From the category archives:

Refinancing

Everyone’s interest rates are (almost) the same

The mortgage bond market sets the overall interest rate trends.  Every day, traders in New York and online trade Mortgage backed Securities.  When the bond prices increase, mortgage rates fall.  Bond prices normally are bid up when the economic outlook sours, or when there is uncertainty globally in money flows into safer investments like US [...]

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What are your Rates?

For many people the first question they ask a mortgage loan officer is, “What are your Mortgage Rates?” When I get this question, I could flippantly choose between any of these answers: A. That Depends A. Anywhere from 1% to 10%, what would you like them to be? A. 5% plus or minus A. Rates [...]

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APR or Total Cost?

APR is an acronym for Annual Percentage Rate.  It’s a government-mandated calculation meant to simplify the comparison of mortgage options.  It is probably the most misunderstood number at any closing or with any application. A loan’s APR can always be found in the top-left corner of the Federal Truth-In-Lending Disclosure. Because APR is expressed as a percentage, [...]

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Rates are a Quarter Percent higher. No wait, they aren’t higher at all.

The last 7 business days have been a roller coaster for mortgage rates – mostly the climb up to the top of the Coaster, unfortunately.  Mortgage rates are based on Mortgage Bonds’ prices.  When the Mortgage bond prices fall, rates go higher, and when the bond prices rise, rates are falling. The picture below show [...]

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Another Lending change that will affect many homeowners

If you happen to have an FHA loan on your home, an important benefit that you have is about to be taken away.  FHA loans currently have an option of a ‘Streamline Refinance’, which is a great way to lower your interest expense with very little hassle, paperwork or uncertainty. This month, the FHA announced changes [...]

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