—The Mortgage Report: July 9— Play Stocks or Play it Safe?: That’s a common question for otherwise debt-free mortgagors with nothing else to do with their money. It’s not a question we can answer for everyone, given all the personal variables to consider. But here’s an interesting look at what might have happened had you got a standard mortgage 10...
Interested in a rock-bottom rate you see online? You better understand its stipulations. Mortgage rates aren’t as straightforward as people think. The competitiveness of your mortgage rate is heavily influenced by whether your mortgage can be default insured. In some cases—like when you’re buying a home with less than a 20% down payment—you have no choice. You must buy default...
Mortgage shoppers ask this question all the time. It’s useful information if you’re trying to discern variable rate trends. While the answer is convoluted, below is some insight into how variable-rate discounts are formed and why they change. Setting the Discount Most of the time, lenders price closed variable mortgage ratesat a discount from their prime rate. There are two...
When a prospective homebuyer finds out they don’t need to pay for the services of a mortgage broker, their first thought is often: “What’s the catch?” Like many financial advisers, mortgage brokers typically get paid by commission. The lender providing the mortgage pays the broker that commission (finder’s fee) for referring and managing the application and mortgage closing. How Much...
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