Mortgage Myths Revealed

Myth: The Interest Rate Determines The True Cost Of The Mortgage The annual percentage rate (APR) is what is used to determine the true cost of the mortgage. The APR includes the interest rate, points, mortgage insurance, and all other fees. This figure will give you a better idea of the total cost over the ...

Top 10 Mortgage Tips for the Rest of 2013

By TJ Agresti, CEO, EquityLock   Tip 1: Refinance or Apply Now Mortgage rates are still close to all-time lows so if you haven’t refinanced recently, you’re probably paying too much. Rates are on the rise with over a 1% increase in the last 60 days alone.  Take advantage of today’s record-low mortgage rates while ...

How Can HARP 2.0 Help You?

The Home Affordable Refinance Program, also known as HARP 2.0, was released in March 2012 and gave borrowers an opportunity to refinance to a lower rate and save on their monthly mortgage costs. Before this program borrowers could owe no more than 125% of the value of their home. The new guidelines have no limit ...

What These Changes Directly Mean to You, the Borrower (HARP 2.0)

Underwriting Requirements Relaxed What’s new:  A more relaxed view on foreclosure and bankruptcy rules; meaning your HARP loan could be approved, regardless of how recently a borrower filed bankruptcy or experienced a foreclosure. What that means for you:  As previously stated, you won’t be counted out for a mortgage late when that could normally eliminate ...

HARP 2.0

Originally announced in March 2009, HARP is a federal government program designed to help millions of underwater or near-underwater homeowners refinance into a fixed loan with a lower monthly payment.