Free Home Search Information

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What's a Point?

A point is a percent of the loan amount. For example if someone says they can give you a rate of 6.25% with a point and the loan amount is $150,000 the point would be $1500. This may be a better deal than getting a rate of say 6.5% with no points. It depends how long you plan on keeping the loan. In this example the difference in payments would be $25 a month so it would make sense to pay the point and take the lower rate if you will own the home and not refinance over the next 5 years.

Prime Rate Lower?

The prime lending rate is at 7.75%. Will it be lowered my major banks this week? Stay tuned.

Mortgage Rates Trend Lower

30 year fixed rate mortgages improved again Monday where it is now possible to obtain financing at 6.o% with no points on a special internet offer.