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14
Jan
By Jim Hasek
Home Mortgage Tips, ,

Three Major Mortgage Mistakes Which Are Sure to Increase Your Closing Costs

When shopping for a mortgage, it is important to take closing costs into account. While some closing costs are the same for all lenders, different programs may add or reduce some of the burden borrowers face when closing on a home loan. Let's take a look at some major mistakes that could result in borrowers paying more than they need to in closing costs. 1) Failing to Take Property Taxes Into Account Property taxes are generally put into an escrow account that is established prior to closing on the home loan. In most cases, a homeowner will have to pay…
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13
Jan
By Jim Hasek
Mortgage Rates, ,

How Low Can They Go: With Mortgage Interest Rates Low, Should You Refinance?

Do you have a mortgage? You've likely seen or heard a lot about mortgage refinancing as interest rates remained low in recent months. In today's blog post we'll explore the topic of mortgage refinancing, including when you should consider refinancing and how to take advantage of low interest rates. What is Mortgage Refinancing? In simple terms, refinancing refers to the practice of taking out a new mortgage and using the proceeds to pay off your old one in its entirety. You'll go through the full borrowing process with your chosen lender, including the credit check, financial history and employment history…
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12
Jan
By Jim Hasek
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – January 12, 2015

Last week's economic news was dominated by labor reports and FHA's announcement that it will lower its mortgage insurance premiums in an effort to make homes more affordable for first-time and moderate income home buyers. Mortgage rates fell last week as employment reports showed strengthening job markets. The details: FHA Lowers Mortgage Insurance Premiums HUD, the agency that oversees FHA, announced Thursday that it will lower annual mortgage insurance premiums by0.50 percent. The change is expected to become effective toward the end of January; HUD stated in its press release that a Mortgagee Letter outlining the changes will be issued…
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09
Jan
By Jim Hasek
Around The Home, ,

Tankless Water Heaters: The Pros and Cons of Going Tankless In Your Home

Large water heaters are unsightly appliances that home-sellers would rather hide. Although it's not always possible to banish these structures, it is possible to replace them with a version that is not as overbearing. Tankless water heaters have the potential to make one home stand out amongst the competition, but they do have some disadvantages along with the benefits. Pro: Tankless Water Heaters Use Less Energy Traditional water heaters continuously heat water that is just sitting in the tank, and this requires energy. Tankless water heaters, on the other hand, do not heat the water until someone needs it. Therefore,…
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08
Jan
By Jim Hasek
Market Outlook, ,

FOMC Minutes: Low Inflation Rates Won’t Delay Rate Hikes

The minutes of the Fed’s Federal Open Market Committee (FOMC) indicate that Fed policymakers aren’t concerned about low inflation rates as an obstacle to raising the target federal funds rate. The national inflation rate was 1.50 percent for the 13 months ending in October. The inflation rate as reported in the Consumer Price Index (CPI) dropped to 1.25 percent in November. The Core Consumer Price Index, which excludes food and energy sectors, showed an inflation rate of 1.75 percent. The Fed has repeatedly cited a target of 2.00 percent inflation, but inflation rates have remained consistently lower. Recent freefall in…
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07
Jan
By Jim Hasek
Home Mortgage Tips, ,

It’s 2015! Get a Jump on Your Payments with Our Quick Guide to Paying Your Mortgage off Sooner

With the start of the New Year, it's common to set new resolutions. While there are many goals that are worthwhile, paying off your mortgage as soon as possible can significantly improve your financial position and is a great goal to aim for. With that in mind, let's take a quick look at a few helpful tips for paying your mortgage off sooner. Refinance To A Shorter Mortgage Term For example, switching from a 30-year mortgage to a 15-year will get your mortgage paid off in half the time it would have originally taken, and it will also lower the…
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