If youâve been researching mortgages, or are in the process of taking out a home loan, youâve probably come across the term âimpoundsâ or âescrows.â When you hear these seemingly scary words, the loan officer or mortgage broker is referring to an impound account, also known as an escrow account. You may even be told [&hellip
The post Mortgage Impounds vs. Paying Taxes and Insurance Yourself first appeared on The Truth About Mortgage.
Mortgage Q&A: âWhy are refinance rates higher?â If youâve been comparing mortgage rates lately in an effort to save some money on your home loan, you may have noticed that refinance rates are higher than purchase loan rates. This seems to be the case for a lot of big banks out there, including Chase, Citi, [&hellip
The post Why Are Refinance Rates Higher? first appeared on The Truth About Mortgage.
Mortgage Q&A: âWhat is a streamline refinance?â While qualifying for a mortgage refinance is generally a lot harder than it has been in the past (now that lenders actually care how your home loan performs), there are less cumbersome options available. In fact, many lenders offer âstreamlinedâ alternatives to existing homeowners to lower costs and [&hellip
The post What Is a Streamline Refinance? first appeared on The Truth About Mortgage.
A lot of homeowners are looking to refinance their mortgages at the moment. Thatâs abundantly clear based on the record volume of refis expected this year, per the MBA. And while mortgage rates are in record low territory, thus making the decision to refinance an easy one for most, it still pays to shop around. [&hellip
The post If a Mortgage Lender Reaches Out to You, Reach Out to Other Lenders first appeared on The Truth About Mortgage.
It’s that time again, where I take a look at a pair of popular mortgage programs to determine which may better suit certain situations. Today’s match-up: “15-year fixed mortgage vs. 30-year fixed mortgage.” As always, there is no one-size-fits-all solution because everyone is different and may have varying real estate and financial goals. For example, [&hellip
The post 15-Year Fixed vs. 30-Year Fixed: The Pros and Cons first appeared on The Truth About Mortgage.
Mortgage Q&A: âDoes a refinance require an appraisal?â A reader recently asked if they needed an appraisal to refinance their existing mortgage, knowing they can often add weeks to the loan process. As with anything in the mortgage realm, the answer is it depends. Mainly, it depends on the type of loan you plan to [&hellip
The post Does a Refinance Require an Appraisal? first appeared on The Truth About Mortgage.
Thereâs nothing inherently wrong with living with your parents, other than EVERYTHING! So letâs talk about how to GET OUT! To be clear, Iâm going to discuss moving out and buying a place of your own, not moving out and renting, seeing that the latter is fairly self-explanatory. The desire to move out might be [&hellip
The post How to Move Out of Your Parents House first appeared on The Truth About Mortgage.
Itâs been a while since I last posted a mortgage match-up, so without further ado, hereâs the latest installment: “Prepay the mortgage or invest instead?” There are likely thousands of articles that deal with this very subject, all with plenty of differing opinions, but we are in unprecedented times. Mortgage rates have never been lower [&hellip
The post Should You Prepay the Mortgage or Invest Instead? first appeared on The Truth About Mortgage.
Mortgage rates keep on marching lower and lower, with new records broken seemingly every week. But with all the fervor surrounding mortgage rates, some lenders are playing the âhow low can we appear to goâ game. For example, mortgage lenders may be talking about their lowest rates (with multiple points required), as opposed to offering [&hellip
The post Watch Out for Low Mortgage Rates You Have to Pay For first appeared on The Truth About Mortgage.
We’re all looking for an angle, especially if itâll save us some money. Whether itâs a stock market trend, a home price trend, or a mortgage rate trend, someone always claims to have unlocked the code. Unfortunately, itâs usually all nonsense, or predicated on the belief that what happened in the past will occur again [&hellip
The post When Are Mortgage Rates Lowest? first appeared on The Truth About Mortgage.