impounds yourself. What are Escrow Accounts and Impounds?  Escrow is a third party-managed account that collects money for your property taxes and homeowner insurance, paying them off when the bills ...

December 30th, 2020 | Mortgage Advice, Should I Pay Mortgage Taxes and Insurance on My Own?

How Much of My Income Should Go to My Mortgage?

Back in the U.S. housing boom in the early 2000s, mortgage money flowed freely, with many borrowers being qualified for more loan than they could actually afford. When the housing bubble burst and the entire economy took a hit, those same home buyers often had a hard time keeping up with their home loan payments and ended up in foreclosure.  Today, in the midst of the COVID-19 pandemic, millions of people have lost jobs or had work hours reduced. While lending regulations have been tightened since the Great Recession, it is still possible for home buyers to be approved for more money t...

December 9th, 2020 | Preapproval, Mortgage Advice, How Much of My Income Should Go to My Mortgage?

How Bad Is It to Miss a Mortgage Payment?

No one signs a mortgage contract thinking they won’t be able to keep up with the payments. And yet life sometimes throws us curveballs. The recent coronavirus crisis, for example, has sent millions into unemployment and a state of financial uncertainty. If an emergency hits and you are short on cash, how bad is it to miss a mortgage payment? What Does ‘Late’ Mean? For most home loans, the payment is typically due on the first of the month. Most mortgage servicing companies will give borrowers a grace period, with the final pay date of the 16th before penalties...

August 19th, 2020 | Mortgage Advice, How Bad Is It to Miss a Mortgage Payment?

Should I Prepay My Mortgage?

Benefits of Prepayment The main benefit of paying off your mortgage early is the savings. Even by cutting off just a few years from your home loan, you can save thousands of dollars in interest. For example, if you take out a 30-year mortgage loan for $250,000 at 4%, you would pay more than $179,000 in interest over the course of the loan. If you were to contribute an extra $75 a month, you would pay off your home loan three years early and save almost $22,000 in interest payments. And the savings only increase if you can throw larger chunks of change at the mortgage. Prepaying your home...

July 22nd, 2020 | Mortgage Advice, Should I Prepay My Mortgage?

How To Get Help If You Can’t Pay Your Mortgage

With the coronavirus spreading across the nation, many people have lost income as companies have temporarily closed their doors to stop the contagion. If your income has been disrupted and you do not think you’ll be able to make your mortgage payments, there are several steps you can take to avoid default and foreclosure. Fannie Mae or Freddie Mac Loan Help If your loan is backed by either Fannie Mae or Freddie Mac, you can contact your lender to have your payments lowered or suspended for up to 12 months, according to new federal government directives. Additionally, you will not b...

April 15th, 2020 | Mortgage Advice, How To Get Help If You Can’t Pay Your Mortgage

Will an Employment Gap Hurt My Chances for Mortgage Approval?

Employment history is a very important aspect of a mortgage application. Mortgage loans are usually for substantial sums of money and lenders want to reduce the risk that borrowers will default. One sign that a borrower will be consistent in making their mortgage payments is if they have a stable two-year history of employment. But what if you have gaps in your work history? Can you still qualify for a mortgage? Gap Period Most lenders will only require a two-year work history, so if you had gaps prior to that period, you may not even need to inform your lender about it. If you have had ...

March 11th, 2020 | Mortgage Advice, Will an Employment Gap Hurt My Chances for Mortgage Approval?

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