How is a mortgage broker different than a bank? A mortgage broker acts as the middleman and works with numerous lenders to help buyers shop for a loan. They are usually paid a commission by the lenders — not the borrowers. Working with a broker can save you time… Read Full Article Share FacebookTwitterLinkedIn
What is the difference between a buyer’s and seller’s agent? Buyer’s agents are licensed real estate professionals who are responsible for searching, evaluating and negotiating the purchase of a property on a buyer’s behalf. They don’t sell real estate, but they help real estate deals come to fruition. A seller’s… Read Full Article Share FacebookTwitterLinkedIn
What are the difference between 10, 15 & 30-year fixed rates? These are the most common loan periods. If you have a shorter loan period (10 years as opposed to 15), your interest rate will be lower, but you’ll have higher monthly payments. Read Full Article Share FacebookTwitterLinkedIn
What does “locking in a rate” mean? At the time of your loan application, you will want to lock in your interest rate and loan terms for a specific amount of time — usually 30, 45 or 90 days. Locking in an interest rate protect you in… Read Full Article Share FacebookTwitterLinkedIn
How often do mortgage rates fluctuate? Rates are constantly changing weekly, daily and even hourly. The main factors for this flux are the state of the economy, inflation and the Federal Reserve Board. While these things are out of your hands, you can control your credit… Read Full Article Share FacebookTwitterLinkedIn
Is it ever a good idea to put down less than 20% even if I can afford more? Yes, it is fine to put less than 20% down. In most cases, the cost of PMI is the lowest it has been in years, making a lower down payment a more financially attractive option. Read Full Article Share FacebookTwitterLinkedIn