Want to see questions 1-3 from this real estate investor? Click here to see our past blog posts answering some very important questions. Question 4) I hear interest rates for cash out refinances are higher in comparison to purchase and non-cash out refinances, is this true? Yes and no. Yes in that all initial loan terms, mortgage interest rates and lender fees are determined based on the risk assessment and the individual type of the loan transaction, and cash out loans are deemed the
Interest Rates
Securing Loan Terms: A Guide to Getting the Best Deals
Question: How Do I Secure Loan Terms Without Giving Sensitive, Personal Information? Is there a way for me to find out what my interest rate and closing costs would be without a hard inquiry on my credit report and providing documents with my sensitive personal information to multiple people? Whenever I call a lender or mortgage company they want to pull my credit with a hard inquiry along with providing a lot of personal information before answering my questions. It’s not that
The Best Loan Terms: How to Score Them Like a Pro
I love my sister-in-law, I truly do. And when she asked me what to do to ensure she gets the best mortgage loan terms, my answer to her was pretty simple. Call me sis, we’re family, I’ll make sure you’re taken care of. Her reply was priceless leaving all of us laughing. I get that and I have no doubt you will, with this said, how do I make sure you are giving me the best deal and how can I double check the loan options you provide? What a
The Ultimate Guide to Finding the Cheapest Loans
Borrowing Private Money at “Net Zero Interest”? What does “Net Zero” mean? In most everyday applications of this term, it is within a discussion about greenhouse gasses, and the push towards achieving a perfectly even balance between emissions produced and emissions taken out of the atmosphere. Some would say achieving Net Zero is the goal towards achieving a healthy atmosphere and stable planet. So, what does Net Zero have to do with interest rates, and more specifically private money
Seize the Opportunity: Historically Low Interest Rates Explained
We are currently seeing historically low interest rates, but there are still some homeowners out there who aren’t interested in refinancing and taking advantage of these low rates. Why wouldn’t you decrease your interest rate instead of settling for 4.25%? For some, this might sound strange. Million of Americans have looked to refinance existing home loans to take advantage of these historically low interest rates. At the time of writing this blog, the average 30-year fixed mortgage for a
Simplifying APR: What to Do When It’s Higher Than Your Interest Rate
What is an Interest Rate? An interest rate is the price of money, and a home mortgage interest rate is the price of money loaned against the security of a specific home. The interest rate is used to calculate the interest payment the borrower owes the lender.The rates quoted by lenders are annual rates. On most home mortgages, the interest payment is calculated monthly. Hence, divide the rate by 12 before calculating the payment.This is how your monthly Principal and Interest Payment is