art Getting approved for a home loan can be exciting, but before you act too fast, you should know how to save money on it. Did you know that closing costs can amount to as much as 5% of your loan amount? That’s some serious money. Let’s say you borrow $300,000, you would pay as much as $15,000 in closing costs, and that’s money you must come up with on your own. Compare … [Read more...] about Simple Tips to Save Money on Your Next Home Loan
Shopping for a mortgage is not a one-size-fits-all approach. Each borrower has their own requirements and terms that will fit their needs. While shopping with different lenders is recommended, it can also be time consuming and frustrating. Rather than doing the legwork yourself, you can use mortgage comparison sites to help you get the answers you need. Compare Offers from … [Read more...] about How Mortgage Comparison Sites Can Help Borrowers
If a lower mortgage payment sounds like just what you need, interest-only loans might be something you consider. Before you take on this alternative loan, you should know how it works as well as the pros and cons to determine if it’s a good fit for you. How Interest-Only Loans Work Interest-only loans, as the name suggests, only require you to pay interest for a certain … [Read more...] about What you Need to Know About Interest-Only Loans
Mortgage interest rates are of major concern to most borrowers. It’s one of the largest factors when considering how much the loan will cost. Deciding when to lock in the rate requires you to understand the economic factors surrounding interest rates. Get Matched with a Lender, Click Here. While it’s impossible to predict what rates will do 100%, you can at least have a … [Read more...] about Which Economic Factors Can Impact Your Mortgage Interest Rates?
A recent survey commissioned by a lender revealed that 53% of its respondents prefer a 10% down payment on a home, not 15%, 20% or 30%. What’s more interesting is that 25% of the respondents professed not understanding how mortgage rates generally work. This confusion is understandable because mortgages can be difficult subjects themselves. But in the interest of home buying … [Read more...] about How Well Do You Know Mortgage Rates and Why They Matter to You