Tom Spaniel

Preston Hollow Financial Services, Inc

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Whatever You Do, Don’t Make These Common Mortgage Mistakes

May 27, 2022 by Tom Spaniel

Whatever You Do, Don't Make These Common Mortgage MistakesAre you applying for a mortgage on your home? Keep in mind that a mortgage is a major financial decision and choosing one will have a significant impact on the rest of your life.

Many people go into this decision without understanding all of the essential mortgage information they need to know, which means that they are likely to make poor choices that will result in paying much more than they need to.

If you want to save yourself from throwing away your hard earned money, here are a few common mistakes to avoid:

Trying To Bottom Out the Market

Many people will wait too long to make a decision to lock in their mortgage rate, trying to wait until they think that the rates have hit bottom. However, unfortunately most of the time this leads them to wait too long and end up with a higher interest rate.

If you are waiting things out, keep a very close eye on the economic indicators. Your daily newspaper will be a good source of information about the fluctuations of interest rates.

Forgetting About Closing Costs

In addition to saving up a down payment for your mortgage, don’t forget to factor in the closing costs. These can range from two percent all the way up to six percent of the value of your home. Make sure that you have budgeted for this in advance, so that these fees don’t catch you by surprise.

Not Considering All Loan Options

There are many people out there who haven’t considered certain loan products, such as an adjustable rate mortgage, because they just don’t understand how they work.

However, if you do this you might be missing out on an option that would really work well for you. Make sure you do your research and gain an understanding of the loan options available to you.

Looking At Just The Mortgage Rate

Remember that the mortgage interest rate is only one factor that you should consider when choosing a mortgage. Don’t forget to also consider the time frame of the mortgage, the restrictions on lump sum payments and any other important factors.

These are just a few of the common mistakes people make when choosing a mortgage, so make sure to avoid falling into these traps yourself.

For more information about home buying and mortgages, you can call your trusted mortgage professional. 

Filed Under: Mortgage Tips Tagged With: Common Mortgage Mistakes, Homebuyer Tips, Mortgage Tips

FHA Streamline Refinance Mortgage Loan Program

May 26, 2022 by Tom Spaniel

 FHA Streamline Refinance Mortgage Loan ProgramRefinancing a home loan can provide numerous benefits, but it can also seem daunting and intimidating to some. Many homeowners would love to lower their interest rate or take advantage of other benefits associated with refinancing, but they are concerned about the time and expense associated with refinancing their current mortgage. The FHA Streamline Refinance loan program is designed to provide those who currently have an FHA loan with an easier way to refinance their mortgage, and this may be a desirable option for many.

No Appraisal Needed

One common complaint that people have when applying for refinancing relates to the expenses and time, and the appraisal can have a big impact on both of these factors. The good news is that with the FHA Streamline Refinance loan program, there is no requirement for a new appraisal. The home value at the time of the original loan will be used with the refinance loan, and this is truly beneficial for those who are currently underwater with their home value due to decreasing property values.

Lower Interest Rates

With the FHA Streamline Refinance loan program, borrowers can take advantage of today’s interest rates without needing to go through a full refinance process. This loan program is available to those who have a current FHA loan program, and it is a great program for those who have an interest rate that is higher than the current rates to lock in a lower rate and a lower mortgage payment.

Great Loan Terms

As with the traditional FHA loan program, the Streamline program also offers great loan terms. Borrowers can choose between a 15 and 30-year fixed rate loan, and borrowers will not be subject to a prepayment penalty. These loan terms provide borrowers with flexibility when refinancing their loan to take advantage of a lower interest rate.

The FHA Streamline Refinance loan program is just one of several options available to borrowers who are interested in refinancing their current FHA loan program. It offers numerous benefits to homeowners, but it is not the only option available.

It is wise for homeowners who are interested in refinancing their current mortgage to compare all of the options thoroughly before making a decision. It is best to seek assistance from a trusted mortgage professional. They can help with specific information and guidance with the selection of the right a loan program for each homeonwers needs.

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Mortgage Refinancing, Mortgages

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