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Blog Image: Should I Pay Mortgage Points?

Should I Pay Mortgage Points?

If you are buying a home or refinancing, you have probably heard about “mortgage points.” This form of pre-paid interest can save you thousands of dollars over the course of your loan but in many circumstances is not worth the upfront cost. How do you know whether to pay points or not? Here’s a quick guide to help you figure it out. What are Mortgage Points? Mortgage points – also known as discount points - are essentially a way to pay some of the interest upfront on your home loan. One point is equal to 1% of your mortgage amount. For example, one point on a $100...

July 18th, 2018 | Purchasing a Home, Interest Rates, Should I Pay Mortgage Points?

Blog Image: 4 Things Every Borrower Needs to Know About Mortgage Brokers

4 Things Every Borrower Needs to Know About Mortgage Brokers

Buying a home in Maryland, whether for the first time or the last, is an exciting event. Yet before you even take a look at a single home for sale, it is a smart idea to have your mortgage financing lined up. While it is possible to get a home loan directly with your local credit union or bank, the most common mortgage-makers are mortgage brokers. If you are ready to apply for a home loan, here are 4 things you need to know about mortgage brokers before starting the process. A broker is a middleman Mortgage brokers act as go-betweens for you and many different potential lenders. Instead o...

June 20th, 2018 | mortgage brokers, 4 Things Every Borrower Needs to Know About Mortgage Brokers

Blog Image: Credit Score: 5 Things You Might Not Realize Play A Role

Credit Score: 5 Things You Might Not Realize Play A Role

1. Library FinesWhile holding onto your rented library book for a few extra weeks might not have seemed like a big deal at the time, it could have come with a cost. And if you opted to ignore that late fee, you may be hurting your credit score. Libraries can send overdue fines to collections, which can be reported on your credit score.2. Parking TicketsLike other fines, cities are more frequently turning unpaid parking tickets over to collection agencies, and that can have a huge impact on your credit score. Next time you get a ticket for parking a little too long outside of the doctors office...

February 9th, 2017 | 247, application, credit, home loan, baltimore, loan programs, maryland, millenials, mistakes, mortgage, interest rates, lenders, new, refinance, Credit Score: 5 Things You Might Not Realize Play A Role

How To Get The Best Interest Rate

Getting the best interest rate is important- the lower the rate, the more money you have in your pocket. Here are a few ways to ensure that you get the best interest rate for your mortgage loan:1. Improve your credit scoreKeep credit card balances low, make payments on time, and make sure you have a variety of credit.2. Improve your debt-to-income ratioTrying increasing the amount you pay on your loans. When possible, always pay above the minimum payment.3.Consider a shorter-term fixed-rate mortgageMost borrowers consider a fixed-rate, 30-year mortgage. If you are able to handle higher monthly...

January 25th, 2017 | 247, baltimore, credit, home loan, lenders, loan programs, maryland, refinance, real estate, mortgage, interest rates, How To Get The Best Interest Rate

Blog Image: 4 Reasons to Buy a Home During the Holiday Season

4 Reasons to Buy a Home During the Holiday Season

Not many people like to uproot their family and go through the stresses of home buying and moving during the holidays, but some do. Here’s why they might just be doing it the right way…1. Less Market ActivityLots of family, school, and work activities, combined with the weather in many locations, lead to fewer real estate transactions over the holidays. Since fewer people overall are looking to buy houses, you will have less competition for your preferred house – and this gives you leverage.  2. Motivated Sellers – People who are selling their homes over the...

December 4th, 2016 | 247, application, home loan, credit, lenders, loan programs, maryland, refinance, real estate, new, mortgage, millenials, 4 Reasons to Buy a Home During the Holiday Season

Blog Image: What Is The Difference Between A Pre-Qualification & A Pre-Approval?

What Is The Difference Between A Pre-Qualification & A Pre-Approval?

One mistake that home buyers commonly make is not getting a pre-approval.  Many home buyers believe that a pre-qualification is the same as a pre-approval, which is not true.A mortgage pre-qualification can easily be defined as an estimation of how much a buyer can borrow.  In many cases a pre-qualification is only as good as the piece of paper that it’s written on.  It’s fairly common practice that a mortgage lender who pre-qualifies a buyer asks them for information such as income, debts, and other assets without verifying the information.  If a buyer is not t...

October 23rd, 2016 | 247, application, baltimore, credit, home loan, lenders, loan programs, maryland, refinance, real estate, new, mortgage, What Is The Difference Between A Pre-Qualification & A Pre-Approval?

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