What is in a APR?
Is the lowest interest rate always better? I get asked what is the difference between the interest rate and APR all the time but recently I wasworking with a client who was hesitating to work with me because another lender had quoted them aninterest rate lower than mine. So low I didn’t believe it to […]
What is Mortgage Insurance?
Mortgage insurance is a specialized protection for the lender -not the buyer- in the event that you areunable to make your mortgage payments, for any reason. If you fall behind, your credit score may suffer,and you could stand to foreclose on your home. Who needs Mortgage Insurance? Typically, borrowers making a down payment of less […]
What is an Annual Escrow Account Analysis?
If you have purchased a home or been in the market, you have probably heard the term “escrow” thrown around a lot. If you have never had to actually deal with it, the entire subject might be a little fuzzy. Escrow is a separate account from a mortgage account where the deposit of funds takes […]