Education Archive
Know Your Budget and Stick to It: A Homebuyer’s Guide to Financial Confidence
There’s nothing quite like the excitement of house hunting: the charm of a wraparound porch, the dream kitchen you’ve always wanted, or that perfect backyard for summer cookouts. It’s easy to get swept up in the magic. But amid the Pinterest boards and open house tours, one thing should always guide your decisions: your budget. Falling in love with a home is emotional, but purchasing one is financial. When your heart says “yes” but your...
How to Improve Your Credit Score Before Applying for a Mortgage
If you’re planning to buy a home and watching every dollar, your credit score isn’t just a number; it’s a powerful tool that can help you save money. A better credit score can qualify you for a lower interest rate on your mortgage, which could translate to tens of thousands of dollars in savings over the life of your loan. Here’s the good news: you don’t need a perfect score to get a good deal....
The Mortgage Pre-Approval Process Explained: What to Expect and How to Prepare
Buying a home is one of the most significant financial decisions you will make, and getting pre-approval for a mortgage is a wise first step. It clearly outlines your budget and shows sellers that you are a serious, qualified buyer. Let’s break down the mortgage pre-approval process, including what it involves, what to expect, how to prepare, and why it is such an essential part of the home-buying journey. What Is Mortgage Pre-Approval? A mortgage...
What is a DSCR Loan: How Can It Help First-Time Investors?
Investing in real estate can be a lucrative path to financial independence, but securing financing can often pose a significant challenge, especially for first-time investors. Traditional loans require proof of income, tax returns, and employment verification, which may not be feasible for those just starting. That’s where a Debt Service Coverage Ratio (DSCR) loan comes into play. This type of loan is designed specifically for real estate investors. It offers a streamlined way to secure...
Why Being Prepared Is Key in an Unpredictable Mortgage Market
If you’ve been watching mortgage rates lately, you know one thing for certain: they’re unpredictable. One week, rates dip; the next, they spike. For anyone dreaming of homeownership, this rollercoaster can feel overwhelming. At Amerant Mortgage, we understand the importance of being prepared amid an unpredictable mortgage market. The truth is, while you can't control the market, you can control how ready you are to make your move when the time is right for you....
Understanding Refinancing with a 15-Year Loan
Refinancing your mortgage can be smart, especially when considering a 15-year loan. Whether you're looking to lower your interest rate, reduce your loan term, or save on long-term interest costs, refinancing into a 15-year mortgage can offer several benefits. However, it's essential to understand how the process works and whether it's the right choice for your financial situation. What is Refinancing? Refinancing involves replacing your existing mortgage with a new loan, typically with better terms....
Understanding Bridge Loans: Bridging the Gap to Your New Home
Buying a new home is exciting, but sometimes the timing of selling your current home and purchasing a new one doesn’t align. That’s where a bridge loan comes into play—providing short-term financing to help you secure your next home or pay off debt while you wait for your current home to sell. What is a Bridge Loan? A bridge loan is a short-term financing option that provides funding until you secure permanent financing; the loan...
Don’t Wait for Low Rates
In the ever-evolving landscape of mortgage rates, it's essential to consider whether waiting for rates to drop is a prudent strategy. While the allure of lower rates may seem enticing, experts caution against delaying your home purchase. Inventory First, let’s talk about inventory. Since the onset of the COVID-19 pandemic and the subsequent historic lows in mortgage rates in 2021 (according to U.S News & World Report), available housing stock has dwindled across many communities...