The difference in the interest rate and the annual percentage rate is the spread expressed as a dollar finance over the life of the loan. The aPR is always going to be higher than the mortgage rate because the APR, is a function of the total closing costs express as a dollar percentage over the…
Many Big mortgage lenders who service loans and originate loans such as Citibank, Wells Fargo Bank of America etc. will many times offer sales promotions to their loan servicing channel. If you ever receive a phone call from your current mortgage lender offering your mortgage rate quote or refinance or telling you there is a…
“Why can’t I get the mortgage rate for my refinance I saw in the news?” This question is asked on a daily basis. When you as a homeowner have a mortgage and are paying a certain percentage of the money you originally borrowed, you’re always going to be paying a little closer attention to those…
If your loan is ineligible for the HARP 2 refinance program, you do have options. If you live in Sonoma County, or Santa Rosa or a the surrounding areas, you can refinance your loan for up to 97% of the current appraised value. You be looking most likely using a government loan which has a…
“Why can’t I get the interest rates I see advertised on the Internet.” One of the most important characteristics of securing a mortgage is your Fico Score. Simply put, the lower the credit score higher the interest rate. How Your Fico Score rates is what determines both your eligibility for the mortgage as well as…
As mortgage lender, we see it all the time, cash funds being used in consideration on a purchase mortgage or on a home refinance. People earning non-reported money doing cash side jobs otherwise known as money “under the table.” These funds are ineligible as consideration for procuring a home loan. The reason is simple, all…
This is the age-old question we are asked time and time again on nearly every mortgage scenario. Nobody wants to refinance their home loan, with any shroud of doubt. So how do you determine whether the cost-benefit is the right choice for you and your family? 2 Tests will determine if refinancing makes sense…
“There’s no such thing as a free lunch.” Such words have never been more relevant to consumers being pitched to take out a no cost loan. No cost mortgage mortgages have been around since the mid-90s and offer consumers the ability to pay no closing fees. The general closing costs, you’d otherwise pay in procuring…