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THE MARKETPLACE HOME MORTGAGE BLOG
When you are comparing mortgage options, it is important to understand the difference between the interest rate and APR. When you see a loan rate advertised, you’ll also see a corresponding APR (4.5%/4.762% APR). This Annual Percentage Rate is the total cost of your loan (interest and fees) expressed as a single number. The purpose is to give you one number for comparing multiple loans.
But it’s an imperfect science.The problem with using APR as designed is that the calculation applies to the entire length of the loan, and some people use mortgage loans for only a few years due to refinancing or sale.
So be careful with your comparisons. Using APR for comparison can become misleading. Below, you can see the low APR option would cost over $1,500 extra if used only three years. In the fifth year, the lower APR begins to pay off with a savings of a little over $500.
Here’s a quick tip… The bigger the difference between the rate and the APR, the more likely it is that you will be paying higher fees. This is great to know when you see a really low rate advertised. An APR that’s anything more than a quarter of a percent or higher than the actual rate is an indication that the closing fees are going to be more.
Another way of looking at this example is to ask yourself whether you prefer $3,000 of savings in the bank or a payment that’s $30 less per month. If you are more comfortable with money in the bank, lean toward lower upfront costs. If you are more comfortable with the lowest possible payment and believe you’ll use the loan for five years or more, then the lower APR alternatives make sense.
Although reviewing loan options may seem daunting, as long as you choose an experienced and trustworthy Mortgage Consultant you will have an expert to walk you through the process.
At Marketplace Home Mortgage, L.L.C., we pride ourselves on helping you make a truly informed decision, so that you can choose the loan that is right for you. To get started, find a branch near you.
Based on information sourced from ©2006-2018 Top of Mind Networks, LLC
It’s the time of the year when winter can start to lose it’s magic. The holidays have come and gone, and for many, the snow has started to wear out it’s welcome. However, that doesn’t mean you can’t still make the most of the cozy days ahead.
In Nordic countries, where the winters are long and dark, they embrace the opportunity to make the most of quiet simple moments. This mindset is such a big part of their culture that even have words for it. In Danish,the word “hygge” (pronounced HOO-ga) is used to describe “the feeling of cozy contentment and well-being through enjoying the simple things in life”. Germans have a similar concept called gemütlichkeit.
Although hygge is not limited to winter, it is often associated with the things such as sitting by a warm fire, lighting candles, or inviting a friend over for coffee.
If the winter has been getting you down, here are some simple things you can do at home to get back into the sprit of coziness that this time of year allows.
1. Light Candles
Give your home a sense of warmth by lighting candles around your home. If you have a fireplace, make the most of it during these colder months.
2. Bring the Outdoors In
Bring a little nature into your home. Doing so could be as simple as using pinecones and evergreens in a centerpiece, repurposing dried tree branches in decor, or picking up some fresh flowers to display in a central room.
3. Select a Scent
Give your home a comforting atmosphere by choosing a scent to set the mood. Weather you use potpourri, candles, or essential oils, you can say that coziness is quite literally “in the air”.
4. Choose Soft Textures
The textures in your home can also have a significant impact on the feeling you have when hibernating in the winter months. Pulling out plush rugs, soft couch pillows, and fluffy blankets can make cuddling up with a good book or movie even more inviting.
5. Warm up the Oven
Winter can be a great time to make the most of your kitchen. Although holiday party season is over, that doesn’t mean you can’t still whip up some cookies, try your hand at homemade bread, or prepare a hearty winter soup.
6. Share Your Space
It is common to have friends and family over during November and December of the holidays, but February is just as lovely of a time to come together. Create hygge by inviting some friends over for dinner, games, or just tea and conversation.
In the mortgage industry, we are often asked if a home inspection is required. In many cases, the answer is no. However, even when it is not required, a home inspection is certainly recommended.
You are making a large investment when you buy a home, and having a professional home inspector look at it could save you a lot of time and money in the long run.