A Simple Guide to Interest Rate Changes

When evaluating your financial situation and determining the right mortgage for you, there are a variety of factors. Down payment amount. Length of the loan. Origination fees. Interest rates. While the first three are usually pretty straightforward, your interest rate is something that can be difficult to get a handle on and has a long term impact on your loan.   If it’s been a while since your 11th grade economics class, we’ve put together a little crash course on interest rates. Originally developed to ensure stable prices and liquidity for the economy - making sure that the money supply is neither too large or too small - interest rates…
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What to Expect on Closing Day

So, you’ve signed a contract, completed the inspections, sent what seems like a million forms and documents to your lender and are finally closing on your new home! This is such an exciting time whether you’ve been house hunting for a month or a year. You have boxes packed, furniture ordered, and are ready to move in.   There’s just one last box to check off your list. Closing Day is the meeting in which the seller is asked to provide a clear title to the property and the buyer provides the funds needed to close the sale.   In order to make the transition as smooth as possible, it’s…
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Fixed vs. Adjustable Rate Mortgages: How to Choose?

  The mortgage process can be intimidating! There are different types of loans, different structures, and terms that can can have long term financial implications. In this situation, information is power. Understanding your options and how they affect you is the key to making a smart decision that will set you up for success. One of the first decisions to make is the structure of your loan. Let’s start with a couple of definitions: A Fixed Rate Mortgage is an agreement to make payments at a certain interest rate for the entire life of the loan. An Adjustable Rate Mortgage often offers a lower introductory rate that can be raised…
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