Wednesday, May 26, 2021
Thursday, May 20, 2021
1. How much can I borrow to buy a home?
2. What types of mortgage loans do you offer?
3. Do you offer mortgage points?
4. How much money do I need to put down?
5. What is my interest rate?
6. Do I need an escrow account?
7. When can I lock in the interest rate?
8. What will the closing costs be?
9. Are there any prepayment penalties?
10. Are you going to do a hard credit check on me today?
Asking your lender a handful of questions ahead of time can help make the purchasing process smoother and less stressful for you. Make sure you are prepared with plenty of questions about income requirements, the types of loans you qualify for, and how much you have to save for a down payment and closing costs. Give Team Lasson a call today to discuss your mortgage loan!
Thursday, May 13, 2021
When you own a home, the thought of having a mortgage for the better half of your life can be very daunting. Especially in times like we're experiencing now, having any kind of debt can leave you with uncertainty. Many people are looking at ways to cut down on their expenses and to chip away at their debts to ensure a more secure future, including paying off their mortgage early. There are some pros to paying off your mortgage early. Depending on your situation and reasoning, it could be a great financial step. Here are just a few things to consider before deciding whether to pay off your mortgage early.
Benefits of Paying Off Early
Paying off a mortgage early means a large sum of money freed up each month. This can be a great opportunity for homeowners to put that extra cash towards a retirement fund. Eliminating a mortgage payment also means you’ll need less income to cover your daily expenses in retirement.
Early payoff can also result in paying less in interest during the life of the loan. Additionally, it can provide homeowners with an asset that could be leveraged when needed. If you've got equity in your home, that could be used to open a home equity line of credit to cover any emergency expenses that might arise.
Risks to Consider
While there are benefits to early payoff, there are also some risks to consider. Paying off a large sum toward your mortgage could deplete any emergency reserves you might have saved up and leave you cash poor. This means, you may be forced to take out a loan to cover any unexpected expenses that could arise.
Another thing to consider is that paying off your mortgage eliminates the option to take a tax deduction on the interest you paid on the loan, resulting in a higher annual tax bill. You could also miss out on investing in other savings avenues that are experiencing high growth.
You may also be required to pay a prepayment penalty. The amount of a potential prepayment penalty varies by lender but could range from 2 to 5 percent of the total loan balance, which can get expensive.
Talk to a Trusted Mortgage Lender First
As you consider whether or not paying off your mortgage loan early is right for you, be sure to talk to a trusted lender who knows the business, and can guide you down the right path. The pros and cons of this decision should not be taken lightly, as your decision affects your financial future. If you've got questions about your mortgage loan, we're here to help. Give Team Lasson a call today to discuss your financial future and how the life of your mortgage can affect it. Let me share with you some ideas on how you can combine strategies to potentially pay off your mortgage faster and more efficiently put your money to work for you.
Wednesday, May 5, 2021
Have you been thinking about obtaining a mortgage at Lake of the Ozarks? If so, you've likely done your homework on mortgages and what's important when obtaining one. One of the most important things for many homeowners is their interest rate. But how are they determined? Well, this week's blog, I am going to inform you of the factors that are considered when it comes to mortgage rates. Continue reading to learn more!
Interest Rate Factors That You Control
There are several factors when mortgage rates are calculated that you as the borrower can control. Those factors are:
Type of Loan
The type of loan you're obtaining will also have a direct impact on the interest rates available. For instance, a purchase of a primary and second home may vary, as well as mortgages on manufactured homes, investment property, and condos. Cash-out refinances may also have varying rates as opposed to a purchase loan.