points
No Point, No Cost Loans
Our office spoke with NACA.com this week to learn more about its operations and the “no point, no cost” loans it offers. What we learned is that this …
What Mortgages Cost — Or Should Cost, PART II of II
According to consumers, mortgages should cost a lot less than they actually do. Once you add in loan fees, discount points, origination point and other closing costs and fees, you can wind up shelling out a whole lot of cash to get the mortgage you need to buy your home. And lenders are apt to call their fee charges by different names, which is confusing to borrowers who are trying to compare loan costs on an apples-to-apples basis.
Mortgage Loan Rates Rise
Both the Mortgage Bankers Association (MBA) and Freddie Mac issued news that mortgage loan interest rates have gone up.
For the week ending Oct. 10, …
Loan Tips For Borrowers
What should you consider when getting a mortgage loan? The mortgage loan should fit your needs and lifestyle and allow you to sleep at night. For more information on mortgage loans watch this Expert Real Estate Tips segment and check out www.ThinkGlink.com.
How To Shop For A Mortgage
A home owner is tempted by all the no cost mortgage advertising. He is looking to refinance his mortgage and home equity line of credit (HELOC). Ilyce explains how to shop for a mortgage and advises everyone to beware of deals that seem too good to be true.
Paying Off The Cost Of Refinancing
Being smart about refinancing isn’t about picking an arbitrary time in which you’ll pay off the loan. It’s about breaking even before you sell the home or refinance your loan again. If you can save money starting tomorrow through financing, refinancing is a no-brainer. But once you get to the point where it takes 12 to 24 months to pay off a refinance, you risk losing money on the deal.
Paying Points When Refinancing
When taking out a first mortgage or refinancing, you may want to consider paying “points.” A “point” is one percent of the loan amount, typically paid in cash to the lender as a fee. There are several different kinds of points. There are “discount points,” where every point you pay lowers your interest rate by a certain amount. The lender may charge you a point or two as a flat fee as well.
Avoid Scams When Refinancing
A reader fears they have been scammed on the fees for their refinancing. Ilyce says they need to compare their loan to other offers to determine if they have been scammed, but she emphasizes the importance of shopping around for a lender.
Refinance If You Can Recoup Closing Costs Quickly
The old rule of thumb for refinancing was to wait until you could lower your mortgage loan interest rate by at least 2 percent. That refinance rule no longer holds true. The new way to determine whether the time is right to refinance is if you can recoup your closing costs within six months of the refinancing the mortgage loan.
Credit History, Credit Score Determine Best Credit Card Deals
Your credit history and credit score determines the best credit card deals a consumer can get. Lenders treat your credit report and credit history as a running score of your financial life, and use that to decide whether you’re worth the risk for a credit card, car loan or mortgage. Clean up your credit score and build a good credit history in order to get the best credit card deals for you.
