1906, 2020

Understanding When Mortgage Points Are Worth Paying (Part 2)

June 19th, 2020|

In part one of this blog post we covered the basics on mortgage points (or discount points), including the costs to purchase them. We recommend reading that post if you have questions or need more information about mortgage points. When Mortgage Points Could Be Worthwhile If you are not planning to stay in your home for at least as long [...]

1206, 2020

Understanding When Mortgage Points Are Worth Paying (Part 1)

June 12th, 2020|

Anyone who has ever applied for a mortgage has probably heard the term “mortgage points” or “discount points.”Perhaps you wondered exactly what these points were, and whether they are worth the cost to purchase them. We’ll review the basics on mortgage points, and when it makes sense to consider them in this two-part blog post. The Basics: What is a [...]

506, 2020

How Much Down Payment Do I Need for a Home?

June 5th, 2020|

One of the most common questions that comes up as people start looking to purchase a new home is, “How much down payment do I need?” The actual amount that is required will depend on the type of loan you are planning to get, and your own personal financial situation. Understanding Down Payments A down payment is cash you give [...]

805, 2020

4 Money Mistakes People Make Before Buying a Home

May 8th, 2020|

Everyone knows that buying a home is a significant commitment and investment, and preparing to purchase a home requires some financial discipline and smart decisions to get approved for a loan at the lowest possible interest rate. Some money decisions that you may be tempted to make right before you close on your home could seriously hinder your ability to [...]

105, 2020

To Lock In or Not? How to Decide if a Mortgage Rate Lock is a Good Idea

May 1st, 2020|

If you are thinking about buying a home in the near future, you’re probably paying really close attention to what happens with mortgage interest rates. In recent months they have gone down, which is great for homebuyers who are able to get a lower rate, since even a small difference in your interest rate can dramatically reduce the amount of [...]

1704, 2020

Understanding How Underwriters Calculate What You Can Borrow for a Home Loan

April 17th, 2020|

Before you can get a loan for your mortgage, your request for the loan has to go through underwriting. The underwriting process is fairly straightforward—your lender takes the information you provide about your income, assets, property, and debts to determine whether they should give you a loan. You won’t be involved in the process except to provide any necessary information [...]