* Disclaimer – all information in this article is accurate as of the date this article was written * The FHA Mortgage Insurance Premium is an important part of every FHA loan. There are actually two types of Mortgage Insurance …
Calculating The Net Benefit Of A Refinance Transaction
Calculating the net benefit of refinancing can be a challenging task if you do not understand what to calculate. We are going to focus on the net benefits of refinancing from the standpoint of lowering your interest rate. Although there …
Top Five Market Factors That Influence Mortgage Rates
Timing the market for the best possible opportunity to lock a mortgage rate on a new loan is certainly a challenge, even for the professionals. While there are several generic interest rate trend indicators online, the difference between what’s advertised …
What’s The Difference Between Interest Rate and Annual Percentage Rate (APR)?
The difference between APR and actual note rate is very confusing, especially for First-Time Home Buyers who haven’t been through the entire closing process before. When shopping for a new mortgage loan, you may notice an Annual Percentage Rate (APR) …
How Do Mortgage Rates Move When The Fed Lowers Rates?
Lower mortgage rates is a common misconception that is perpetuated by the mainstream media when the Fed makes an announcement of lowering rates. However, when the Fed cuts interest rates, mortgage rates can actually increase. Fed 101: According to Wikipedia: …
Why Do I Need To Pay A VA Funding Fee?
The VA Funding Fee is an essential component of the VA home loan program, and is a requirement of any Veteran taking advantage of this zero down payment government loan program. This fee ranges from 1.25% to 3.3% of the …
Why Do I Need Mortgage Insurance?
Mortgage Insurance, sometimes referred to as Private Mortgage Insurance, is required by lenders on conventional home loans if the borrower is financing more than 80% Loan-To-Value. According to Wikipedia: Private Mortgage Insurance (PMI) is insurance payable to a lender or …
Understanding An Amortization Schedule
By committing to a mortgage loan, the borrower is entering into a financial agreement with a lender to pay back the mortgage money, with interest, over a set period of time. The borrower’s monthly mortgage payment may change over time …
How Do I Calculate My Mortgage Payment Without Using A Mortgage Calculator?
Calculating an exact mortgage payment without a calculator on a loan is no small task, but there are some simple rules-of-thumb you can use to get a close estimate. With the exception of the MIT Blackjack Team, performing this type …
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