FAQ

Should I Buy or Rent?
People often rent apartments or houses, with the idea that they are "saving up" to buy a house. However, most of the time, this is not the best way to go about buying a home. Renting a property is basically like giving your money away; buying your own home however, will earn you equity, which means that the money you pay towards your mortgage (which can be the same as your monthly rent) will act as a sort of savings. Many times, buying a home does not even require any money out of your pocket! So why not find out if a home mortgage can work for you?

Should I Pay Points?
Points are basically a form of compensation to brokers. They are often disguised as origination fees, or broker fees, or simply just points. One point is equal to one percent of the amount being financed, so one point on a $100,000 loan is $1,000. Many brokers try to fool the customers into thinking they are paying a lower rate, but add points to the deal, which usually end up costing the consumer more money over time than paying a slightly higher rate. However, this is not true in all cases, and depends a lot upon a consumer's particular situation. Feel free to ask us about any uncertainties you may have about points.

Should I Refinance?
Refinancing is basically when a consumer takes out a new mortgage at a lower rate than they are currently paying, to pay off their old mortgage. Many times, consumers may want to consolidate a first and second mortgage, consolidate various debts or simply want cash out for home improvements, large purchases, etc. These are all good examples of the benefits of refinancing. Refinancing a mortgage loan with as little as a half point drop in rates can save a consumer hundreds of dollars every month! Contact us today to see if we can save you some money, or have a loan program that better suits your current needs.