The Fed And Mortgage Rates
The Fed does not set mortgage rates, but it does influence the market where most mortgage rates originate, which is the Mortgage-Backed Securities (MBS) market. MBS, and ultimately mortgage rates, are also impacted by specific economic reports (domestic and international),
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Learn About Pre-Payment Penalties
When you buy a home or refinance a current mortgage, you’ll always want to ask your loan officer if your new mortgage has a pre-payment penalty. In fact, it should be one of the first questions you ask when shopping
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30-Year Vs. 15-Year Fixed
The 30-year fixed vs. 15-year fixed mortgage debate has been going on for decades! Every homeowner wants a low mortgage payment, and every homeowner wants to pay off their mortgage as fast as they can; however, combining the two to
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Debt-To-Income Ratio
The debt-to-income ratio is a calculation performed by the person underwriting your home loan application. It compares the total amount of your monthly debt payments divided by the total amount of your monthly income. The comparison enables the underwriter to
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Subordination Explained
A mortgage subordination is when a lien holder of a fixed-rate second mortgage or a Home Equity Line of Credit (HELOC) agrees to remain in a “second position” on your property title while a new first mortgage is put in
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No-Cost Mortgage Rates
A no-cost mortgage rate is when your home loan lender covers all the closing costs (lender, third party, and recording costs) associated with your mortgage in exchange for a higher mortgage rate. All things being equal, a mortgage rate without
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Automated Valuation Method
Millions of people buy a home or refinance their current mortgages every year. Traditionally, someone applying for a mortgage obtains an appraisal from a licensed appraiser before their loan application is approved by an underwriter. The appraiser’s report gives an
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Ten Questions To Ask Your Loan Officer
There are ten important questions to ask your loan officer when you’re looking to obtain a new mortgage to purchase a home or refinance a current mortgage. Asking the right questions is the best way to ensure you obtain a low
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Top Ten Mistakes When Obtaining An Equity Line Of Credit
Below is a list of top ten Mistakes when obtaining an equity line. 1. Not Checking To See If You Have A Pre-Payment Penalty Clause If you are getting a “NO FEE” credit line, chances are it has a pre-payment
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When Not To Refinance
Refinancing your current mortgage doesn’t always make sense, and here are some guidelines for determining when not to refinance. We all want the lowest rate and payment possible, but sometimes, a refinance is not a good idea. It’s important to
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