Posts by Gregory Erich Phillips
Mortgage
How Mortgage Points Work and When to Pay Them
Mortgage points are fees that you pay your mortgage lender upfront in order to reduce the interest rate on your loan and, in turn, your monthly payments. A single mortgage point equals 1% of your mortgage amount. So if you… Read more…
Mortgage
Everything You Need to Know about the Secondary Mortgage Market
When you finance a home with a mortgage loan, you and your lender do business on the primary mortgage market. But there is a secondary market by which the lender recoups the entirety of the funds it lent you by going through outside investors. These investors drive interest rates and underwriting standards to an even… Read more…
Mortgage
Advantages and Disadvantages of Buying a Townhouse
With land in desirable neighborhoods at a premium, townhouses represent a growing share in the real estate market. Townhouses can be an attractive option for many new homeowners–offering something of a “middle ground” between single family homes and condominiums. A townhouse can give you what feels like a single family home in prime urban centers.… Read more…
Mortgage
What Is a Mortgage Credit Certificate (MCC)?
Mortgage credit certificates (MCCs) can help with your tax bill in relation to your mortgage payments. MCCs come from originating mortgage lenders, and they turn the mortgage interest you pay directly into a tax credit, which is non-refundable. They are… Read more…
Mortgage
Understanding the Annual Percentage Rate on a Mortgage Loan
You may find the Annual Percentage Rate (APR) on a mortgage loan a confusing aspect of the home financing. You can find the loan APR listed on the Truth in Lending (TIL) disclosure. The disclosure lists the APR figure as… Read more…
Mortgage
What Is Home Buying Season?
The months of April through July generally account for more than 40% of a year’s housing transactions. This is when people think about whether to keep renting or if it’s time to buy a home. What Is Home Buying Season?… Read more…
Mortgage
Should I Get a Loan Through a Mortgage Company or Bank?
Before buying a home, you will need to choose who you’re going to work with through the homebuying process. This starts with your real estate agent, though your mortgage loan officer can be almost as important. They can advise you on refinancing or home equity loans if you already own a home. A financial advisor can also… Read more…
Mortgage
What is a Good Offer for a Home – 3 Things to Consider
So you’ve found your dream home. You’re ready to make an offer. But what is a fair price? Will there be competing offers? You don’t want to lose this house, yet you also don’t want to pay too much on… Read more…
Debt
What Is Single-Payment Mortgage Insurance?
If you buy a house with less than a 20% down payment, and finance it with a conventional loan, you are going to have to pay private mortgage insurance. PMI protects the lender against the possibility of a default. It does not protect you, the buyer, but it does give you the benefit of buying a… Read more…
Mortgage
All About FHA Purchase Loans
The most common way to finance a home purchase for first time buyers is with a loan through the Federal Housing Administration (FHA). The 3.5% down payment required by FHA is the lowest down payment option in the marketplace available to the population at large. (Zero down payment loans are only available to veterans and… Read more…