When people think about buying a home, they likely envision attending open houses and picking out new paint colors, not securing a mortgage. While getting a mortgage isn’t as glamorous as other aspects of buying a home, it is arguably the most important step in the process. Without a mortgage, most people wouldn’t have a…

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Veterans, we are eternally grateful for the sacrifices you have made for our country. While there is nothing we can do to adequately thank you for your service, we can offer guidance and assistance during your homebuying process. We are here to help you navigate VA loans and get the keys of your dream home…

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How does mortgage amortization really work? A fixed rate loan can also be referred to as a fixed payment loan – However, the amount of principal and interest paid changes with each payment. Interest Paid – The math behind “amortization” or paying a loan off in a fixed period of time starts with the amount…

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The Fed Increased Rates

The Fed increased rates at their most recent meeting. They also indicated they will likely raise rates three additional times in 2018. Please read on for more: First, who is the Fed and what do they do? The Federal Reserve Board (the Fed), controls the Fed Fund Rate and the Discount Rate. These are charges…

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APR (Annual Percentage Rate) Comparing the cost of Home loans When you see a loan rate advertised, you’ll also see a corresponding APR (4.5%/4.762% APR). This Annual Percentage Rate is the total cost of your loan (interest and fees) expressed as a single number. The purpose is to give you one number for comparing multiple loans….

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There’s more to comparing the costs of renting and owning a home than the dollar cost of payments.   Even with numbers like these, some still say renting is better: “Investing in a home is riskier than renting.” No risk, no reward. Besides, even studies conducted by the Federal Reserve show that owning can provide a net…

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Know what factors influence the actual rate for your loan. Securing the lowest possible rate has less to do with scouring ads and more to do with the particulars of your transaction. Lenders typically pick the best scenario as the basis for advertisements. Unfortunately, best-case doesn’t apply to every loan.   Here are some factors that…

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Here are Mortgage DOs and DON’Ts to follow during your loan process. DO: Keep All Records in Good Order. Availability– Keep your financial records close at hand in case updates are requested. Income– Be aware that underwriters typically verify your income and tax documents through your employer(s), CPA, and/or IRS tax transcripts. Hold onto new…

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