Mortgage & Money
Financing, refinancing, insurance, and cash flow.
FHA vs Conventional for First-Time Buyers
FHA loans allow 3.5% down with 580 credit score. Conventional loans typically need 5%+ down and 620+ credit. FHA usually costs more long-term thanks to permanent mortgage insurance.
Escrow Accounts Explained
An escrow account collects your property tax and insurance premiums monthly with your mortgage payment, then pays them for you when due. Simplifies budgeting but leaves you tied to servicer's timing.
Earthquake Insurance — Is It Worth It?
Earthquake insurance costs $800-$3,500/year with 10-25% deductibles. Worth it in high-risk zones (California, Pacific Northwest, New Madrid). Probably not elsewhere.
The Biweekly Mortgage Payment Strategy
Paying half your mortgage every two weeks equals 13 full payments per year instead of 12 — cutting typically 4-6 years off a 30-year loan. But third-party services often charge fees for what you can do free.
Assumable Mortgages — What to Look For
An assumable mortgage lets you take over the seller's existing loan at their original rate. When market rates are high, assuming a 3% seller's loan can save hundreds of thousands over the life of the loan.
Your Amortization Schedule, Explained
An amortization schedule shows how each monthly payment splits between interest and principal over the life of the loan. Early payments are mostly interest; the ratio flips as you build equity.
When an Adjustable-Rate Mortgage Makes Sense
An ARM starts with a lower fixed rate (typically for 5, 7, or 10 years) then adjusts periodically. Right for buyers planning to sell or refinance before adjustment starts.
Should I Refinance If I'll Move in 3 Years?
A great rate doesn't automatically pay off on a 3-year timeline. Compare your break-even month to your move date — the answer is usually clear once you do.
How to Calculate Refinance Break-Even in 60 Seconds
Refinance math is one simple division: total closing costs divided by monthly savings. If the answer is fewer months than you'll stay, refinance wins.
Recast vs Refinance a Mortgage — What's the Difference?
Recasting and refinancing sound similar but solve different problems. A recast keeps your rate and lowers your payment. A refinance replaces the whole loan.
Landlord Insurance vs Homeowners — What Changes?
The day a home becomes a rental, its insurance changes. A homeowners policy may not cover a rental at all — a landlord policy adds loss-of-rent and different liability.
How Much Homeowners Insurance Do I Actually Need?
Coverage should match rebuild cost, not market value. Also check liability, personal property, and additional-living-expense limits — they matter more than most owners realize.
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