In the world of home financing, mortgage points are a powerful yet often misunderstood tool that can significantly impact your long-term financial outlook. Whether you're purchasing a home or refinancing, understanding how these points work can help you make more informed decisions that align with your financial goals. What Are Mortgage Points? Mortgage points, also known as discount points, are a way for borrowers to reduce the interest rate on their loan by making an upfront payment. Each … [Read more...]
Where Does the Money for Your Mortgage Loan Really Come From?
If you're considering a mortgage loan, you might wonder where the money actually comes from. It’s not as simple as walking into your neighborhood bank and getting a loan directly from their vault, like it used to be decades ago. Today, the mortgage lending process is part of a larger, more complex system involving major institutions like Fannie Mae, Freddie Mac, and Ginnie Mae. Let’s take a closer look at how it all works. The Big Players: Fannie Mae, Freddie Mac, and Ginnie Mae In … [Read more...]
What’s Ahead For Mortgage Rates This Week – October 14th, 2024
The CPI and PPI reports delivered their data, showing inflation figures slightly below expectations. However, the positive impact of these reports was tempered by hawkish comments from Federal Reserve members during recent meetings. Despite this, the overall outlook remains optimistic, as further rate cuts are anticipated. Lending partners have also responded positively, significantly lowering their lending rates over the past month. Consumer Credit Consumer credit increased by $8.9 billion in … [Read more...]
Are You In A Position to Cosign on a Loan?
As home prices continue to rise, some buyers may struggle to qualify for a mortgage on their own. In these cases, a mortgage cosigner can be a helpful solution. However, whether you're considering asking someone to cosign or you’re being asked to take on this role, it's essential to understand the responsibilities involved. What Does It Mean to Cosign a Loan?A cosigner agrees to take on the responsibility of paying the mortgage if the borrower cannot. This means their credit will be … [Read more...]
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