Itâs been a while since I last posted a mortgage match-up, so without further ado, hereâs the latest installment: “Prepay the mortgage or invest instead?” There are likely thousands of articles that deal with this very subject, all with plenty of differing opinions, but we are in unprecedented times. Mortgage rates have never been lower [&hellip
The post Should You Prepay the Mortgage or Invest Instead? first appeared on The Truth About Mortgage.
Mortgage Q&A: âDoes a refinance require an appraisal?â A reader recently asked if they needed an appraisal to refinance their existing mortgage, knowing they can often add weeks to the loan process. As with anything in the mortgage realm, the answer is it depends. Mainly, it depends on the type of loan you plan to [&hellip
The post Does a Refinance Require an Appraisal? first appeared on The Truth About Mortgage.
If youâve yet to enter the housing market, but are thinking of buying a home in 2021, thereâs a lot you need to know. As I once pointed out, this isnât your older siblingâs housing market. Not just anyone can get a mortgage these days. You actually have to qualify. But weâll get to that [&hellip
The post Buying a Home in 2021? 11 Tips to Get It Done! first appeared on The Truth About Mortgage.
Mortgage Q&A: âWhy are refinance rates higher?â If youâve been comparing mortgage rates lately in an effort to save some money on your home loan, you may have noticed that refinance rates are higher than purchase loan rates. This seems to be the case for a lot of big banks out there, including Chase, Citi, [&hellip
The post Why Are Refinance Rates Higher? first appeared on The Truth About Mortgage.
With mortgage rates at or near all-time record lows, youâve likely pondered a refinance if youâre an existing homeowner. But you probably have a lot of questions too, especially if itâs your first time refinancing a home loan. Letâs clear up some of the confusion by tackling some of the most common refinance questions out [&hellip
The post The Top 15 Refinance Questions Answered first appeared on The Truth About Mortgage.
It’s that time again, where I take a look at a pair of popular mortgage programs to determine which may better suit certain situations. Today’s match-up: “15-year fixed mortgage vs. 30-year fixed mortgage.” As always, there is no one-size-fits-all solution because everyone is different and may have varying real estate and financial goals. For example, [&hellip
The post 15-Year Fixed vs. 30-Year Fixed: The Pros and Cons first appeared on The Truth About Mortgage.
What Iâve seen and heard through the years is certain lenders not being so forthcoming with existing customers wanting to refinance their mortgage. For example, when a homeowner goes to inquire about the âawesome low rates,â their first instinct may be to pick up the phone and call the lender who gave them their current [&hellip
The post Donât Let Your Current Lender Talk You Out of a Mortgage Refinance first appeared on The Truth About Mortgage.
Itâs time for a new mortgage match-up. Since paying down the mortgage early seems to be so en vogue these days, it makes sense to compare â20-year mortgages vs. 30-year mortgages.â The most common type of mortgage is the 30-year fixed. It amortizes over 30-years and the mortgage rate never changes during that time. Each [&hellip
The post 20-Year vs. 30-Year Mortgages: Get a Lower Rate? first appeared on The Truth About Mortgage.
Mortgage Q&A: âWhen to refinance a home mortgage.â With mortgage rates at or near record lows, you may be wondering if now is a good time to refinance. Heck, your neighbors just did and now they’re bragging about their shiny new low rate. The popular 30-year fixed-rate mortgage slipped to 2.80% last week, per Freddie [&hellip
The post When to Refinance a Home Mortgage: Now, Later, or Never? first appeared on The Truth About Mortgage.
With mortgage interest rates as low as they are at the moment, you may be looking beyond fixed-rate options if youâre in the market to purchase a home or refinance an existing home loan. After all, while 30-year fixed mortgage rates are hovering around 2.75%, some adjustable-rate mortgages are in the very low 2% range. [&hellip
The post Why Adjustable-Rate Mortgages Are Bad News Right Now first appeared on The Truth About Mortgage.