Tag: <span>#Payments</span>

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THE PUSH TO REFINANCE

You may have received a phone call, mailer, or email with the promise of low rates and lower payments. 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 costs are $2,500 and the savings is $100 per month, then...

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MAKE YOUR MORTGAGE PAYMENT, IF YOU CAN Pt. II

Make your mortgage payment, if you can…  We recently posted about mortgage payment forbearance and why it’s best to continue making payments if you can. There may be consequences; mortgage lates. “Mortgage Hangover” is another reason why you should make your mortgage payment. See this article posted on Bloomberg.com.   Fannie-Freddie Forbearance Rule Sows Fears of...

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MAKE YOUR MORTGAGE PAYMENT, IF YOU CAN

If you have the ability to make a mortgage payment today, do it. Many people are taking advantage of the government’s forbearance program and choosing to delay their payments. You will ultimately have to make these payments, whether they are due at the end of the forbearance period or paid over time. However, what is...

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CAN I SKIP A PAYMENT, OR TWO?

Have you heard you can “skip” a payment, or maybe even 2 months payments, when you refinance? Is this practice considered tricking the system, or getting away with something? No, in fact, you may be front-loading more cash at closing. This is how it works: The first thing to understand is how a mortgage payment...

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BUYING DOWN RATES

Let’s say you are looking to buy a $350,000 home with 20% down for a loan amount of $280,000. You want a 30-year fixed mortgage, and assume the rate is 4.25%; the principal and interest payment would be $1,377.43. If you paid a point, assume the rate would be 3.875% and the payment is $1,316.66....