Tag: <span>Interest</span>

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NOW IS THE TIME TO LOCK IN AN INTEREST RATE

When is the best time to lock an interest rate? I get asked this question often as everyone wants the lowest rate. Interest rates, like stocks, change daily; it is hard to predict whether the rate will go up or down. It is best to see what your payment is at the current rate, and...

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REFINANCING CONSIDERATIONS

You may have received a phone call, mailer, or email with the promise of low rates and lower payments.  But, is simply reducing your payment the smart thing to do?  Below are some thoughts to consider before you refinance. The most basic analysis is to compare the savings to the costs.  For example, if the...

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DO YOU WANT TO LOWER MONTHLY PAYMENTS, NOT THE TERM?

Typically,​ ​when​ ​you​ ​make​ ​a​ ​large​ ​principal​ ​payment​ ​on​ ​your​ ​loan,​ ​the​ ​monthly​ ​payment​ ​remains the​ ​same,​ ​but​ ​the​ ​term​ ​of​ ​the​ ​loan​ ​shortens.​ ​​ ​However,​ ​if​ ​you​ ​wish​ ​to​ ​lower​ ​the​ ​monthly​ ​payment instead​ ​of​ ​shortening​ ​the​ ​term,​ ​ask​ ​the​ ​lender​ ​if​ ​they​ ​allow​ ​a​ ​recast.​ ​​ ​A​ ​recast​ ​is​ ​where​ ​a​ ​large principal​...

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PITIMI: WHAT IS IT?

The acronym PITIMI represents the components of the monthly mortgage payment. It is defined as follows: • P = Principal • I = Interest • T = Real estate taxes • I = Insurance • MI = Mortgage Insurance The principal is the amount paid against the borrowed funds per month. Interest is the amount...

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LOW INTEREST RATES SPUR MORE REFINANCING ACTIVITY

  Today’s post is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC. Even more favorable rates have unleashed a fresh wave of refinancing activity during H2-19. Borrowers have been enjoying a low interest rate environment for some time. Yet the Fed’s last 3 rate cuts in H2-19 have stoked a surge...

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PROMISSORY NOTE

You may hear your lender ask about the Note, or if you reviewed the Note. The Note, in this sense, is not a musical score, or something written on a post-it; it is the Promissory Note entered into between the lender and the borrower. It provides that the lender will lend a certain sum to...

October 8, 2019October 8, 2019 In Note
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CAN YOU OBTAIN A LOAN WITHOUT PAYING ANY COSTS?

Many advertisers offer loans with no closing costs: Is this true? Can you obtain a loan without paying any costs? Well, yes you can, but you may be paying for it with a higher interest rate! There are costs associated with making a loan, such as underwriting, appraisal, credit report, escrow, title insurance and recording....