Craig Berry

Jan 27, 2025 | mortgageresearch.com | Craig Berry |Tim Lucas

A Mortgage Credit Certificate (MCC) is a federal tax credit program that allows eligible first-time homebuyers to claim a portion of their annual mortgage interest as a dollar-for-dollar reduction on their federal taxes. Issued by state or local governments, MCCs help make homeownership more affordable but are not loans or direct payments.

Jan 13, 2025 | mortgageresearch.com | Craig Berry |Tim Lucas

For homeowners looking to access the equity in their home, second mortgages and home equity loans are two popular options. When referring to a second mortgage vs. a home equity loan, you’re really talking about the same thing. A home equity loan is a type of second mortgage on a home that’s secured by the underlying property. But, it’s not the only type of second mortgage available.

Dec 4, 2024 | mortgageresearch.com | Craig Berry |Tim Lucas

For many homebuyers, especially first-timers, saving tens of thousands for a down payment is an insurmountable challenge. Fortunately, 20% down is unnecessary. It’s even possible to purchase a home with no down payment. Key TakeawaysZero-down mortgages allow buyers to purchase a home without making a down payment. VA and USDA loans are popular government-backed zero-down options for eligible buyers.

Nov 20, 2024 | mortgageresearch.com | Craig Berry

Buying a home for the first time is an exciting milestone, but it can feel overwhelming, especially trying to understand the various mortgage options available. Fortunately, several home loans and programs are specifically designed for first-time buyers. In this article, we’ll cover the range of options for first-time buyers, from low-down-payment loans to state and federal programs, along with resources to help you take the exciting first step toward owning a home.

Nov 18, 2024 | mortgageresearch.com | Craig Berry

Mortgage points, also known as loan discount points, are fees you pay upfront to reduce your mortgage’s interest rate. When you purchase a point, you essentially prepay the interest for a smaller monthly payment. Some homeowners are averse to buying points. Others believe points make smart financial sense. So, who’s right? Let’s dive into the ins and outs of mortgage points, how they work, and when it makes sense to buy them.