If you want to purchase a house and need a mortgage, someone is going to have to pull a credit report at some point along the way. A credit report outlines credit history and ultimately, credit worthiness. Credit-reporting agencies are governed under The Consumer Reporting Act, and anyone who pulls a credit report needs to… Continue reading A Closer Look at Credit Reports
Category: Mortgage Monday
A weekly column written by mortgage agent Tim L. Walker that discusses a wide variety of topics in the mortgage industry.
Mortgage Monday Rate Update – October 2011
Whether you like it or not, stats and numbers are a part of the world of mortgages. When rates changes even the slightest of percentage points, it could cost or save you thousands of dollars. Every once in a while, here on the Mortgage Monday posts, I’ll update you on what’s going on in the… Continue reading Mortgage Monday Rate Update – October 2011
The Cost of Borrowing
With the emergence of the Internet over the past couple of decades, more and more consumers are playing an active role in “rate shopping” for their mortgage. Unfortunately, the “best rate” doesn’t always equal the best mortgage – there’s usually a big difference between the lowest rate and the lowest total cost of borrowing. In fact, the… Continue reading The Cost of Borrowing
What is an IRD (Interest Rate Differential)?
The world of mortgages and real estate is filled with an excessive amount of acronyms. If you were to overhear some of our conversations, you would swear we were speaking a different language – LTV and PMI this, and IRD and ARM that, API, BPS, and it goes on and on. While most people don’t… Continue reading What is an IRD (Interest Rate Differential)?
Don’t Sign That Mortgage Renewal
The major banks currently renew somewhere between 80-90% of the mortgages they hold, and the majority of those renewals are done at posted rates (posted rates are the rates that are publically advertised by the banks, and the rates also used for qualifying for a variable rate mortgage). Many clients, especially those with a steady… Continue reading Don’t Sign That Mortgage Renewal