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I took a gander at mortgage rates today and realized that the rate on a 10 year mortgage is only 3.25% at our local credit union. My husband and I currently hold a 15 year mortgage at 4.5% and I am unbelievably tempted to refinance our property. If I decide to move forward with this … Read more
Has anyone ever shopped around for title insurance? My husband and I decided to proceed with refinancing both of our properties, but I hate the thought of paying for two more title insurance policies. I believe the title insurance on our rental home can be reissued, but I think we will need to purchase a … Read more
A few days ago my husband and I were shocked by an unbelievably low appraisal on a small piece of property in North Carolina. After inquiring about the property and submitting a bid we contacted a lender to apply for a loan. The lender immediately hired an appraisal company to value the property. While I … Read more
If anyone out there has applied for a mortgage with ING Direct would you mind posting your thoughts here. A very kind reader named Evy left me a comment, so I took a look this evening. Their mortgage rates are rock bottom but they are not fixed for the life of the loan. I’d love … Read more
After much debate it looks like my husband and I will refinance both of our properties. For the time being cash flow is the most important factor in our decision. I plan to call our lender tomorrow to refinance both of our homes to 15 year mortgages. This means extending our current mortgage by an … Read more
My husband and I are considering refinancing our 15 year mortgage and I’m unbelievably torn over the decision. I’m searching for the best mortgage deals and think we can save at least half a percentage point. The change in interest rates, (from 5 to 4.5%), will decrease our monthly payment by roughly $375 a month. … Read more
I’ve spent the last two days looking over every nickel and dime in our bank accounts, determining exactly how much income we bring in on a monthly basis, (my husband is a contractor so income fluctuates), and figuring out how to cash out investments in an effort to collect a down payment. After making sure … Read more
Mortgage fraud will continue to reign in the mortgage industry as long as mortgage originators, (a.k.a: mortgage brokers), continue to work on a commission based pay structure. The commission based system is a breeding ground for dishonesty and fraud. After all, if a loan is successfully originated the broker will take home a commission check. … Read more
Yesterday we received our mortgage papers in the mail and drove over to Fed-Ex to have them notarized. As we flipped through the pages in search of signature flags and notary signs I came across a document called the occupancy affidavit. In essence, it stated that we would need to claim the property as our … Read more
We purchased our first home for roughly $250,000 in 2001, just five days after my 24th birthday. Four years later we purchased our second home in North Carolina for roughly $600,000. Our current loan is a 30 year term at 6%. In all due honesty I thought we’d be strapped to pay for it each … Read more