Month: June 2017

Buying Down The Rate

Nice home with swing3

Lower Interest Rate: Years ago someone came up with the idea that a borrower could pay a fee to lower the interest rate. In the mortgage industry this has become known as “buying down the rate”. So what does that mean and how is it figured out? For starters buying down the rate on a new mortgage generally means you … Read more

Mortgage Pre-Approval

Home

Buying A Home: If you are looking to buy your first home, looking to upgrade from your current home or buying a new rental property it’s always a great idea to get a pre-approval done by a knowledgeable loan officer with years of experience. In fact most sellers require that a prospective buyer have a pre-approval completed prior to making … Read more

Loan Estimate

Townhome

Understanding The Loan Estimate: If you’ve purchased or refinanced a home years ago you’ll remember a document called the Good Faith Estimate (GFE).  However that was changed a few years back and now mortgage lenders issue the Loan Estimate (LE). Why the change?  Regulators decided that the disclosure needed an overall and they also were trying to find a way … Read more

Pending Home Sales May 2017

Home with Pool

Sales Fell But Market Solid: Pending home sales for May 2017 fell for the third month in a row as tight supply and high prices seem to be slowing things down according to the National Association of Realtors (NAR). The Pending Home Sales Index is based on contract sales (not closed sales) and fell 0.8% to an index value of … Read more