Five Year Increments by David Reed

July 21, 2008 Which is better, a 30-year or a 15-year fixed rate mortgage?  A common and important question which, when answered, affects both the monthly payment and the amount of interest paid on a mortgage loan. While paying less interest over a shorter timeframe seems to be the obvious answer, t

Government Grants by David Reed

For first-time buyers, often the first thought that comes to mind is, “I need a down payment.” This is often followed by the question, “Now, where do I get that down payment?” Depending upon the loan type, a home mortgage typically requires 3 to 5 percent down. If you have the money, then you’re set

Points: To Pay or Not to Pay by David Reed

Numerous closing costs come with any mortgage. There’s a fee for an appraisal and a fee for a credit report… and the lender has its fees, too. And don’t forget about the attorney fee, title insurance, and escrow charges. Closing costs can vary from state to state and province to province, but you re

The Best time to Lock in Your Mortgage Rate – By David Reed

“What do you think about rates … should I lock in now or wait to see if they fall further?” Think I’ve been asked that a time or two over the past 18 years? You better believe it.  It’s a good question—one that goes through every single buyer’s head at some stage. A quoted interest rate is no good u