Blog :: 08-2010

Can you pay your house off in 15 years?

Interesting article about today's homeowners choosing a 15 year mortgage over 30.  Homeowners are willing to let go purchasing other things and focusing on paying down their mortgage.  If you currently have a 30 year mortgage with a low interest rate and don't want to refinance, use a mortgage calculate (bankrate.com my favorite site for calculators).  Apply $50 or $100/month towards the principal and see how quickly you can pay off your home and how much you would save.  If you are going to stay in your home for a long time - it is worth it!

http://online.wsj.com/article/SB10001424052748703669004575458203846437616.html?mod=WSJ_RealEstate_LeftTopNews

Attention Buyers - Did you know?

Buyers you now need to know if you applied for a Fannie/Freddie loan after 6/1, one of the new guidelines is the lender will pull a new credit report 10 days prior to closing and any new inquiries listed will need to be followed up on to confirm no new credit was obtained.  If your credit score has fallen, your loan will need to go through the approval process all over again which will jeopardize the closing.  Make sure you talk with your lender and get all the details.