What’s In a Mortgage Payment?

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Your monthly mortgage payment is made up of multiple components. The choices you make when choosing a loan package and making an offer can affect the amounts of those components, and, essentially, the full monthly payment. Here’s an infographic that gives a breakdown of those components, including how different downpayments will affect the principal interest, mortgage insurance, property insurance, and …

In Addition to a Mortgage, What Costs Should Be Factored Into Owning a Home?

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For some home buyers, the extra costs of owning a home can be a surprise. When calculating how much home they can afford, they focus wholly on the mortgage payment (including taxes and PMI), which is, of course, a large chunk of their monthly expenses, but there are some other expenses they may or may not be aware of. We …

What does “Active Due Diligence” mean?

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While searching for Wilmington homes for sale, did you see the listing status “Active Due Diligence”? If you haven’t bought real estate in the past few years, you may not be familiar with the term. But it’s an important term to know, so we’re here to educate! If you see “Active Due Diligence”, that means the property has a contract …

What is the Wilmington Mortgage Market Like?

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Are you curious about local home loan lending practices? Would you like to know the type of mortgages most prominent in the Wilmington real estate market? Then, you should know about the Consumer Financial Protection Bureau’s Home Mortgage Disclosure Act. Since 1975, the Home Mortgage Disclosure Act (HMDA) has required financial institutions to collect and publicly report information about home …

12 Questions to Ask Your Lender

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When it’s time to apply for a loan, there are 12 important questions that you should ask your Wilmington mortgage lender or broker. The answers to these questions will help you gauge if you’re getting the best loan package for you. What is the best type of loan for me? This seems to be a relatively straightforward question, but it …