Latest Articles

How mortgage interest works

Mortgage interest is a fundamental aspect of the home buying process, influencing the overall cost of homeownership. Understanding how mortgage interest works is crucial for prospective homebuyers seeking financial stability and long-term success. When you secure a mortgage, the lender charges interest as compensation for lending you the principal amount needed to purchase the home. […]

5/1 Adjustable-Rate Mortgage explained

A 5/1 Adjustable-Rate Mortgage (ARM) is a type of mortgage loan that offers an initial fixed interest rate for the first five years, followed by adjustable rates that can change annually for the remaining loan term. This structure is often denoted as “5/1,” where the first number represents the initial fixed-rate period, and the second […]

Unlocking Flexibility and Affordability: Exploring the Concept of ‘Mortgage Like Rent’ with Charlie Shami of Sonic Loans®

In the ever-evolving landscape of the mortgage industry, innovative approaches are reshaping the way individuals perceive homeownership. Charlie Shami, President & CEO of Sonic Loans®, a multi-state mortgage company renowned for its forward-thinking initiatives, sheds light on the concept of “Mortgage Like Rent” – a groundbreaking perspective that aims to combine the stability of homeownership […]

Creative Mortgage Solutions for Self-Employed Borrowers

The rise of the gig economy and entrepreneurship means more people are self-employed than ever before. But how does this shift impact the mortgage process? Let’s explore the options available for the self-employed. Traditional vs. Non-Traditional Income: Understanding the Difference: Unlike traditional employees, self-employed individuals might have fluctuating incomes, making it challenging to present a […]