Author: john (John Rapasky)

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WHEN TO LOCK-IN AN INTEREST RATE – PURCHASE TRANSACTION

We often get asked when to lock-in the interest rate after you have entered into a contract to purchase a home. You typically have 30-45 days to close, so you’ll have to lock-in the rate during this time. Hopefully, during the pre-qualification process, you had discussions with your loan originator as to interest rates and...

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INTEREST CREDIT

Did you know if you close in the first few days of the month, you may be able to choose when to make your first mortgage payment? This can help if you have a cash flow issue right after closing. When you make a mortgage payment, you pay the prior month’s interest. For example, if...

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BANKS EXPECT MORE TIGHTENING FOR CRE LOANS

Today’s post is written by Michael Green, Senior Commercial Loan Originator with Counsel Mortgage Group, LLC. Mike writes monthly on the commercial mortgage market. Check back each month to check his commentary. The Federal Reserve’s Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) regularly checks with banks to better understand their lending landscape....

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INTEREST RATES AND VALUES

Each month we send out the Interest Rates and Values email to keep you up-to-date with what is happening in the residential real estate market. We review and analyze mortgage rates and median sales price charts and data to keep you apprised of the trends in the marketplace. Here is the video we sent out...

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RENOVATION AND CONSTRUCTION LOANS

Are you looking to purchase a property, but it needs a bit of work? Or, are you looking to build a home, ground-up construction? Or, do you have an existing home and want to add a room? We can help you find financing for these scenarios. Renovation and construction loans have 2 approvals. One is...

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IF WE CAN’T HIT THE TARGET, MAYBE WE SHOULD CHANGE THE TARGET

Today’s blog is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC It’s well-entrenched in market participants’ minds by now that the Federal Reserve’s target rate for inflation is 2%. While that goal is admirable, we are still in a period of “sticky” pricing pressure, making the central bank’s target seemingly difficult...

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INTEREST RATES

You may be wondering why your interest rate is different from your friend’s, even though you both locked the rate at the same time. There are many factors that go into determining the interest rate. First is your credit score. The higher the score, the better the rate. Here is a blog we wrote on...

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I THINK I’LL WAIT FOR RATES TO GO LOWER

Here’s a blast from the past! Check out this video from the early ‘80s where buyers were hesitant to purchase a home because the interest rates were at 18%, and they wanted to wait until they came down. Lenders were offering a variety of creative financing options to help them, such as buydowns and contributions...

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BRIDGE LOANS

A bridge loan is where you use the equity in your current home to help you finance the purchase of a new home. In other words, you leverage the equity in your current home and use it as a bridge to get you into the new home. We have done many of these loans over...