08 FebDown Payment or Invest?
If you could pay for a home with cash without getting mortgage financing, would you? Should you? That decision is both an emotional one and a financial one. Let’s look at a recent example… We received a call from a potential customer, referred to us by a real estate agent we work with, who was [...]
Read More ...29 MayTo Lock or Not to Lock Mortgage Rate
Anyone who was recently “floating” their rate in the hopes of another dip in rates can tell you the answer they would now have in hindsight. As they say, hindsight is 20/20. But if only we all had a crystal ball, would we trust it or still try to out guess the market? When [...]
Read More ...06 JanWhat is APR or Annual Percentage Rate?
One of the most common incorrectly explained and misunderstood topics within the mortgage business is the definition of APR. I will do my best to unravel the mystery and explain it in a way that is clear and understandable so that next time you ask your lender about APR, you can correct their explanation about [...]
Read More ...04 DecGet Rid of My Mortgage Insurance
Nobody wants mortgage insurance. The only reason people get mortgage insurance is to provide the opportunity to buy a home without a 20% down payment. People went as far as doing 80/20 (80% 1st mortgage and a 20% second mortgage) financing to avoid paying mortgage insurance, even if the payment ended up a little higher. [...]
Read More ...02 DecWhat is a Good Credit Score?
You just want to know what a good credit score is. Probably because you are looking into obtaining a mortgage, or maybe an auto loan. Did you know credit scores are used in other areas outside of obtaining financing? Cell phone companies, insurance companies, apartments and sometimes even employers will check your credit to determine [...]
Read More ...24 NovMortgage Refinance – Does it Make Sense?
Refinancing is a serious decision that will be based on emotion, money and both short and long term impacts. Deciding whether or not now is the right time can be a difficult process, especially when you know you can get a lower interest rate. So how do you go about determining if refinancing makes sense [...]
Read More ...20 NovMortgage Don’ts
I recently received an email from a Lending a Hand reader requesting information on what to avoid throughout the mortgage process to ensure a smooth approval and closing. Instead of just responding directly, I thought many of the readers could benefit from this question, so I decided to write a post on the Mortgage Don’ts. [...]
Read More ...19 Nov8 Questions to Ask Your Lender
I was planning to start this post telling you about how important a home purchase and mortgage financing transaction can be, but I think everyone already knows that. Before I jump right into the questions, I want to explain the questions I am suggesting you ask. Most sites on the Internet suggest asking specific questions [...]
Read More ...03 NovHow Much Mortgage Can I Afford?
Determining the amount of mortgage you can afford is normally a personal decision but the lender will have their two cents. Consider both what the lender looks at and what you are comfortable with. Let’s compare how each of these two numbers are or should be determined: Your Comfort Level: Determining the payment you would [...]
Read More ...30 OctPaying Down Your Mortgage
I am often asked if prepaying on a mortgage loan is best, and if so what method of prepaying is best. Paying off any debt is always a good idea as it increases net worth and eventually alleviates the borrower from paying a large amount of interest, but the priority of paying off a mortgage [...]
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