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Mortgage Articles

MISTAKES ON YOUR CREDIT REPORT

Reasons for mistakes on your credit report Credit report errors occur for a number of reasons but they can all have a negative impact on your eligibility for any future credit. It’s important to stay on top of your credit report to avoid any mistakes made by the creditors and credit bureaus —Equifax, Experian and […]

Bi-Weekly Mortgage Did You Know?

Making one extra mortgage payment a year will knock years off your mortgage and save you thousands of dollars. If you search for “bi-weekly mortgage” with an Internet search engine, you will be overwhelmed by the number of companies offering “Bi-weekly Mortgage Reduction Services” or “Bi-weekly Savings Programs.” Beware, you are entering dangerous waters. Beware […]

How to “buy” a better rate?

Do you plan on keeping your loan for a while? Then it may make sense to “buy” a lower interest rate by paying one or more “points.” Even if you’re unsure of how long you plan to keep your mortgage before you move or refinance, paying points now for a lower rate may make sense. […]

Insurance Closing Costs

Homeowner’s Insurance This insurance covers replacement costs for damages caused by fire, wind or other disaster that might affect the value of the property. Typically, the insurance also includes personal liability and theft coverage. Flood or Quake Insurance Additional hazard insurance coverage that is required for homes located in a designated hazard zone as established […]

Typical Closing Costs

Loan Origination Fee This covers the administrative expenses in setting-up and processing the loan. The loan origination fee may be a percentage of the mortgage amount. Points (optional) An option for the home buyer is to pay points to lower the interest rate at which the loan will be repaid. Each point equals 1 percent […]

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