Tag Archive for: mortgage payments

Average Texas Monthly Mortgage Payment In 2022

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

PANICKED LISTING AGENT; PURCHASES HARDER THAN REFI’S I got this text last week from a panicked listing agent: “Jay, my listing is supposed to close Friday and the lender went […]Read More

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

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

There have been a lot of rumblings in the news lately about rate increases…mostly b/c rates have been increasing :). The Fed recently announced an increase in the Fed Funds […]Read More

Interest Expense Always Exceeds Tax Savings; Nobody “Needs” Write-off

There is no doubt that renters experience a tremendous tax benefit or subsidy when they buy a house. This is b/c they can deduct all of the interest and property […]Read More

“Early Pay Off Penalties” That Originating Lenders Pay

We discussed the general lack of prepayment penalties (they no longer exist) on Monday. But I also mentioned “Early Pay Off” or “EPO” fees. What Are “Early Pay Off” Penalties? […]Read More

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

Prior to the mortgage meltdown, prepayment penalties were relatively common. The penalties were typically from one to five years in length, and were commonly associated with Adjustable Rate Mortgages (ARMs). […]Read More

Accrued Interest on Mortgages – Arrears, Skipping Payments

Interest on mortgages always accrues in arrears. This means your December 1st mortgage payment covers interest that accrued in November. In contrast, a December 1st car payment will cover interest […]Read More

Accrued Interest and Mortgage Payment Myths

We had a seller recently who insisted on closing by month-end b/c he could “not afford another payment” on his mortgage. B/c we inherited the deal from another lender 7 […]Read More