When should I refinance my home?
Ready to save big on your monthly mortgage payments? Refinancing may be the way to go, especially if current rates are 2% lower than what you're paying now. Even a 1% rate reduction can add up in savings over time! Your lender is here for you, helping determine whether and how much refinancing could work for your income, budget and loan amount—allowing more money in pocket each month!
What are Points and how do they work?
Points are fees charged by lenders to lower the interest rate of a mortgage loan - 1 point equals 1% of the total amount borrowed. For instance, if you get a $100,000 loan and purchase one point, this payment will be equal to $1,000. Whether discount points make sense for your situation depends on several factors including how long you plan to stay in your home as well as current market rates.
Should I pay Points to lower the cost of my mortgage?
If you are looking to stay in your property for the foreseeable future, consider paying points on a loan – this could drastically lower your monthly payments and increase how much of an investment you can make. Keep in mind though that if short-term residence is more fitting for you, it may not be worth covering the cost of discount points up front due to reduced savings over time.
Lock In Your Interest Rate and Reduce Stress
Home buying can be a stressful process and many homebuyers want to avoid surprises at the end of it. Fortunately, there is an option that can help protect homebuyers from unexpected rate hikes in mortgages - locking the interest rate. When homebuyers choose to lock in their loan's interest rate, with a lender’s approval, they are guaranteed that rate for a specific period of time despite any potential fluctuations in the market. This way homebuyers have peace of mind that when it comes time to close on their home purchase the mortgage payment won't be higher than expected.
How Does a home appraisal work?
If you're home-buying and talking to your lender about mortgage options, chances are you'll come across the term 'appraisal'. They are a professional estimate of a home's fair market value, used by lenders to ensure that mortgage loan amounts don't exceed the home's actual worth. It's typically done by a state-licensed Appraiser - a professional with the right know-how and expertise to assess properties based on location, amenities, and condition.
Do I need PMI - Private Mortgage Insurance?
PMI is required by mortgage lenders when home buyers make a purchase with a down payment that’s less than 20% of the home’s value—typically to protect the lender in case the home buyer defaults on their home loan. Depending on your loan structure, you could be charged up to one year’s worth of PMI premiums at closing, which can amount to several hundred dollars. If you’re hoping to avoid this extra expense, consider making a larger down payment or looking into other loan options.
Vancouver and Portland trust Prism Lending Partners with their loan applications to get a competitive rate and have a great experience. We actively work with you to ensure that you are able to purchase the house that you desire.
Our local presence means that we are accessible and knowledgable about the SW Washington and Portland Metro area.
When you need a local mortgage company to be with you during the process, call us.
Competitive mortgage rates for borrowers in Vancouver, Portland, Camas, Battle Group, and all of SW Washington means that you get a competitive rate. Want to know how we do it? Call Us.
Find the loan that's right for you.
Our team will help you find the right loan for you at the right time. We offer products and have an understanding of the market at all phases of the real estate cycle. We are committed to guiding you through selecting a loan and will help you reach your personal and financial goals with transparency and professionalism.
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
Low Down Payment
Loans where the borrower is able to wrap many of the costs and closing costs into the loan, lowering the amount needed to close.