Before I even begin, how do I know which loan program and rate are right for me? The process can be overwhelming, but your loan officer will be able to answer your questions and find the best program to fit your needs. They’ll help you choose the lifespan of your loan, understand the relationship between rates and… Read Full Article Share FacebookTwitterLinkedIn
What if the interest rate goes down in a few years? Can I change the terms of my loan? If you want to take advantage of low-interest rates, you’ll need to go through the refinancing process (for more information, see here). This might make sense if the rate significantly decreases, but keep in mind that you’ll still need to… 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