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Joe Knows Mortgages Minute

When is my first mortgage payment due?

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: When is my first mortgage payment due? Typically, your monthly mortgage payment is due at the first of every month. However, your first payment is not be due until the [...]

By |2022-09-06T16:35:58-04:00September 6th, 2022|Joe Knows Mortgages Minute|Comments Off on When is my first mortgage payment due?

What is prepaid interest?

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: What is prepaid interest? You're getting ready to close on your home, your lender sends your closing disclosures for you to review, and you see a section for "prepaid interest" [...]

By |2022-09-06T16:35:33-04:00September 6th, 2022|Joe Knows Mortgages Minute|Comments Off on What is prepaid interest?

When is flood insurance required?

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: When is flood insurance required on a home? When it comes to getting your home insured, flood insurance is not typically covered by traditional homeowner's insurance. The good news is, [...]

By |2022-09-06T15:47:56-04:00September 6th, 2022|Joe Knows Mortgages Minute|Comments Off on When is flood insurance required?

Can I buy a home using cryptocurrency?

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: Can I buy a home with cryptocurrency? Crypto currencies are a hot new topic these days! But can cryptocurrency be used to buy a home? The answer to this question [...]

By |2022-08-18T12:17:19-04:00August 18th, 2022|Joe Knows Mortgages Minute|Comments Off on Can I buy a home using cryptocurrency?

How will the Federal Reserve’s interest rate increase affect mortgage rates and home prices?

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: How will the Federal Reserve's interest rate increase affect mortgage rates and home prices? Two weeks ago, the Federal Reserve announced their 75 basis-point increase to interest rates. How has [...]

By |2022-08-11T11:45:35-04:00August 11th, 2022|Joe Knows Mortgages Minute|Comments Off on How will the Federal Reserve’s interest rate increase affect mortgage rates and home prices?

What does the FED’s 75 basis-point rate increase mean for consumers?

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: What does the Federal Reserve's 75 basis-point rate increase mean for the housing market and consumers? The idea behind the rate increase is that the Federal Reserve is trying to [...]

By |2022-07-29T14:18:37-04:00July 28th, 2022|Joe Knows Mortgages Minute|Comments Off on What does the FED’s 75 basis-point rate increase mean for consumers?

Why you shouldn’t make any large purchases before closing on a home!

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: Why shouldn't you make any large purchases before closing on a home? Any major purchases (such as a new car, RV, or furniture) made after loan application, but before closing, [...]

By |2022-08-18T11:08:06-04:00July 25th, 2022|Joe Knows Mortgages Minute|Comments Off on Why you shouldn’t make any large purchases before closing on a home!

What’s the difference between Homeowners Insurance and Mortgage Insurance?

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: What's the difference between Homeowners Insurance and Mortgage Insurance? Homeowners insurance protects you, the homeowner, from damages to your home or loss, such as in cases of natural disaster or [...]

By |2022-08-18T11:13:39-04:00July 12th, 2022|Joe Knows Mortgages Minute|Comments Off on What’s the difference between Homeowners Insurance and Mortgage Insurance?

What’s the difference between Interest Rate and APR?

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: What's the difference between Interest Rate and APR? Interest rate is just the percentage of interest that you pay on your mortgage loan principal amount. APR stands for Annual Percentage [...]

By |2022-08-17T10:21:09-04:00June 24th, 2022|Joe Knows Mortgages Minute|Comments Off on What’s the difference between Interest Rate and APR?

Can I qualify for a mortgage if I already have debt?

Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: If I already have debt, can I still qualify for a mortgage? The answer is: Yes! It all comes down to your debt-to-income ratio (or DTI for short). To calculate [...]

By |2022-08-18T11:21:51-04:00June 21st, 2022|Joe Knows Mortgages Minute|Comments Off on Can I qualify for a mortgage if I already have debt?
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