Archive for the refinancing your mortgage Category

Bi-Weekly Mortgages vs “Over-Paying” Your Mortgage!

"I Dreamed a Dream" - Susan Boyle You may have received offers in the mail from various lending institutions regarding setting up a bi-weekly mortgage payment, thus, paying down your mortgage at a faster rate.  Of course, any way you can contrive to pay less interest and/or pay off your mortgage loan more quickly can be a good thing (but, not always, there are a lot of factors)(I believe it's a good financial move IF it's your primary residence; investment properties give a better ROI/return on investment by using OPM/other people's money)!!  Lending institutions will generally charg… Read More

What Determines the Interest Rate on My Mortgage?

Kwanzaa Songs Kujichagulia Self Determination Today's post is a re-post from Eric Newman of NW Mortgage Group.  It contains interesting and very informative FAQ's  if you are considering purchasing a home or investment property.  This includes a very g… Read More

Did You Know? You Can Help a Family Member with a Purchase or a Re-Finance?

"How Will I know?" - Whitney Houston Did you know????   A non-occupying borrower may purchase or refinance a primary residence for the benefit of an elderly parent or disabled adult child who will be the occupying party (or, in the case of a refinance, is currently an occupant). In order to be eligible for financing, the Underwriter must determine that the occupying party is either unable to work or has income that is insufficient to support a reasonable housing payment. Tax returns for the occupying party and a detailed letter explaining the situati… Read More

Online Lenders vs Local Lenders!

"Beat It" - Michael Jackson Sometimes buyers want to use lenders they find on the internet that advertise really low rates…..rates that can’t be delivered and come with high cost for discount points, not to mention poor service from the loan officer.  I am often asked how I feel about it.  I shop online plenty; it's a great way to compare prices and often find items you can't locate locally.  I do like to support local businesses first, if I can.  However, when it comes to saving money on loans, I'm reluctant to encourage people to participate unless they are very savvy buyers.  … Read More