*THIS* is Why a Good Credit Score is so Important:
From one day to the next, hits and improvements on credit score brackets got much stricter. Hits for lower credit scores (anything below 740) are bracketed by increments of 20 points starting with a 620 FICO. Based on today’s interest rates (which are really good...Temporary Conforming Loan Limits are Expiring Sooner Than Expected
The temporary conforming loan limit of $729,750 in high-cost counties was set to expire at the end of the year, but banks are pulling back on that and requiring all loans at this loan amount range to close by December 1st – NO exceptions. With rates having dropped...Market Talk
The market has swung wildly since last week. Fed Day last Wednesday brought the expected .5% rate cut, bringing the Fed Funds Rate (the rate at which banks lend money to each other) to 1.0%. As consumers, this will affect and decrease Prime Rate. Rates saw great...What is an Impound Account?
An impound account, sometimes referred to as a “Reserve Account” is when your property taxes and homeowners insurance get collected monthly along with your mortgage payment. In California, you have a choice as to whether or not you want an impound account, although...Paying Points – Does it Make Sense?
I’ve been asked a few question about the use of paying points the past few weeks, so I’d like to comment on this a little bit. Whether or not you should pay a point to buy down the interest rate takes both math and speculation. On average, 1 point buys down the...The Matter of a Down Payment
We all know that getting a loan is much harder to get and to qualify for nowadays. First time homebuyer programs with low down payment requirements of 3.5%-5.0% down are still available, but they can be somewhat restrictive in who can get them, and can also be more...To Mortgage or Not to Mortgage
When I have a chance, I listen to the Ray Lucia Show on Bloomberg AM radio, which is a call-in show for people to ask questions on financial investment strategies. One call struck my interest, so I want to share it with you as well and give you an example of how I...The October 9th Coincidence
The overall intention of the Rescue Plan was not just to create liquidity in the marketplace, but more importantly to promote consumer confidence. So far, it’s not working… Both the stock market and the bond market have been hit extremely hard. Rates have...What is “APR”?
APR is short for “Annual Percentage Rate.” The APR is the percentage figure that expresses your total cost of obtaining and financing a loan, i.e. what you’re truly paying for that mortgage. The APR is the percentage figure that takes the true Note Rate (the interest...Loan Calculator
Try for free!
Free eBook
