Paying Points Can Save You Money

You now know what costs are involved in originating your loan, and you know that you have options in paying for those costs. We also have an option to pay a discount fee (formerly known as points) to buy down our interest rate if we wish.  Is it possible that paying points can save you...

What Is (Not) a No-Cost Loan?

You’ve undoubtedly seen or heard ads by mortgage lenders for no-cost or no-point loans, no out-of-pocket cost loans, or loans with super-low interest rates. Would it surprise you to know that these are all the same loan? That’s right! All loans cost money to originate. The difference between them is how you pay for the...

Home Prices Will Rise in Coming Year

I’ve just returned from a conference with a bunch of really smart people, all of whom write personal finance blogs, have published books about personal finance, or report on finance issues for national news outlets. Like I said, smart people. While I was at the conference a number of folks asked me if I thought...

Mortgage Advisors Should be Finance Experts

One of my biggest gripes for a long time has been that mortgage originators are not properly educated in finance.  Those who have taken the initiative to educate themselves, either through a degree in finance or college-level finance courses are an exception.  Very few companies – if any – actually provide their originators with any...

Will Government Shutdown Prevent Loans from Closing?

I’ve been hearing a lot about how underwriting guidelines are loosening up in response to the government shutdown. Not exactly… Nowadays lenders double-check and document every possible area where fraud occurred in the past.  Two of these areas – verifying social security numbers through the Social Security Administration and your income via IRS tax transcripts...

Buying Up is Hard to Do

I’m sure you’ve heard that the real estate market is coming back on strong right now, especially where we are in Silicon Valley.  If you bought your home before 2007 you might have thought you’d be in it for just a few years and you had planned to move up, but you didn’t because of...

Clever Tips for Paying Off Your Home Mortgage Faster

Seven clever tips to help you get your mortgage payments on the fast track.