Share Refinancing always sounds like a good deal when you can reduce your interest rates and monthly payment son your mortgage but does it always make sense to refinance your mortgage? Not always, which is why you should do some calculations before hand to make sure it will really benefit you in the short term [...]
Tags: Calculator, Fees, Rates, refinance
Share The mortgage business can be a confusing industry to understand. There are different types of loans, different types of lenders and different paths for loans after closing. All of these can impact your ability to get approved for a mortgage loan, the terms of the loan or how smoothly the process goes. I bring [...]
Tags: Choosing a Lender, Closing Costs, Qualifying, Rates
Share Effective January 1, 2010 the Department of Housing and Urban Development (HUD) who runs the Federal Housing Administration (FHA) modified their policies surrounding the maximum amount a mortgage lender may charge for “origination” fees on FHA mortgages. This is no surprise due to the recent changes the the HUD and GFE that went into [...]
Tags: APR, Choosing a Lender, FHA, GFE
Share 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? [...]
Tags: Rates
Share The Good Faith Estimate, also known as a GFE, shows the interest rate, term, loan amount, and all settlement costs on a particular loan. The Good Faith Estimate is divided up into several categories: The loan fees, the Title and closing fees, prepaid interest and fees and reserves for the borrower’s escrow account. The [...]
Tags: Closing Costs, GFE, Rates
Share Rates are incredibly low…how low? Well, I was curious, so I decided to check it out and I figured I would pass on the information I found in my research. I checked out a few websites that provide historic rates, but I figured I would go straight to the source, Freddie Mac to gather [...]
Tags: Rates
Share 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 [...]
Share Beware of online mortgage calculators because they may not give you the full story. Most buyers these days are researching mortgage information online before they ever speak to a mortgage lender to become educated and ready to handle this huge purchase. Many of these buyers are searching for mortgage calculators online to help them [...]
Tags: Calculator, Rates
Share Regardless of how a mortgage lender structures a mortgage for you, there will always be a cost that you will pay to obtain a mortgage. The cost may be through up front fees, such as an application fee, or sometimes itemized fees charged at the time of closing. Sometimes, there may even be a [...]
Tags: Closing Costs, GFE, Rates
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