Tag: <span>payment</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

HOW MUCH OF A DOWN PAYMENT DO I NEED?

How much money should you put down on the purchase of a property? If you just want to put the minimum down, then you are generally looking at 3% down for a primary residence (unless it is a down payment assistance, VA, or USDA loan), 10% down for a second/vacation home, and 20% down for...

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

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...

Post

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​...

Post

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....