Tag Archives: mortgage

Mortgage Rates

Mortgage rates are very low.  Check the rates below and call one of our lenders today.  

Behind the Scenes – Loan Underwriting

A good look at what happens at a bank between mortgage loan approval and closing. http://www.bankrate.com/finance/mortgages/closing-day-processes.aspx

ARM vs. Fixed Rate Mortgage

Low mortgage rates today may have you wondering if you should refinance your ARM (adjustable rate mortgage) to a fixed rate (conventional) mortgage.  There is no better time than now to ask that question.  We know that, at some point, mortgage rates will rise, we just don’t know when.  A rising rate will affect your […]

When To Refinance A Mortgage – Save Money

Most people look to refinance as a way to save money. However, there is more than one way to look at the cost savings of lowering your interest rate. One way is the initial savings in your monthly payment. Another is to look at savings over the life of your loan. A lot of my […]

Where Are Mortgage Rates Going?

The most popular question people are asking us is where are mortgage rates going and did we hit bottom. Only time will tell, but the Fed has made an announcement last week that could affect rates going forward. They announced their participation in the purchase of Mortgage Backed Securities is ending. The Fed decided to […]

How To Ensure A Good Credit Score

First, let’s understand how your credit score is determined. Your credit score is broken down into five categories weighted accordingly… Payment history =  35%… Total Amount Owed = 30%… Length of Credit History = 15%… New Credit = 10%… Type of Credit in use = 10%. MAKE YOUR PAYMENTS ON TIME!  This is the most […]

80-10-10 Mortgages

What does 80-10-10 mean?  The 80 stands for an 80% First Mortgage;  the 10 stands for 10% Second Mortgage and the last 10 stands for the 10% down payment from the consumer.  This is done quite simply to avoid PMI (Private Mortgage Insurance).   Banks typically require 20% down from someone when purchasing a home… the problem is that […]

No Money Down….Not a good deal!

I’ve never been a fan of the “no money down” or even “low money down” concept for home purchases.  The ZERO (or little) down programs most often result in higher rates and higher fees.  The fees will more than likely be added to the mortgage.  This, in turn, makes it nearly impossible to gain any […]

What’s Up With Mortgage Fees & Points?

Consumers have gotten used to refinancing their mortgage with little to no costs over the past 10 years.   This is about to change!  The problem was simple; business only works when it’s a win-win situation for everyone included.  This has not been the case in the mortgage industry.   The consumer refinances to a lower rate […]