Tag: <span>interest rate</span>

Post

CLOSING DISCLOSURE QUESTIONS, CONTACT US, WE CAN HELP

The Closing Disclosure (“CD”) is the latest version of the costs and prepaid expenses on the loan. The CD also contains the loan amount, interest rate, monthly payment, and amount due at closing. The numbers on the CD are intended to be the final figures for closing. The CD must be acknowledged (typically by email)...

Post

COMPARING PRODUCTS

What is the difference between a home equity line of credit and a home equity loan? Usually, both of these are second mortgages, but which is better for you? A home equity line of credit (known as a HELOC) is like a credit card secured by your home. It is typically a variable rate rate...

Post

A SIMPLE COMPARISON OF APRs IS NOT ALWAYS TELLING

The APR discloses the cost of credit. The APR is calculated by taking into consideration the finance costs of the loan, and disclosing those costs in terms of the interest rate. The APR is usually different than the note rate on the loan. Often, on a 30-year fixed mortgage, the APR is higher than the...

Post

MORTGAGE PLANNING: 30-YEAR FIXED V. 15-YEAR FIXED

The shorter the term of the loan, the less interest you pay, and the sooner you pay it off. So, why not apply for and obtain the shortest-term loan possible? This makes good sense if you are comfortable with the payment. Let’s take a look at the following 3 scenarios, a 30-year fixed, 15-year fixed,...