When you begin the process of purchasing your first home, there are many things you need to consider. One of the most important factors to straighten out is mortgage price points and what you can afford. Market fluctuations happen, and you want to ensure that you’re in the best position to buy or refinance. If…
We bet you’ve heard of refinancing, but have you ever looked into what the process entails? You can actually refi your home, your car, or just about any other debt you might have. It’s important to understand the refinancing process and evaluate if it’s right for you. Refinancing for the right reasons at the right…
Planning to refinance your mortgage starts long before you fill out an application. Like when you got your original mortgage, it’s best to start planning and getting your finances in order before applying.
Here are six things to consider as you plan for a positive refinance experience.
With so much information out there, there’s bound to be conflicting ideas about the best times to refinance, what loan option is best for you, and more.
We set the record straight and cover the truths and not-quite-truths about these 8 refinancing myths.
Refinancing for the right reasons at the right time can be hugely beneficial for homeowners. While the positives are plenty, there are things to consider before refinancing your home’s mortgage.
Think about these pros, and a few considerations, before you commit to refinancing your home loan.
Discount points are fees paid directly to the lender at closing in exchange for a reduced interest rate. This is also called “buying down the rate,” which can lower your monthly mortgage payments.
One point costs 1 percent of your mortgage amount (or $1,000 for every $100,000). Essentially, you pay some interest up front in exchange for a lower interest rate over the life of your loan.
In general, the longer you plan to own the home, the more points help you save on interest over the life of the loan.
The example payments do not include taxes, insurance or assessments. Mortgage Insurance Premium (MIP) is required for all FHA loans and Private Mortgage Insurance (PMI) is required for all conventional loans where the loan amount exceeds 80% of the subject property value (LTV).
Mortgage interest rates shown are based on a 30 day rate lock period. All loan products and pricing assume the property type is single family and will be used as your primary residence. All loan products and pricing are based on the location of Maricopa County, AZ.
The Annual Percentage Rate (APR) is a measure the total cost to borrow money as an annual percentage. The APR includes the interest rate plus other charges or fees (such as mortgage insurance, discount points, and origination fees). The APR can be a useful method to compare the costs of similar loans between lenders.
The rate, terms and estimated closing costs above do not constitute a Loan Estimate. The Loan Estimate is prepared based on your specific information provided that you will receive once you apply for a loan. The rate, terms and estimated closing costs, are estimations based on the assumptions noted above. This is NOT a mortgage loan approval or commitment to lend. The actual fees, costs and monthly payment on your specific loan transaction may vary, and may include city, county or other additional fees and costs.
The displayed interest rates and APRs are based upon a variety of assumptions and conditions which include an assumption for consumer credit profile. Your actual credit score may be higher or lower than the assumption shown. Your loan's interest rate will depend upon the specific characteristics of your loan transaction.
Minute Mortgage is located at 8388 E Hartford Dr, suite 111, Scottsdale, AZ 85255 NMLS 1696333. 1-602-443-5000. Copyright 2019. All Rights Reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations apply. Click Here for Licensing Information.
Minute Mortage is an independent mortgage lender and is not affiliated with the Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA)