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Tag Archives: mortgage rate

Should You Use a Mortgage Broker?

Search “Why use a mortgage broker?” on the Internet, and you’ll get a wide variety of opinions and testimonials ranging from the fanatically positive to the chillingly negative.

The role of mortgage brokers in encouraging the pace of the subprime explosion that felled the housing market led even more people to question their role in the home buying process.

Even so, whether you’re a veteran or a civilian looking for a mortgage, calling numerous financial institutions, waiting to get answers and trying to sort through the financial jargon contained in those answers can be trying.

So it’d be good to have someone working in your best interest who knows the market, knows you and can do the shopping around for you, right? Maybe. You’ll have to see what works best for you.

To that end, here’s a quick rundown on some of the good and the bad of mortgage brokers:
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Posted in Mortgages, VA Loans and Mortgages | Also tagged , , , 2 Comments

The Future Military Homeowner Primer: Rate Locks

Mortgage rates constantly rise and fall, and rarely more swiftly than right now. Dan Green of The Mortgage Reports estimates that rates changed every 3 hours, 23 minutes during the month of June.

If you’re in the market for a mortgage or in the process of obtaining one, fluctuating rates can make a big difference in how much you’ll pay on your loan. A spike in mortgage rates during the time it takes to close your loan could push your payment past what you can afford.

To keep that from happening, you can ask for a rate lock, a tool that allows prospective borrowers to lock in their interest rate once a purchase agreement is in place.

Here’s a basic breakdown of what a rate lock is, its pros and cons, and when to consider locking in your rate:
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Posted in Mortgages, The Future Military Homeowner Primer, VA Loans and Mortgages | Also tagged , , , Leave a comment
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Peter G. Miller

Peter is a nationally syndicated real estate columnist and mortgage expert. He is the author of seven books and has appeared in broadcast and print interviews with leading media including Oprah, CNN, the Today Show, National Public Radio and The New York Times. Peter was the creator and original host of the AOL Real Estate Center and a past editor of RealtyTimes.com. Today he hosts OurBroker.com, a leading source of real estate news and opinion.



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