by TitleTap | Jul 30, 2018 | Mortgages:
Equity is the value YOU own in property such as a house. It’s the difference between what’s OWED and what the property is WORTH in the current market. The example this video shows – you have a house worth $300,000 today and you owe the bank...
by TitleTap | Jul 30, 2018 | Mortgages:
The Prime Lending Rate – sometimes just called “Prime” - is the interest rate that banks charge each other for overnight loans. Some consumer rates – like ARMs – are set in relation to Prime. In the US, Prime is affected by...
by TitleTap | Jul 30, 2018 | Mortgages:
Discount points allow you to lower your interest rate. While this video simplifies things to help you remember, “points” are essentially prepaid interest with each point equaling 1% of the total loan amount. Generally, for each point paid on a...
by TitleTap | Jul 30, 2018 | Mortgages:
This video tells you about the most common types: Fixed Rate, ARM, Balloon and 2-Step. First, Fixed Rate Mortgages: Payments remain the same for the life of the loan generally 15 years or 30 years. Interest rates remain the same, so payments are predictable. A...
by TitleTap | Jul 30, 2018 | Mortgages:
For both, as we show you in this video, compared with other options, with fixed rates, housing costs won’t be affected by interest rate changes and inflation. With A 30-Year Term: In the first 23 years of the loan more interest is paid off than...
by TitleTap | Jul 30, 2018 | Mortgages:
Usually, Yes. Like the guy in the video says, by sending in extra money each month or making an extra payment at the end of the year you can accelerate the process of paying off the loan. When you send extra money, be sure to indicate that the excess payment is...
