Month: September 2017

closing Fees

Is a Mortgage Pre-Approval Letter Necessary to Make an Offer on a House?

The short answer is, “No.” However, if you want your offer to be taken seriously and to stand out from any competing bids, this little piece of paperwork can really give you the edge. Here, explains the mortgage pre-approval process and why it’s necessary. What is mortgage pre-approval? Basically, a mortgage pre-approval letter is a guarantee from a lender that it’s willing to finance your home

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How to Buy a Second Home

If you have been thinking about buying a second home, now could be a good time to take the leap. Interest rates are still low, and home prices are rising but within reach. Here, BankRate offers some tips is you’re ready to buy a vacation home. 1. Scout the market One way to start the search for a second home is to

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What Are Mortgage Points? And Should You Pay Them?

When people want to determine how much their mortgages cost, lenders often give them quotes that include loan rates and points. Here, Bankrate explains what mortgage points are and whether or not you should pay them. What exactly is a point? A point is a fee equal to 1 percent of the loan amount. A 30-year, $150,000 mortgage might have

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Seven Ways to Get the Best Mortgage Rate

The day has come: It’s time to buy your first home. But, the average home costs more than $260,000, and since you likely don’t have that kind of cash sitting in a savings account, you’ll need to borrow most of that amount from a lender and spend a decent portion of the rest of your life paying it back, plus

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