Want to go shopping? Have you ever thought about shopping for a lower mortgage rate? If not, you may want to consider it. If you decide to go shopping for a lower mortgage rate, one thing you do need to consider is that not all lenders share the same business practices. Some of them may […]
Sometimes, you want to wait for something to come down – a fever, a price on a video game system, etc. However, it might not be a good decision to wait until mortgage rates come down. Here’s the reason. If you’re decision to wait is correct, and the rates do come down by two percent, […]
We should probably start this with “what exactly is an APR?”. An APR is an “Annual Percentage Rate”, and is a calculation to accurately reflect the cost of the mortgage considering the note rate of interest, financing fees and charges based on the term of the mortgage. APR calculates the interest rate and loan fees […]
In 1913, the 16th amendment allowed personal income tax and one of the allowable deductions was mortgage interest paid on your principal residence. A follow up in 2017, Tax Cut and Jobs Act reduced the maximum amount of acquisition debt to $750,000 from $1,000,000. Acquisition debt is the amount of debt used to buy, build […]
Of 50 million homeowners it is estimated that 7 million of them could save money each month if they refinanced their existing mortgage. One obvious saving is refinancing at a lower mortgage rate. Another saving is that if you bought a home before 2011 and your are paying for mortgage insurance, you might want to […]
Homeowners, excited about lowering their mortgage rate by refinancing, have a tendency to ignore the costs because they are rolled into their new mortgage. If there’s no money out of pocket and the payment is lower than what they’re paying, it often seems like a good deal.
