A Common Mortgage Rate Tale Youâve been shopping mortgage rates and finally found a lender you like. The loan officer asks if you want to lock in your rate and you say huh? They explain that you can lock in your interest rate today so it won’t change, or you can float and take your… Read More »Dude, Whereâs My Low Mortgage Rate?
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Principal vs. Principle Attention loan officers, mortgage brokers, real estate agents, and so on The words “principal” and “principle” are two very different words They are constantly used incorrectly by those working in the housing industry Even by major mortgage companies and journalists that should know better! Allow me to get testy about grammar for… Read More »Itâs Mortgage Principal, Not Principle
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When deciding between renting and buying, individuals often fret about missing out on home equity if they do the former. In other words, for all those years they choose to rent instead of own, theyâre not gaining any sort of ownership, and their money is simply being thrown out the window. Of course, that rent… Read More »Itâs Okay to Rent Until You Find a House You Really Like
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Nowadays, just about everyone looking to buy or sell real estate begins their search online. And a small handful of websites seem to be dominating the home buying space, including oddly-named real estate tech companies. I use these websites all the time when researching real estate, but never actually knew the details behind their names.… Read More »What the Names Zillow, Redfin, and Trulia Mean
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Mortgage Q&A: âWhat is lender-paid mortgage insurance?â Several years back, a rule went into effect that made mortgage insurance permanent on most FHA loans for the entire life of the loan. Ouch! Before this game-changer, FHA loans were the catâs meow because of the low mortgage rates offered, coupled with mortgage insurance premiums that were… Read More »What Is Lender-Paid Mortgage Insurance? First Of All, You Still Pay For It
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Over the past year, mortgage rates have been relatively steady near their all-time lows. This has continued to benefit existing homeowners who wish to refinance their mortgages. And has exacerbated an already too-hot housing market. But there has been increasing talk of rate increases, with the Fed eyeing a possible taper to its bond buying… Read More »6 Ways to Snag a Low Mortgage Rate Even If They Suddenly Jump Higher
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In the mortgage/real estate world thereâs a saying: âDrive until you qualify.â Itâs a cute way of saying if you canât afford a home in a certain (desirable) area, hop on the highway and keep driving until home prices get more affordable. This could mean driving an hour away from where you work, an obvious… Read More »Should You Drive Until You Qualify for a Mortgage?
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Refinancing has become a popular decision for homeowners in 2020, as interest rates are at historic lows. You might hear about friends or family refinancing and wonder if you should be doing the same. While refinancing can be an effective way to reduce your mortgage interest rate or monthly payment, there are some situations in […]
The post Reasons Not To Refinance Your Home appeared first on The Simple Dollar.
Mortgage Q&A: âDo mortgage payments decrease?â While everyone always seems to focus on mortgage payments adjusting higher, there are a number of reasons why a mortgage payment may actually decrease over time. No really, there are, so letâs take a look at how this pleasant surprise could happen, shall we… Mortgage Payments Can Decrease on… Read More »Do Mortgage Payments Go Down Over Time?
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Assuming you want to become a homeowner, itâs probably best to go to college, even if you have to take out costly student loans in the process. You may have read articles over the past several years that talk about snowballing student loan debt and the inability to afford a mortgage as a result. While… Read More »If You Want to Be a Homeowner, Go to College and Get a Degree
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