15
Aug
By Jim Hasek
Mortgage, ,

Understanding Mortgage Loan Origination Fees

When purchasing a home, a mortgage loan is often a necessary financial tool to make homeownership a reality. However, along with the excitement of buying a house comes the complexity of navigating the various costs involved. One such cost that often puzzles homebuyers is the mortgage loan origination fee. Let’s delve into what mortgage loan origination fees are, why they exist, how they are calculated, and some essential tips to consider when dealing with these fees. What are Mortgage Loan Origination Fees? A mortgage loan origination fee is an upfront charge imposed by lenders to process and underwrite a new…
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25
Apr
By Jim Hasek
Mortgage, ,

How Do I Get Rid of PMI?

How to Get Rid of PMI? PMI (Private Mortgage Insurance) is a type of insurance that lenders may require borrowers to pay if they have a down payment of less than 20% of the home's purchase price. The purpose of PMI is to protect the lender in case the borrower defaults on the loan. However, once you have paid off enough of your mortgage or your home has appreciated in value, you may be able to get rid of PMI. Here are some ways to do so: Pay down your mortgage: If you make extra payments on your mortgage or…
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14
Apr
By Jim Hasek
Mortgage, ,

Common Fees During Refinancing

As interest rates fluctuate, you might think about refinancing your mortgage. This is the cost of taking out a new home loan to replace the one you currently have. If you get a significantly lower interest rate, you could save tens of thousands of dollars over the life of the mortgage. On the other hand, you need to think about potential expenses you might incur during the refinancing process. Because you are taking out another home loan, you may need to pay closing costs a second time. What are some of the most common expenses you might have to pay?…
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05
Aug
By Jim Hasek
Mortagage Tips, ,

The Summer Buying Season Is Here: 3 Tips to Help You Secure a Favorable Mortgage Rate

The best way to ensure you get a good rate on your mortgage is to become an informed buyer. The more you know about mortgages, the more you'll be able to save, and that doesn't just mean knowing where to find the best interest rate. While interest rates play an important role in determining the price of your mortgage, there's always more to a mortgage than just the interest rate. Here are three things you need to know about mortgages to make sure you secure a favorable rate. Understand The Fees Involved - And How To Avoid Them Aside from…
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