by maria | Sep 7, 2016 | Exclusive QA |
With a refinance, you pay off an old loan on your home and take out a new one, usually at a lower mortgage interest rate. To refinance, you will generally need to have equity in your home, a good credit rating and steady income. You can borrow a percentage of the...
by maria | Sep 6, 2016 | Exclusive QA |
The interest rate on a purchase money note is negotiable, as are the other terms in a seller-financed transaction. To get an idea about what to charge, sellers can check with a lender or mortgage broker to determine current mortgage rates on loans, including second...
by maria | Sep 6, 2016 | Exclusive QA |
Because the interest rate market fluctuates constantly and is subject to quick movements without notice, locking in a mortgage rate with a lender certainly protects you from the time your lock is confirmed to the day it expires. Lock-ins make sense in a rapidly rising...
by maria | Sep 6, 2016 | Exclusive QA |
While these are rare in today’s mortgage climate, the main reason buyers sign on for these type of loans, which add 10 years to the traditional 30-year mortgage, is to take advantage of smaller monthly payments. According to real estate experts, the shorter-term loan...
by maria | Sep 6, 2016 | Exclusive QA |
The 15-year mortgage offers you a chance to save thousands of dollars over the life of the loan. This is because the interest rate is typically lower and amortization is half that of the 30-year loan, which means that the total interest paid on the 15-year note, as...