Mortgage rates have increased significantly since the beginning of the year. Each Thursday, Freddie Mac releases its Primary Mortgage Market Survey. According to the latest survey, the average 30-year fixed-rate mortgage has risen from 3.22% at the start of the year to 3.55% as of last week. This is important to note because any increase… [Read More]
Why is the APR higher than the interest rate?
Annual percentage rate is a calculation to accurately reflect the cost of the mortgage considering the note rate of interest, financing fees and charges based on the term of the mortgage. Annual percentage rate, APR, calculates the interest rate and loan fees over the life of the loan expressed as a rate. A mortgage has… [Read More]
Paying Down Your Mortgage
When the situation arises that you have a lump sum of cash to pay down your existing mortgage, there may be different options available. Prepaying principal on a fixed-rate mortgage shortens the term of the mortgage but the payment stays the same. Conversely, recasting a mortgage with a lump-sum principal payment lowers the principal and interest… [Read More]
Will Soft Inquiries Hurt Your Credit Score?
Soft inquiries, sometimes known as a soft credit check or a soft credit pull, do not impact your credit scores because they are not attached to a specific application for credit. They can occur when a credit card issuer or mortgage lender checks a person’s credit for preapproval purposes. Examples of soft inquiries are when… [Read More]
Knowledge Is Power When It Comes to Appraisals and Inspections
Buyers in today’s market often have questions about the importance of getting a home appraisal and an inspection. That’s because high buyer demand and low housing supply are driving intense competition and leading some buyers to consider waiving those contingencies to stand out in the crowded market. But is that the best move? Buying a… [Read More]
- Next Page »