Key Factors of Mortgages

Mortgage Basics

Application Process

Shopping for a Mortgage

Adjustable Rate Mortgages

Key Factors of Mortgages

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Understanding interest rates

In understanding interest rates, you should know a few things about the basic principles of money lending and credit. The idea of credit itself goes back to thousands of years B.C. to the ancient Sumerians, who used a combination of grain and metal coins to issue credit and make payments. More

Points

Understand first that your mortgage broker is in a profit-making business, and her first concern is to make money. This lets you know right off the bat that there is no such thing as a free loan. More

Buydowns

In the simplest sense, a buydown is a way of purchasing a lower interest rate—and thereby reducing monthly payments—for a certain amount of time. The borrower does this either by paying discount points to the lender toward the interest rate. More

Locking in your rates

Locking in your interest rate is a way for borrowers and lenders to make a commitment to a certain percentage on a home loan. Timing is essential to doing this right. In some regards. More

Assumable mortgages

As if interest rates, amortization tables, government programs, buydowns, and points aren’t enough to consider, when you are applying for a mortgage you also need to consider the assumable loan. More

Prepayment penalties

This is a penalty that allows a lender to charge you a percentage of your loan balance if you pay off your mortgage debt before its term is up. This most often applies to payoffs that happen early in the life of a loan. More