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 isn't going to be the loan for everyone. While it does sound legitimate, and it is run by people who have worked in the affordable housing arena in…
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…
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, the average rate for a 30-year fixed rate loan rose to 6.47 percent from 5.99 percent the previous week. Points ranged 1.14 to 1.09, according to MBA…
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.
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…
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…
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…
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…
Tax Tips For The End Of The Year
At the end of the year you can take some steps to prepare for your taxes for the next year. You can prepare for taxes by saving money to your 401(k) account or prepaying your mortgage. What else can you to do prepare for filing your taxes?
Refinance Or Ask Mortgage Lender For Interest Rate Change
When you apply for a mortgage loan you may decide to lock in the interest rate early on. As your closing date approaches the going interest rate for mortgages of your type may change. What can you do if the interest rate available at the time of your closing is lower than the rate that you locked…
Credit Watch is a service from Equifax, one of the nation's three major credit reporting bureaus. For about $50 per year, Credit Watch will notify you any time there is a change to your credit history, whether a creditor changes names, or if an account is opened or closed. If you have already been…
Mortgage Loan Decisions Include Points
When you're applying for a mortgage loan or refinancing a mortgage loan you'll face many decisions. Mortgage loan decisions include what type of loan you want: an adjustable rate mortgage or a fixed rate mortgage. In addition you can choose whether to lock your loan rate right away or to float the…
Good Credit Score Helps You Get Better Mortgage Loan
Having a good credit score is crucial to getting a good interest rate on a car loan, a home mortgage loan or other loan. Whenever you apply for a loan, the creditor will check your credit report. Having too many creditors check your credit report or score within a month may result in your credit…
