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Are Fixed Rate Mortgages or Adjustable Rate Mortgages better for me?

When you are in the market for a mortgage, one of the many decisions you’ll have to make is whether to apply for a fixed-rate loan or an adjustable rate mortgage (ARM). Both can be beneficial, depending on your situation. Learning the difference between them can ensure you get the right product for your financial goals. Fixed-Rate Mortgages Fixed-rate mortgages (FRMs) are just as their name suggests - loan with a fixed interest rate, a rate that never changes over the course of the mortgage. The obvious benefit of this type of loan is that your monthly payment, as well as your inte...

August 15th, 2018 | Purchasing a Home, Fixed Rate Mortgages, Adjustable Rate Mortgages, Refinancing a Home, Are Fixed Rate Mortgages or Adjustable Rate Mortgages better for me?

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?

4 Things Every Borrower Needs to Know About Mortgage Brokers

Buying a home in Rhode Island, 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

11.16.2015 Mortgage Rate Update

Mortgage rates are little changed as the markets take a wait and see approach due to the attacks in Paris on Friday evening.  Anytime you have some terrorists action or geopolitical event the markets tend to sell stocks and buy bonds as investors turn to safer investments.  Today the markets are very calm as the investment world watches to see if any new events develop. We will keep an eye on the markets and report back if anything develops.

November 16th, 2015 11.16.2015 Mortgage Rate Update

11.13.15 Mortgage Rate Update

Mortgage rates are dropping slightly again this morning in reaction to some positive news today and the stock market decline.  In economic news the October PPI ( Producer Price Index) which measure wholesale inflation fell 04% versus the 0.1% that was expected.  The year-over-year figure declined 1.6% which is the largest drop since 2009 when they revamped the data.  Core PPI fell 0.3% below the expectation of +0.1%.  This is much better inflation numbers than expected and could give the Fed a reason to reconsider the  hike ...

November 13th, 2015 11.13.15 Mortgage Rate Update

11.12.15 Mortgage Rate Update

Mortgage rates are slightly lower this morning as Mortgage Backed Secuirties (MBS) are near unchanged as they try to stabilize near the July lows.  Mortgage rates have risen more than 0.25% since the low seen on October 26.  Several factors are contributing to the rise in rates.   The economic reports released today the Weekly Initial Jobless Claims were unchanged from last week and are having no impact on rates.  Later today the Treasury will auction $16B 30-Year Bond which could have an impact on rates later in the day. ...

November 12th, 2015 11.12.15 Mortgage Rate Update