Categorized: Mortgage Basics

A Positive Outlook Embracing Opportunity As we enter the year 2024, homeowners and potential buyers are optimistic about the mortgage market. In this blog post, we will explore the possibility of declining mortgage interest rates and their potential impact on home prices. With more buyers entering the market, it is important to consider the consequences…

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When considering purchasing a home, it is important to understand how to calculate your monthly mortgage payment to plan your budget for future expenses. We are going to cover the basics you’ll need to calculate an estimated monthly payment. With this information, you can get an idea of what purchase price you are comfortable with,…

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With so many mortgage lending companies out there, you might be wondering how to find one that has your best interests in mind. It can be more difficult when predatory lenders use deceptive tactics and tricks to trap people into less-than-ideal financial situations. Look out for these five common signs and tactics predatory lenders use…

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There are several components to a mortgage that allow for mortgage interest tax deductions to qualify. Some people can qualify for all of them, while others only use one or two. Either way, they save you money on your total tax liability. The most common mortgage tax deduction is the interest you paid on the…

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Mortgage rates are a critical factor in the home buying process, and their fluctuating nature requires a comprehensive understanding. The truth is, mortgage rates are subject to change, often varying from one day to the next. For prospective homeowners, being well-informed is crucial in navigating how mortgage rates impact the home buying journey. The Annual…

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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 of interest…

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What is APR (Annual Percentage Rate)? When it comes to borrowing money, it is crucial to have a clear understanding of the Annual Percentage Rate (APR). APR is a standardized measure that reflects the total cost of borrowing over a year, including both the interest rate and any additional fees or charges associated with the loan.…

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Here are Mortgage DOs and DON’Ts to follow during your loan process. Mortgage DOs Keep All Records in Good Order. Keep your credit shining. Continue making payments on time. Your credit report may be pulled again, and any negative change to your score could cause you to lose your approval and your home. Understand that things…

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It’s a common misconception that the lowest mortgage rate equates to the most cost-effective option. However, the true cost of homeownership extends beyond just the interest rate. The overall cost includes various other components, making it crucial to consider more than just the interest rate. A Closer Look at Mortgage Rates Mortgage interest rates are…

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