The decision between a 15-year and a 30-year mortgage is one of the most significant financial choices a homebuyer can make, setting the trajectory fo...
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The choice between a 15-year and a 30-year mortgage is one of the most significant financial decisions a homebuyer or refinancer will make. This decis...
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The journey to homeownership is often symbolized by the quest for the perfect mortgage rate, but the financial responsibility extends far beyond that ...
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In the ever-evolving landscape of real estate financing, an often-overlooked option presents a unique opportunity for both buyers and sellers: the ass...
Read MoreMortgage points, also known as discount points, are an upfront fee you pay to your lender at closing in exchange for a lower interest rate on your home loan. One point typically costs 1% of your total loan amount.
Yes, in most states, insurance companies use a “credit-based insurance score” to help set premiums. This score is similar to a traditional credit score and is based on your credit history. Studies have shown a correlation between credit history and the likelihood of filing an insurance claim. A lower score could lead to higher homeowner’s insurance premiums.
The average U.S. household spends $70-$150 per month on combined water and sewer services. This is highly dependent on local rates, the size of your lot (for irrigation), and the number of occupants. Homes in drier climates with extensive landscaping will have significantly higher water bills.
Yes, but less than you might think. Since you are making a large principal payment, you will pay less interest over the life of the loan. However, because your monthly payment is subsequently lowered, you are paying down the principal more slowly each month than if you had not recast. The primary interest savings come from the initial lump sum, not the recast itself.
No, buying points is only a good financial decision if you plan to stay in the home long enough to break even—the point where the upfront cost is recouped by the monthly savings from the lower payment. If you sell or refinance before the break-even point, you will lose money.
