Mortgage Shopping

Mortgage Shopping

Shopping for a mortgage rate can save you hundreds, even thousands, of dollars. Mortgage rates can vary in more ways than one depending on the lender. Forbes Magazine reported that according to Freddie Mac’s data, “in a single week, borrowers received rates anywhere from 4.2% to 4.8%. Rate shopping is especially important in today’s market,…

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Which is a better term – 15 or 30 years?

Which is a better term – 15 or 30 years?

Buying a home requires a careful analysis of your future financial and personal goals so you can enjoy home ownership, not stress over it. Part of knowing how much you can afford takes into account both current expenses and future expenses (and expenses that you don’t know you will have down the road.) Mortgage payments…

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Finding the best mortgage rate for you.

If you are new to home ownership and mortgage shopping, you may not know that mortgage rates change frequently. Lenders across the nation post weekday mortgage rates to a comprehensive national survey so that you know what a competitive rate is. When it comes to being financially responsible, do your homework. When preparing to enter…

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Know your lending options-Part 2

Know your lending options-Part 2

Choosing between a 15-year mortgage or a 30-year mortgage requires a diligent review of the pros and cons of each and how they relate your individual goals/needs.  Taking the time to research this before seeking a loan package can help ensure that you plan mortgage repayment in a way that will most benefit your future…

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Know your lending options.  

Know your lending options.  

Choosing between a 15-year mortgage or a 30-year mortgage requires a diligent review of the pros and cons of each and how they relate your individual goals/needs.  Taking the time to research this before seeking a loan package can help ensure that you plan mortgage repayment in a way that will most benefit your future…

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Second Mortgages  

Second Mortgages  

If you’ve ever heard someone say they are taking out a “second mortgage,” they are talking about a home equity loan. This is a type of mortgage where homeowners can borrow money by “leveraging” the funds in their home, or the money they’ve already paid into the principle of their mortgage. Home equity loans became…

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What are VA Loans?  

What are VA Loans?  

VA Loans are offered through private lenders, mortgage companies or banks. Through this program, the Department of Veterans Affairs works to support the needs of servicemembers, veterans, and qualifying surviving spouses and helps them purchase affordable mortgage loans.   VA Loan candidates are evaluated based on length of service, duty status, and character of service.…

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What About New Home Purchasing?  

What About New Home Purchasing?  

First-time home buying can be challenging due to steep down payments, tougher mortgage requirements, and higher home prices. The NY Times says, “It’s never been easy for first-time buyers to get into the real estate market, but that’s been especially true in recent years. In 2010 (or July 2009 to June 2010, to be precise),…

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What about Mortgage Rates?

What about Mortgage Rates?

One of the most important things to do when shopping for a mortgage loan is to lock-in when mortgage rates are at their lowest (so you can improve your mortgage rate outcome). But let’s back up a bit. First, what is a mortgage rate? A mortgage rate is the interest rate affixed to a home…

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