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May 27, 2014
Patrick Merryman is a Siena College Graduate that has been writing on Real Estate for over two years. Patrick writes on topics ranging from mortgage projections to green living for numerous blogs.
Your mortgage statement arrives in the mail each month. If you’re like most homeowners with a mortgage, you barely glance at the statement before sending your check to your mortgage lender. But you really should take a closer look. You might be surprised at how much financial information your mortgage statement contains. Thanks to the... View Article
It’s not inexpensive to close a mortgage loan. The Federal Reserve Board estimates that closing costs can run an average of 3 percent of a mortgage loan’s balance. For a $200,000 mortgage loan, this means that closing costs can run $6,000. Buyers will have to pay these costs during the loan closing, something they can... View Article
Yes. In fact, you should apply for a mortgage loan before you even start searching for a home. Doing this is known as seeking pre-approval: Your lender pre-approves you for a maximum mortgage-loan amount before you even begin your home search. There are two big advantages to this approach. First, if you’re pre-approved for a... View Article
Qualifying for a mortgage loan is not always the easiest task. You’ll have to meet certain financial requirements to convince lenders that you are a good risk to pay back your loan. If you’ve applied for a mortgage loan in the past only to see your application rejected, the first step is to determine what... View Article
You’re ready to apply for a mortgage loan. It’s no surprise, then, that you’re interested in what kind of mortgage interest rate you can expect. These rates, after all, go a long way in determining how large your monthly mortgage payment will be. The bad news? Setting mortgage interest rates can be complicated. The good... View Article
Your mortgage lender has approved you for a mortgage loan. Or maybe your lender has given you the go-ahead for a refinance that will lower your monthly payments. Now you face a decision: Should you lock in your interest rate today? Or should you float the rate, waiting to see if mortgage interest rates will... View Article
Owning a home isn’t free. You’ll have to pay property taxes every year. And these taxes can run $6,000 or higher annually, depending on where you live. If you are taking out a mortgage loan to finance the purchase of your home, you’ll have to pay for homeowners insurance, too. This, too, can be a... View Article
Be warned, though, that the closing process can be a long and complex one. To make your closing a successful one, you’ll need to bring certain items to the closing table. Forget them, and your closing may have to be rescheduled. You don’t want this. So be sure to bring the following items to your... View Article
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