Understanding Loan Costs & Values
Interest rates do matter, but “rate focus” is the number one way most mortgage customers end up paying more than they should. We encourage customers to itemize all of the actual costs of getting a mortgage and consider them in the context of the anticipated length of ownership, property improvements and other factors that impact costs and value over time. We help our customers see actual costs.
Rate | Monthly Payment | Closing Cost | Cash to Close | |
4.00% | $1909.66 | $6,000 | $106,000 | |
4.25 | $1967.76 | $0 | $100,000 |
Traditional Mortgages
Traditional 30-year mortgages are still the most frequently issued loans. They provide manageable monthly payments and help homeowners build equity at a reasonable pace. There are some uniquely structured 30-year mortgages that can be advantageous to certain buyers.
Shorter Term Mortgages
We’ve begun to see a moderate increase in 15-year mortgages where customers have a lower interest rate coupled with a more aggressive payment schedule. While it presents a higher monthly payment, the total costs of borrowing are significantly lower.
Refinancing
Refinancing can be advantageous for homeowners as rates fluctuate and in cases where home equity improves to make more favorable loan terms available. We’re happy to do an analysis of your current mortgage and help you determine if available refinance options are worthwhile to consider. Use our mortgage refi-calculator to get an idea of potential savings.
Special Programs
There are special loan programs available for physicians, veterans, first time buyers and many other groups. If we are can help with these we’re happy to do it, if not we’re able to refer you to a company that specializes in these programs.
Unique Qualifications
We’re able to help customers with unique borrower qualifications such as higher assets but lower income or other variations in the traditional borrower profile.