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Are Fixed Rate Mortgages or Adjustable Rate Mortgages better for me?

When you are in the market for a mortgage, one of the many decisions you’ll have to make is whether to apply for a fixed-rate loan or an adjustable rate mortgage (ARM). Both can be beneficial, depending on your situation. Learning the difference between them can ensure you get the right product for your financial goals. Fixed-Rate Mortgages Fixed-rate mortgages (FRMs) are just as their name suggests - loan with a fixed interest rate, a rate that never changes over the course of the mortgage. The obvious benefit of this type of loan is that your monthly payment, as well as your inte...

August 15th, 2018 | Purchasing a Home, Fixed Rate Mortgages, Adjustable Rate Mortgages, Refinancing a Home, Are Fixed Rate Mortgages or Adjustable Rate Mortgages better for me?

Should I Pay Mortgage Points?

If you are buying a home or refinancing, you have probably heard about “mortgage points.” This form of pre-paid interest can save you thousands of dollars over the course of your loan but in many circumstances is not worth the upfront cost. How do you know whether to pay points or not? Here’s a quick guide to help you figure it out. What are Mortgage Points? Mortgage points – also known as discount points - are essentially a way to pay some of the interest upfront on your home loan. One point is equal to 1% of your mortgage amount. For example, one point on a $100...

July 18th, 2018 | Purchasing a Home, Interest Rates, Should I Pay Mortgage Points?

4 Things Every Borrower Needs to Know About Mortgage Brokers

Buying a home in Virginia, whether for the first time or the last, is an exciting event. Yet before you even take a look at a single home for sale, it is a smart idea to have your mortgage financing lined up. While it is possible to get a home loan directly with your local credit union or bank, the most common mortgage-makers are mortgage brokers. If you are ready to apply for a home loan, here are 4 things you need to know about mortgage brokers before starting the process. A broker is a middleman Mortgage brokers act as go-betweens for you and many different potential lenders. Instead o...

June 20th, 2018 | mortgage brokers, 4 Things Every Borrower Needs to Know About Mortgage Brokers

I TOLD YOU SO

DID I NOT TELL YOU that  rates were on the way up? DID I NOT TELL YOU that there were more ready Buyers than available inventory (especially for home prices under $200,000)?  DID I NOT TELL YOU that as usual, as we approached spring, rates would rise due to supply and demand? Now here we are. So many looking for so little out there and with rates on the rise. You must act accordingly: 1) Get a qualified Mortgage Broker to help you be pre-qualified.Get a User Friendly Realtor that is proactive to help you with new listings that come on the market. 3) Go look immediately...

March 23rd, 2018 I TOLD YOU SO

PREPARING FOR A HOME PURCHASE

Preparing for a home purchase is important, even if you have had experience with home purchases in the past. The laws and regulations have changed and the Dodd Frank Act made sweeping changes to the industry, so what used to be is not the same today. How an interest rate is determined, how a Mortgage Broker is paid, the rules on getting an appraisal done, the required mortgage loan paperwork and deadlines in getting this paperwork to the Lender, are just a few of the numerous changes involved with getting a mortgage loan. I recommend to everyone that you come in and get a 30-60 minut...

February 16th, 2018 PREPARING FOR A HOME PURCHASE

Get Ready To Purchase Your Home NOW

Get ready to purchase your home NOW! Interest rates are on the way up and for each .25% added to the rate for a $100,000 loan equates to about $14/ mo. more in payment for a 30 year loan. Typically as we get closer to Spring, rates will increase due to supply and demand, not to mention the rise in rates due to a booming economy. We are in a Seller's market, as the inventory of homes is very low, especially for the $175,000 and below price range.If a home is listed and is in good shape, it seems to be scarfed up very quickly. A potential Buyer must be ready and willing to act or they w...

February 2nd, 2018 Get Ready To Purchase Your Home NOW

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Diversified Mortgage Brokers

100 Copley Place, Suite D, Lynchburg, Virginia 24502
Toll Free: 800-388-3561 | Phone: 434-237-3143 | Fax: 434-239-4852
Email: dbi4009@aol.com | NMLS ID# 188675 (www.nmlsconsumeraccess.com)
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