Home Mortgage Financing

How Mortgage Rate Changes Affects Buyers

graph with value growing higherAs the COVID-19 pandemic continues to ease and the economy also starts to ramp back up you are likely to see changes in the mortgage rates. What effect will this have on your decision to jump into the housing market? Should you rush into it or just take a wait and see approach? It may be one of the main factors in your decision, although a lot of other things have to fall into place before you can move forward. How important though is the mortgage rate you get when deciding to buy a home? Should you worry if you are not ready and you keep seeing those rates go higher?

Understanding a Mortgage Acceleration Clause

Do you know if your mortgage has an acceleration clause? Have you ever even heard of an acceleration clause? If not, then don't worry; most homeowners pay off their entire mortgage without ever having to worry about this particular part of their loan agreement. During these times of Covid-19 and the resulting issues due to the pandemic then you may become more familiar with it than you want. It's still valuable to understand what this clause means, since it could result in your lender demanding immediate mortgage repayment under certain circumstances. In this post, you'll receive a brief introduction to acceleration clauses and why they are not something to joke about!

Getting a Second Mortgage Quote Can Save You $1,400

Everyone loves the thrill of finding the best deal, whether it's on a pair of shoes, an appliance, or even a car! Why then do so many home buyers fail to shop around when it comes to the most expensive item of all: a mortgage? Last April, Freddie Mac estimated how much extra money buyers are likely to pay over the course of their loan by failing to get multiple rate quotes, and the number wasn't cheap! In fact, they found that getting just one extra quote would save the average borrower over $1,400!