Mortgage rates strongly affect the process of purchasing a house since they directly dictate how much your monthly payments will be. In order to fully understand where these rates come from and what makes them go up and down, you really need a finance or economics degree. Since very few people have time to actually […]
How to Reduce Your Mortgage
One Additional Mortgage Payment a Year There’s a simple trick to significantly reduce the length of your mortgage and save you thousands of dollars. The trick is to make one extra mortgage payment a year and apply that payment toward your loan’s principal. This is the method being used by “Bi-Weekly Mortgage Reduction Services” and “Bi-Weekly […]
Bi-Weekly Mortgages
If you search for “bi-weekly mortgages” with an Internet search engine, you will be overwhelmed by the number of companies offering “Bi-weekly Mortgage Reduction Services” or “Bi-weekly Savings Programs.” Beware, you are entering dangerous waters. Beware of Bi-Weekly Mortgage Reduction Services and Savings Programs These “Reduction Services” and “Savings Programs” are charging you fees […]
Types of Mortgage Loans
Before approaching a bank, it is important to be familiar with the types of mortgage loans that exist. Since mortgages come in all shapes and sizes, familiarizing yourself with every option may seem like an impossible task; to ease this process refer to the list below in order to be aware of what available […]
Home Mortgage Rate: The Difference Between Interest Rate and A.P.R.
Home Mortgage Rate: What is the difference between the interest rate and the A.P.R.? When shopping for the lowest home mortgage rate you’ll see an interest rate and an Annual Percentage Rate (A.P.R.) for each mortgage loan you see advertised. The easy answer to “why” is that federal law requires the lender to tell you […]
Home Buyer Assistance Programs
One of the most frequently asked questions by first time homebuyers is, “are home buyer assistance programs real?” Let’s shed some light on that. The three key elements of any mortgage application is the down payment, income, and credit history. The reason that the down payment is listed first is that banks base their decisions […]
First Time Home Buyer Tips
Many young families contact me asking for first time home buyer tips. My stock answer to them is: “Are you sure you want to buy and not continue to rent?” Even though I feel strongly that buying is more prudent economically, I also know that the decision to buy has to be made at the […]
First Time Home Buyer Guide: Why You Should Get an Inspection
Whether you are buying or selling a home, you should have a professional home inspection performed. A home inspection will look at the systems that make up the building such as: Structural elements, foundation, framing etc Plumbing systems Roofing Electrical systems Cosmetic condition, paint, siding etc If you are buying a home, you need to […]