Tag Archive for: mortgage payments

Bi-Weekly Mortgage Payments: Do They Actually Save Money?

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Biweekly mortgage payments can genuinely save you tens of thousands of dollars and shave years off your loan. The math is real. But there are two things most articles skip: not every servicer applies the payments the way you would expect, and the third-party companies charging to set this up for you are almost never worth it. Here is exactly how the strategy works, what it actually saves, and how to do it yourself for free.Read More

Average Texas Monthly Mortgage Payment In 2022

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Calculating the average mortgage payment for Texas homebuyers can easily be done using a mortgage calculator to calculate the difference between Texas' average home value and the mortgage rates recorded by Freddie Mac.Read More

Refi Boom Over? Record Appreciation; Affordability Crisis? Not Here

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I got this text last week from a panicked listing agent: “Jay, my listing is supposed to close Friday and the lender went MIA; how fast can you close?” I get texts and emails like that all the time, but have been getting them slightly more often lately, and I suspect the reason has to do with all the “refi shops” trying to turn into “purchase shops.”Read More

Do Borrowers Get to “Skip” a Payment When They Refinance?

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NO COST DOES NOT MEAN NO “CASH TO CLOSE” Almost all of our refinances are “no cost” loans, meaning that we, as a lender, cover all of the “non-recurring closing […]Read More

1/4% Rate Increase = Less Than 4 Lattes

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There have been a lot of rumblings in the news lately about rate increases…mostly because rates have been increasing :).Read More

Why More Mortgage Interest Doesn’t Mean Bigger Tax Savings

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Many homeowners believe paying more mortgage interest boosts their tax deduction. In reality, the cost of interest always exceeds the tax benefit. Here's what borrowers need to understand.Read More

“Early Pay Off Penalties” That Originating Lenders Pay

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While borrowers don’t pay early payoff penalties, lenders do. These fees can cost thousands when loans are paid off too soon after closing.Read More

Prepayment Penalties Thing of the Past; Early Pay Off Penalties?

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Prepayment penalties were once common, especially on ARMs and subprime loans. While they’ve disappeared from today’s market, early payoff fees still impact lenders—here’s how they work.Read More

Accrued Interest on Mortgages – Arrears, Skipping Payments

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When closing a mortgage, interest accrues in arrears, meaning buyers may not need to make a full payment in the first month, depending on when they close. Here's how it works for both purchases and refinances.Read More

Accrued Interest and Mortgage Payment Myths

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Sellers often misunderstand how mortgage payments work, thinking they can avoid full payments by closing at the end of the month. In reality, interest accrues in arrears, and the seller is responsible for principal, no matter the closing date.Read More