The Silent Credit Check:Applying for a home loan doesn't always require a credit check upfront. Some lenders offer "silent" or "soft" credit checks, saving your credit score from potential damage.
Zero-Down VA Loans:If you're a veteran, you might qualify for a VA loan that requires no down payment. A hidden gem for those who served their country.
Prepayment Penalties: Some loans come with penalties for paying off your mortgage early. Be sure to check your loan terms to avoid unexpected charges.
Home Equity Can Be an ATM:As you pay down your mortgage, you can tap into your home equity for renovations, debt consolidation, or other expenses. It's like having an ATM at home!
PMI Hacks:Private Mortgage Insurance (PMI) can be cancelled once you reach 20% equity. Accelerate your payments to save on PMI costs.
Assumable Mortgages: In some cases, you can transfer your mortgage to a homebuyer, potentially locking in a great interest rate.
Energy-Efficient Loans: Some loans offer better terms if you're buying an energy-efficient home. Save on your bills and your mortgage.
Mortgage Recasting: After a lump sum payment, some lenders allow you to recast your mortgage, reducing your monthly payments without refinancing.
Principal-Only Payments:Making extra payments that apply only to the principal can significantly reduce your loan term.
Mortgage Rate Locks: You can lock in your interest rate for a specific period to protect against market fluctuations while your loan is in process.