How To Find The Best Mortgage Lender

October 21st, 2016

best-mortgage-lender-getloans-blogWhen comparing mortgage lenders there are many things to consider. If you want to save time follow the below steps on how to compare mortgage lenders. Time is valuable and these six steps should help you find a good mortgage lender: Read the rest of this entry »

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How A Mortgage Calculator Can Keep You Out of Trouble

July 28th, 2016

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If you type “Mortgage Calculators” into Google you will get over 2 million results and Google’s simple mortgage calculator at the top. The Google mortgage calculator will give you a rough idea of mortgage monthly payments based on a simple calculation of the interest rate and mortgage term. It doesn’t answer any details, like: how many payments do I have to pay in order to pay off my mortgage? In 15 years how much mortgage will I have left to pay if I increase my monthly mortgage payment? What happens if you want to increase or decrease the interest rate, or change the amount of years of your home loan? With all the mortgage loan calculators out there isn’t it best when you can see the big picture of your home loan payment and how it can work for you. Read the rest of this entry »

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Rates Are Going Down, Down, Down, Except They Are Not.

July 31st, 2014

A common refrain I hear from mortgage borrowers is that rates are going down when they are not. I had a client insist recently that he knew rates were going down, and he expected a better interest rate than what he was already locked into. I looked into this, and saw that rates were exactly the same as when we had first started his transaction. I researched this and found that Read the rest of this entry »

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Waiting to Buy, Is It a Good Idea?

June 26th, 2014

brian-martucci-waiting-vs-saving-for-home-blogI have had numerous clients mention recently that they may wait to buy because they want to save for a larger down payment to have a 20% down payment and avoid mortgage insurance. While it is laudable to want to have a nice chunk of down payment, waiting may not pay off.  Some think mortgage insurance is a waste of money, and that they should avoid it at all costs. Again, this is commendable, but maybe not worth waiting for. I’ll show some numbers to explain further. Read the rest of this entry »

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PMI versus LPMI versus 1st trust/2nd trust Combo Loan

February 27th, 2014

Everyone likes to think PMI (Private Mortgage Insurance) is evil. Everyone likes to think they should not have to pay it, and everyone wants to find a way around paying it. There are ways to work around PMI, but like all things in life, there are trade-offs. A person really needs to look at all the options and trades-offs, and consider how long they think they are likely to spend in their new home. Then everyone needs to consider paying PMI! What do I mean? Read the rest of this entry »

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220 Year History of Interest Rates

February 21st, 2014

A while back, I published a chart of interest rates that went back about 40 years. I did this in an attempt to show that the recent increase in interest rates, as well as future interest rate increases, is not a major event when put into historical context.

I want to put this into a larger perspective; how about looking at a 220-year history of interest rates? Read the rest of this entry »

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The Refinance Boom is not Over? Refinance Your Fixed Rate to an ARM!

February 4th, 2014

Actually, the refinance boom is indeed over; however, there are a fair amount of people that still need to refinance. For example, I know of many people who have decided to move sooner than they imagined. I hear of consumers who thought that they would live in their homes for the long haul, but then due to circumstances that were a surprise to them, they have now decided to leave in the next few years. Let me give Read the rest of this entry »

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The Refinance Boom is not Over? Refinance Your 30-Year to a 15-Year!

January 28th, 2014

Actually, the refinance boom is indeed over; however, there are a fair amount of people that still need to refinance. For example, I know of many people who have excellent interest rates on their 30-Year fixed rate mortgages, and plan to be in their home for a long time or possibly forever. These people should consider giving up their low 30-Year fixed rate, and get a still quite low 15-Year fixed rate, and save a small fortune over time. Let me give Read the rest of this entry »

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Historical Interest Rate Chart

August 2nd, 2013

It seems the big discussion in the mortgage world lately has been about interest rates. I think it is important to put the discussion into some context, and what better context than to look at interest rates historically. The chart below tells the whole story. You can see that the average interest rate level in our country dating back over 40 years is quite high compared to current interest rates. The average interest rate is quite high compared to current rates even if they go up another 1%. The average interest rate is still higher when compared to current rates even if they go up another 2%. Read the rest of this entry »

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