21 Jan 2021
By noelkelman

Understanding The Role Of A Mortgage Prepayment Penalty Fee

Mortgage, ,
When people take out a home loan, it is important to think carefully about how the home loan works. At first, the majority of the monthly payment is going to go towards interest. For example, it is not unusual for 90 percent of the monthly mortgage payments go toward interest during the first year. Then, during the latter part of the loan, most of the payment is going to go towards paying off the principal. Therefore, it should come as no surprise that a lot of homeowners are looking for ways to reduce the amount of Interest they pay on…
Read More
20 Jan 2021
By noelkelman

4 Steps to a Smooth Mortgage Refinance at a Rock-Bottom Rate

Mortgage, ,
Right now is the best time to look at refinancing your home. Even if your current mortgage is as young as a year old, you might find that a refinance is in your best interest. Be Sure That A Refinance Makes Sense With today’s rates, refinancing makes sense for many homeowners, but it might not be the right move for you. Depending upon your mortgage, you may pay a penalty if you prepay early. Also, if you’ve paid heavily into your mortgage, refinancing into a new 20 or 30 year mortgage could cost you money over the long-term. The bottom line…
Read More
19 Jan 2021
By noelkelman

What’s Ahead For Mortgage Rates This Week – January 19, 2021

Financial Reports, ,
Last week’s economic reports included readings on inflation, retail sales, and a speech by Federal Reserve Chair Jerome Powell. Weekly readings on mortgage rates and jobless claims were also released.  Inflation Rises as Retail Sales Fall, Fed  Says Current Monetary Policy Won’t Change The Consumer Price Index rose to 0.40 percent in December as compared to November’s reading of 0.20 percent. The CPI measures inflation and the Core CPI measures inflation without the volatile sectors of food and fuel. December’s Core CPI reading fell to a rate of 0.10 percent growth from November’s reading of 0.20 percent. Retail sales were…
Read More
15 Jan 2021
By noelkelman

Many Buyers Are Willing To Go Over Their Budget For The Perfect Home

Mortgage, ,
For those who are looking for a new home, it is important to take the time to get this decision right. For a lot of people, a home is the most valuable investment they are ever going to make. As a result, it is critical to evaluate all of the options that are available. That way, everyone will get the most out of their time. What about setting a budget? How important is this and should people think about going over it? It Is Important To Budget First When someone is looking for a home, the first step is to…
Read More
14 Jan 2021
By noelkelman

What Do You Need To Know About Buying And Selling A Home During The COVID-19 Pandemic?

Mortgage, ,
For those who are thinking about buying or selling a home during the pandemic, they may feel like this is a difficult task. Even though it is true that this is going to be a challenge, people are able to increase their success rate by adapting to a new environment. When it comes to buying or selling a home during the pandemic, there are a few tips that everyone should keep in mind.Many Showings Are Going To Be VirtualMake sure that everyone is ready to provide a virtual tour or go on one themselves. Of course, everyone is currently living in an era of social…
Read More
13 Jan 2021
By noelkelman

How Low Can They Go: With Mortgage Interest Rates Low, Should You Refinance?

Mortgage Rates, ,
Do you have a mortgage? You've likely seen or heard a lot about mortgage refinancing as interest rates remained low in recent months. In today's blog post we'll explore the topic of mortgage refinancing, including when you should consider refinancing and how to take advantage of low interest rates. What is Mortgage Refinancing? In simple terms, refinancing refers to the practice of taking out a new mortgage and using the proceeds to pay off your old one in its entirety. You'll go through the full borrowing process with your chosen lender, including the credit check, financial history and employment history…
Read More
12 Jan 2021
By noelkelman

Should I Shorten My Mortgage Term, Important Factors To Consider

Home Buyer Tips, ,
When you first bought your home a few years ago, perhaps you started off with a 30 year mortgage. Now, you are considering refinancing and changing it to a 20 year or even a 15 year mortgage. Shortening your mortgage term and refinancing can be a smart financial move, but before you make this decision there are a number of factors that you should consider. Switching to a shorter mortgage will mean that your monthly payments will be higher, but you will be 100% paid off much sooner and you will save thousands of dollars in interest rates. Here are…
Read More
11 Jan 2021
By noelkelman

What’s Ahead For Mortgage Rates This Week – January 11, 2021

Financial Reports, ,
Last week’s economic reports included readings on construction spending and reports on the national unemployment rate and job growth. Weekly reporting on mortgage rates and jobless claims were also published. Construction Spending Increases as Demand for Homes Rises Homebuilders responded to increased demand for single-family homes and increased their spending in November. Construction spending rose by 0.90 percent as compared to projected spending of 1.10 percent and  1.60 percent growth in November. Demand for homes increased in recent months due to the coronavirus pandemic. Homeowners left urban areas and bought larger homes in suburban and rural areas. Low mortgage rates,…
Read More