[1] Points is Points The absolute best on discount points and origination fee versus rates. [2] Real Time How to understand the interest rates you think you get in the media [3] It’s the Principal of the Thing 15-year loans and prepayment are bad ideas [4] Teach Your Children Well 15-year loans and prepayment programs [...]
The best chance to waste money while getting a mortgage is to misunderstand the relationship between discount points, origination fee, and the interest rate on your new loan. Borrowers carry the intuition that the lowest interest rate is always the best deal, and expect to pay some sort of loan fee and “point” along the [...]
When interest rates move in global capital markets, so do mortgage rates nationwide — instantly. That’s real time as in no down time, lag time, lead time, rag time, tea time, or tee time. Right now! When rates rise during any business day, within minutes every mortgage lender begins to receive e-mails screeching “REPRICING!!,” usually [...]
As anyone who has recently applied for a mortgage has discovered, credit reports are no longer evaluated by humans, and instead are numerically scored by computer software (the most common: “FICO” scores). Similar systems are used to underwrite all other consumer loans, though not as comprehensively as in the mortgage business, where the larger sums [...]
If you are contemplating a home addition, small or large, renovation or full-scale pop-top, to a home you already own or are about to buy, there are two overriding financial objectives. First, to navigate the maze of carts and horses littering the mortgage horizon. How do I finance an addition I haven’t yet built? I [...]
The mortgage industry used to care. We cared about all sorts of things… your landlord, your rent, where you got your down payment, your old W-2s, how long you had been on your job, how many jobs, what kind of jobs…. We don’t care about a lot of that stuff any more. The brave new [...]
Back in the old days (when the Boomers were worried about turning 40), if you got a loan to buy a house, you sent the monthly payment to the people downtown who held your mortgage in their vault. Not any more. While many consumers have detected the disembodied nature of modern “lenders”, very few have [...]
The refinancing opportunity of a lifetime has gone by like a semi on a dirt road blasting past some poor fellow trying to change a tire. Why, the slipstream alone was enough to knock a car off a jack. There’s a thing or two worth studying while the gravel settles. Next to buying the house [...]
The unnecessary pain inflicted by computers is not the fault of the machines, but rather that of the eager wireheads who think computers are so neat that they should be used for everything. Enthusiastic nerds have struck again, and may the gods of silicon save your credit report. Credit information has been “computerized” ever since [...]
Many consumers have learned that their credit records have been reduced to three-digit scores, and that these scores now determine the fate of most loan applications. The higher the score assigned to you by each of the three, giant repositories of credit information (Transunion, Experian, and Equifax), the low Credit scores, and how to manage [...]
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