Daily Dose of Curiosity
First, you should be aware that mortgage loan officers are primarily salespeople (including your humble question-answerer). An essential part of selling is getting the other person to commit to moving forward. From the salesperson’s standpoint, consent to run a credit report is the first step in that process. Many loan officers will tell callers shopping … Read more
It depends on the size of the mortgage, the points purchased, the reduction in interest rate for each point, and the time you plan on holding the mortgage. For example, if you have a 30-year fixed mortgage in the amount of $250,000 with an interest rate of 4%, your monthly payment will be $1,193.54. Let’s … Read more
Technically, YES. Technically, however, doesn’t make something a good idea. Here’s the deal. In my observation, a 401(k) loan is a high-risk proposition. I’ve rarely seen them work out well, to the point that when I advise a client on setting one up I recommend that loans be disallowed. That at least keeps the employer … Read more
You bet. And that is a good strategy. Once you find a property you want to buy you can make an “all cash” offer. This is attractive and motivating to the seller because they know that you have the money and you can close on the property quickly. They see $$ in their eyes. Also, … Read more