Most people are likely familiar with the usual terms for a mortgage like 30, 20 or 15-year terms, but what if you are looking to refinance after paying six years into your mortgage and still have 24 years left? You may not want to go back to a 30-year loan or may not be ready to go down to a 20-year with a higher payment. This is where the Flex Term can come into play, as we would be able to get a term for 24 years so that you are able to stay in line with your current remaining mortgage term
Interest Rates
Discount Points: Are They Worth It? Your Guide to Buying Down Interest Rates
Here’s the scenario: you are looking to purchase your home or refinance your home and are reviewing your Interest Rate Options that your lender sent you, but you notice you have lower rates but are spending more in fees to get. These extra fees are called Discount Points and/or Pre Paid Interest. This gives you the ability to pay extra upfront in costs to get a lower rate for the life of the loan. Does this make sense to do? Not in every case, but it can be a major benefit if you plan on
Buying Power Demystified: Interest Rate vs Property Value
It’s not breaking news that interest rates are at an all time low, so it’s one of the best times to buy that dream home, don’t you agree? Let’s dive into various perspectives – or peal back the onion if you will – and let’s uncover some real estate and investing trends and hopefully educate you on what it’s really like out there. At the time of this post, the interest rates are terrific. You have 30-year mortgages averaging in the mid to high 2’s and qualifications are falling back to
Interest Rate vs APR: What’s the Difference and Why It Matters
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
Don’t Miss Out: Take Advantage of Historically Low Interest Rates
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
Get the Best Deal: Why You Should Shop Your Lender
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
