You have probably heard that the Federal Reserve, also known as the Fed, has cut interest rates to ZERO on the Fed Funds Rate. There is a big difference between the Fed Funds Rate, which can change day-to-day, and a Mortgage Rate, that can stay in place for 30-years. Mortgage Rates are normally based on […]
Yes, rates are lower, but should you refinance? I’ll tell you what, there are lots of reasons to refinance aside from just rate. You know, homes have appreciated quite a bit, so if you’re paying mortgage insurance, let’s get rid of that and save you that money. And because we have seen strong appreciation over […]
Buying a home is one of the biggest and most complicated purchases you will ever make, but that doesn’t mean you need a large down payment to do so. It is a common belief that you need to put 20% down to buy a home, however this isn’t the case. The truth is, there are […]
Unsure of what an APR is? Can’t see the difference between an APR and an interest rate? These are important terms to understand, as they are key components of the mortgage process. First off, lets discuss what an APR is, and why it is important to the mortgage process. An APR can best be defined […]
Can you shop around when it comes to getting a house? Many believe that you do not have this luxury. There are a lot more things that you can shop around with than you realize. For example, in regards the title work, or legal side of the mortgage process, you can choose the title company […]
At the Truth About Lending, we are licensed mortgage brokers rather than retail loan officers. What’s the difference? It means that we have many more options available for you and your family than if you were to go to a retail loan officer. A retail loan officer like a bank or somebody is working for […]
Are you a veteran trying to use your VA benefits? Unfortunately it is becoming common that banks take advantage of our brave veterans. In fact it is so bad, that it has become a national issue. If you’re looking for a very competitive rate and to perhaps save 1% on the interest rate that you […]
Is there actually a loan out there that has NO closing cost? A common myth within the mortgage industry is that there is something called a no closing cost loan. Despite what some say, this is not true. Regardless of whether there are lender fees or not, you still have costs that you must pay […]
What is a Home Equity Line? What are the pros and cons of a Home Equity Line versus a cash out refinance? Some of the pros for doing an Equity Line would be if you only need the money for a short-term basis. In addition to that, it is very quick, and there is hardly […]
One of the biggest myths within the mortgage industry is that you cannot get an FHA loan if you have owned a home in the last three years. However, that is not true. Even if you own a home right now and are selling that home in order to buy a new one, you can […]
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