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Mortgage Payments

Four Possible Reasons To Refinance

by Jonas Kruckeberg March 31, 2010

A mortgage is generally the largest debt most homeowners have to manage.  It’s a good idea to give your personal real estate finance portfolio a check-up at least once a year.
Since there are many reasons a homeowner may choose to refinance, we’ll take a look at the four most common.
1.  Mortgage Rates Drop:
Typically, the most common reason [...]

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How Much Can I Afford?

by Jonas Kruckeberg March 31, 2010

How much mortgage money can I qualify to borrow?
This is typically the number one question mortgage professionals are asked by new clients.
Of critical importance when considering mortgage financing: There is sometimes a difference between what a client ***can*** borrow and what they ***should*** borrow.
In other words, what makes for a comfortable [...]

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Understanding the FHA Mortgage Insurance Premium (MIP)

by Jonas Kruckeberg March 28, 2010

The FHA Mortgage Insurance Premium is an important part of every FHA loan.
There are actually two types of Mortgage Insurance Premiums associated with FHA loans:
1.  Up Front Mortgage Insurance Premium (UFMIP) – financed into the total loan amount at the initial time of funding
2.  Monthly Mortgage Insurance Premium – paid monthly along with Principal, Interest, [...]

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Calculating The Net Benefit Of A Refinance Transaction

by Jonas Kruckeberg March 28, 2010

Calculating the net benefit of refinancing can be a challenging task if you do not understand what to calculate. We are going to focus on the net benefits of refinancing from the standpoint of lowering your interest rate.
Although there are several reasons to refinance, lowering your mortgage rate to save on interest payments over the [...]

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Top Five Market Factors That Influence Mortgage Rates

by Jonas Kruckeberg March 28, 2010

Timing the market for the best possible opportunity to lock a mortgage rate on a new loan is certainly a challenge, even for the professionals.
While there are several several generic interest rate trend indicators online, the difference between what’s advertised and actually attainable can be influenced at any given moment by at least 50 different [...]

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What's The Difference Between Interest Rate and Annual Percentage Rate (APR)?

by Jonas Kruckeberg March 28, 2010

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 [...]

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How Do Mortgage Rates Move When The Fed Lowers Rates?

by Jonas Kruckeberg March 28, 2010

NEED PHOTO
Lower mortgage rates is a common misconception that is perpetuated by the mainstream media perpetuates when the Fed makes an announcement of lowering rates.
However, when the Fed cuts interest rates, mortgage rates tend to increase.
Fed 101:
According to Wikipedia:
The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is [...]

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Why Do I Need To Pay A VA Funding Fee?

by Jonas Kruckeberg March 28, 2010

The VA Funding Fee is an essential component of the VA home loan program, and is a requirement of any Veteran taking advantage of this zero down payment government loan program.
This fee ranges from 1.25% to 3.3% of the loan amount, depending upon the circumstances.
On a $150,000 loan that’s an additional $1,875 to almost $5,000 [...]

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Why Do I Need Mortgage Insurance?

by Jonas Kruckeberg March 28, 2010

Mortgage Insurance, sometimes referred to as Private Mortgage Insurance, is required by lenders on conventional home loans if the borrower is financing more than 80% Loan-To-Value.
According to Wikipedia:
Private Mortgage Insurance (PMI) is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a [...]

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Understanding An Amortization Schedule

by Jonas Kruckeberg March 28, 2010

By committing to a mortgage loan, the borrower is entering into a financial agreement with a lender to pay back the mortgage money, with interest, over a set period of time.
The borrower’s monthly mortgage payment may change over time depending on the type of loan program, however, we’re going to address the typical 30 year [...]

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