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Previous Questions

Mortgage Research

I’m shopping for a mortgage. Should I be looking for the lowest interest rate, or are there other more important factors?

A
While interest rates are important, the best mortgage is the one that is best for YOU. By putting the needs of the client first, we can meet the long and short-term requirements that are unique to each borrower. For example, the new home purchaser may need flexibility with their down payment requirements. For the investor looking to free up capital, an interest-only payment or an adjustable rate mortgage may fit best. Too, your loan officer can present a competitive choice of rates which include a no-cost rate, the opportunity to buy down your rate, interest-only payments and more. Taking the whole picture into account: income, assets, personal goals and circumstances etc., will give you a mortgage that works for you.

Mortgage Payments

I have a 30-year mortgage. How can I pay my mortgage down faster?

A
By making one extra payment each year, a 30- year mortgage could be paid off in 25 years! For borrowers who are paid a salary on a bi-weekly basis, this can be incorporated quite easily. Schedule a mortgage payment every four weeks rather than every calendar month, and by year-end, you would have made a total of 13 payments instead of 12. This one small change significantly reduces the amortization term of your mortgage.

Interest Rates

Why are interest rates higher than they’ve been in the last few years?

A
The slight shift upward is a reflection of our improving economy. Generally a better economy leads to inflation- with higher interest rates to make up for it. However, with fixed rates still historically low, now is a great time to borrow.
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