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 a No Closing Cost Loan?

As explained in the previous blog, the costs of your mortgage can be thought of as being in two different boxes. One is the cost of getting the loan, the other the cost of having the loan. Put another way, one is the cost of paying everyone who works on your loan for their services,...

No Cost Loans: What Fees Don’t Get Paid?

It costs money to buy a home. Sure, this doesn’t surprise you. But you’ve seen ads for no cost loans, right?  You will pay these costs one way or another.  So let’s look at the costs. An eye-opening fact is that you will spend more money on your home than you will on anything else...

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...