So, you plan to refinance with another lender? When you do, expect to pay at least a day or two of overlapping interest on both loans. No one is cheating you; it’s simply the way the system works. Lenders try to shorten the period that you pay overlapping interest. They boil their policy down to [...]
An interest rate is a rate which is charged or paid for the use of money. An interest rate is often expressed as an annual percentage of the principal. It is calculated by dividing the amount of interest by the amount of principal. APR is defined as the yearly cost of a mortgage, including interest, [...]
If you are buying a home you have plenty of research to do. But most mortgage information reads and sounds like military code: ARM, APR, PMI. It’s hard to tell if you’re buying a house or intercepting submarine messages. Below are some common mortgage words and their meaning: Adjustable-rate mortgage (ARM) — A home loan [...]
