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What Are Mortgage Points?

If you have ever checked out the current status of mortgage interest rates, you may have seen the average points listed next to the rates. What are these points and how do they affect your interest rate? Points Defined Mortgage points, or discount points, are upfront fees paid to your lender that allow you to “buy down” your interest rate on your home loan. The idea is that you are prepaying some of the interest on the mortgage, which gives you a lower rate. The more points you pay, the lower your interest rate will be. One point is equal to 1% of the total mortgage loan amou...

February 6th, 2019 | Interest Rates, Conventional Loans, Fixed Rate Mortgages, What Are Mortgage Points?

Things to remember when buying a home

There is so much to do when buying a home, don't forget the details! SOME THINGS TO REMEMBER WHEN MOVING INTO YOUR NEW HOME CHANGE THE LOCKS You don't know the whereabouts of past tenants' keys.   UPDATE YOUR ADDRESS For voter registration, drivers license, tax forms, bank accounts, etc.   FORWARD YOUR MAIL Complete a change of address form either online or at the Post Office.   DE-CLUTTER Don't move what you don't need - donate, discard or sell.   SET UP UTILITIES Contact gas, electric, water and cable compan...

February 5th, 2019 Things to remember when buying a home

Bank statements and deposits

When applying for a mortgage, the banks want to know where your money is coming from. Copies of your bank statements are always necessary in the pre-approval process. Here are some tips for making sure that you are prepared.  Always provide ALL numbered pages of each bank account statement. For example, ‘Page 1 of 18” may be nothing more than a cover sheet, and “page 8 of 8” may be nothing but a blank page or advertisement. Unfortunately, underwriters don’t know that unless they can see them. Any deposit that’s not clearly identifiable as being ...

January 31st, 2019 Bank statements and deposits

Why Do Mortgage Rates Go Up and Down?

Mortgage interest rates fluctuate from week to week and they can make huge swings from decade to decade. In the early 1980s, for example, mortgage rates were as high as 18% while roughly 30 years later they are less than a third of that rate. What causes they changes in mortgage rates? What factors affect the direction of rates? The Fed The Federal Reserve is tasked with keeping balance between inflation and the national unemployment rate. One of the ways it influences this balance is with it federal funds rate – the interest rate that banks charge each other for overnight loans. T...

January 30th, 2019 | Interest Rates, Why Do Mortgage Rates Go Up and Down?

3 Things You Need to Know About ARM Loans

Adjustable rate mortgage (ARM) loans always grow in popularity when interest rates are on the rise. Some borrowers think ARMs are the best way to save money on their mortgage in a higher rate climate. ARM loans can also be helpful for those who do not plan to stay in their home more than a few years. Whatever the reason, if you are considering an adjustable rate mortgage here are three things you need to know before signing. 1. What type of ARM are you getting? Of course, you already know that an adjustable rate mortgage means that eventually your loan interest rate can adjust higher or ...

January 23rd, 2019 | Adjustable Rate Mortgages, Interest Rates, 3 Things You Need to Know About ARM Loans

Economic News

Homeownership Tied to Financial Well-Being   Older American homeowners have a greater degree of financial well-being than those who do not own a home, while lower housing costs are also correlated to more positive financial well-being. This is according to a survey titled “Financial Well-being of Older Americans,” released by the Consumer Financial Protection Bureau (CFPB) Office of Financial Protection for Older Americans.  According to the federal agency, the survey aims to provide “detailed information on the financial wel...

January 17th, 2019 Economic News

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