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Gregory Erich Phillips

Mortgage, Home Buying and Home Refinance Expert

Gregory Erich Phillips has more than a dozen years of experience in the mortgage industry. He is an active mortgage loan officer and an expert resource on topics including economics, home financing and real estate trends.

Posts by Gregory Erich Phillips:

by Gregory Erich Phillips Sep 14, 2022

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 take out a $200,000 mortgage, a point is equal to $2,000. By doing this, you’ll pay more now, but you’ll be reducing your long-term costs. Like any financial decision, this isn’t necessarily a good move for everyone, though. As you decide if paying for mortgage points makes sense for you, speak with a financial advisor about how a home loan can affect your financial plan. Read more

by Gregory Erich Phillips Apr 26, 2019

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 greater degree than the initial lender does. A basic understanding of secondary markets can help anyone considering a mortgage. And if you’re looking for a trusted guide to help you through the process, use SmartAsset’s financial advisor matching tool to get paired with a fiduciary financial advisor. Read more

by Gregory Erich Phillips May 16, 2019

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. However, there are some potential expenses, as well as limitations, that you should educate yourself about before deciding to buy a townhouse. Read more

by Gregory Erich Phillips Apr 14, 2022

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… Read more

by Gregory Erich Phillips Sep 14, 2018

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… Read more

by Gregory Erich Phillips Mar 07, 2018

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. Read more

by Gregory Erich Phillips May 02, 2022

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… Read more

by Gregory Erich Phillips Oct 21, 2022

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

by Gregory Erich Phillips Apr 20, 2022

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… Read more

by Gregory Erich Phillips Jan 14, 2016

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… Read more

by Gregory Erich Phillips Apr 12, 2022

Most people have to borrow money in order to afford a house. No matter how big your mortgage is, though, you generally need to have at least some cash on hand for the down payment. Historically the… Read more

by Gregory Erich Phillips Nov 02, 2022

If you have a mortgage loan, you are well aware of the tax deduction you get each year for the interest. Once per year, all that interest you pay to your bank gives you a benefit as well. By… Read more

by Gregory Erich Phillips Feb 21, 2018

The days are long gone when you could buy a house without spending any money out of pocket. Lenders and regulators have determined that potential home buyers need to demonstrate some savings ability… Read more

by Gregory Erich Phillips Jan 15, 2020

Despite the extreme ups and downs of the last decade, savvy investors know that real estate can be one of the best ways to put your money to work for you. Investors were the first buyers to return in… Read more

by Gregory Erich Phillips Dec 24, 2014

With shrinking savings, and retirement incomes failing to keep pace with inflation, older Americans are looking for alternative ways to save money and increase their cash flow. In many cases, they… Read more

by Gregory Erich Phillips Dec 23, 2014

Five years after the Great Recession and resulting financial crisis, the economy still has not recovered to the degree that economists and policy makers had hoped. Unemployment is on the decline, the… Read more

by Gregory Erich Phillips Oct 17, 2017

Let’s start with the good news: your house has most likely increased in value over the last couple of years. While the recession knocked most property values down to early 2000s levels, most of the… Read more

by Gregory Erich Phillips Feb 01, 2023

Wondering where to get the money to make a down payment on a new home? As home prices quickly increase, the amount to make an optimal 20 percent down payment also increases. Meanwhile, you may… Read more

by Gregory Erich Phillips Mar 10, 2023

You could be wondering, what is an assumable mortgage loan? Essentially, it lets you take over an owner’s loan on a property. All the terms of the original loan, including the rate, remain the same.… Read more

by Gregory Erich Phillips May 16, 2019

The home appraisal plays a key role in the home buying process, both for a purchase and for a refinance. That’s why it’s important to understand the ins and outs of the home appraisal process. In a… Read more

by Gregory Erich Phillips Feb 16, 2017

If you are thinking about buying a home, one of the first steps you should take is to find out your credit score. Your credit score is one of the primary metrics used to determine whether you will… Read more

by Gregory Erich Phillips Dec 18, 2014

Establishing a good credit rating is one of the most important things you can do to get ahead financially. If you intend to buy a car or home, the financing will be both easier and considerably… Read more

by Gregory Erich Phillips Mar 18, 2023

The Department of Veteran Affairs created the VA loan program to help veterans and their families buy homes. One of the advantages for the veteran is that the VA limits the number of fees the lender… Read more

by Gregory Erich Phillips May 18, 2018

There are many factors to consider when deciding whether to buy a home or continue to rent. Many prospective buyers also wonder how the numbers of renters vs. buyers breaks down by age group.… Read more