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"Financing & Refinancing"
What should you know before deciding whether to pay mortgage points or not? Lots!
Here are a few Q&As to get you started:
Q. What is a point?
A. A point is interest paid up front in order to get a lower mortgage rate from the lender. A lower mortgage rate means lower [...]
Maybe you’re still early in the house-hunting stage, but it won’t hurt to start rounding up some of the paperwork and other information you’ll probably need when it comes time to apply for a mortgage. (If there will be a co-borrower, the same information will be required for each applicant.)
Social security number. Two [...]
Your job is secure, you have no outstanding debt, and you have an emergency fund to fall back on. Should you be making additional payments in order to pay off your mortgage sooner?
Why not use our Prepayment Savings calculator to help you decide.
It will give you a quick estimate of how [...]
We know what you may be thinking. “A second home? I’m stretching pretty far just to swing the first one!”
OK, that’s the case for many, but it’s also true that every less-than-ideal real estate market is a good market for somebody.
Seize the opportunity?
With today’s low interest rates and a decline in [...]
Thinking about buying a house but wondering how much you can afford to pay each month for a mortgage?
A good rule of thumb is that your total mortgage debt (principal, interest, taxes, and insurance) should be no more than 28 or 30 percent of your gross monthly income.
Of course this doesn’t take into [...]
Thinking about refinancing? Then one of your first questions may be figuring out how long it will take to “break-even” if you refinance, factoring in a new interest rate and closing costs.
One of our eight handy online calculators, the Refinance Break-Even Point can help you figure it out by taking into account your [...]
Do you dream about burning your mortgage? Living in a house that’s all paid for when you retire? No more monthly mortgage payments?
While those scenarios may sound great, paying down or paying off your mortgage might not be the best way to a rewarding retirement. That’s because it may not be the best [...]
What should you know before deciding whether to pay mortgage points or not? Lots!
Here are a few Q&As to get you started:
Q. What is a point?
A. A point is interest paid up front in order to get a lower mortgage rate from the lender. A lower mortgage rate means lower monthly payments [...]
You don’t live in an area that’s traditionally prone to flooding, so why should you be thinking about flood insurance?
Well, one good reason is that flood damage is not typically covered by homeowner’s insurance.
The Federal Emergency Management Agency, FEMA, says that anyone can be financially vulnerable to floods, even in low- to [...]
Whether you are buying your first home, or refinancing your current, there are some basic rules that every potential mortgagee should follow to keep things moving smoothly:
Always:
Be honest when completing the loan application and in answering questions throughout the process. Provide accurate financial information, including employment history, income, bank statements and deposit verification, [...]
