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) advertised next to the note rate. The inclusion of an APR is actually mandated by federal law in order to help give borrowers a standard rule of … [Read more...]
Is Refinancing Worth It?
As rates are low, many people are trying to figure out if refinancing makes sense in their situation and it can be a challenging task if you do not understand what to calculate. Here is at least one way to figure out if refinancing makes sense -- focus on the net benefits of refinancing from the standpoint of lowering your interest rate. Although there are several reasons to do an AZ … [Read more...]
8 Questions To Ask About Mortgage Rates
Looking at today's mortgage rates and seeing what is posted may not be the best way to compare rates. The reason is that many factors can cause each individual rate and closing cost scenario to fluctuate. Even though loan officers like to preach communication, service and education all day long, ultimately, it is very difficult to figure out who to trust when going through this complex … [Read more...]