{"id":14790,"date":"2019-05-22T14:12:45","date_gmt":"2019-05-22T14:12:45","guid":{"rendered":"https:\/\/louisvillehomesblog.com\/?p=14790"},"modified":"2023-08-08T14:15:08","modified_gmt":"2023-08-08T14:15:08","slug":"everything-you-need-to-know-about-mortgage-loans","status":"publish","type":"post","link":"https:\/\/trepryor.com\/blog\/everything-you-need-to-know-about-mortgage-loans\/","title":{"rendered":"Everything You Need to Know About Mortgage Loans"},"content":{"rendered":"\n

A mortgage may be the most important commitment somebody can make in 2019. In fact, statistically, a mortgage lasts longer than most marriages and thus should be understood before being accepted. This article will inform you of the crucial information that people need to know about mortgage loans<\/strong>. <\/p>\n\n\n\n

\"\"
Finding the house is definitely more fun but learning about your mortgage is just as important as finding the perfect house.<\/figcaption><\/figure>\n\n\n\n\n\n\n\n

Ask Your Realtor for More Than One Recommendation<\/h2>\n\n\n\n

Understanding the mortgage process<\/a> is key. Why? Because finding the best loan will save you loads of money<\/em>. Some loan officers<\/strong> are great at selling, others aren\u2019t. According to Mortgage CRM<\/a> bntouch, by shopping around you usually shave anywhere from .25% -.5% off<\/em> your interest rate. Getting more than one recommendation for a loan officer will give you the opportunity to explore and decide which lender you\u2019ll be dealing with for the next 30 years.<\/p>\n\n\n\n

It\u2019s Safe to Shop Around<\/h2>\n\n\n\n

If you\u2019re anything like most people, then you might be worried about getting your credit score<\/strong> checked multiple times in a short time span. In normal situations, this is perfectly understandable. However, when it comes to mortgages, from the first time you get your credit checked, you\u2019re given a 5-day window to have it pulled by other mortgage institutions.<\/p>\n\n\n\n

Take advantage of this time window to get honest quotes from each of the banks you\u2019re looking to work with. It’s well worth the time you invest.<\/p>\n\n\n\n

APM Matters More than Interest Rates<\/h2>\n\n\n\n

A large number of people don\u2019t know the difference between the Annual Percentage Rate (APR)<\/a> and the interest rate<\/strong>. And the difference is more important than you think. Did you know banks can lower their interest rates and still make all the money back by charging you closing costs? Because of this, the interest rate (by itself) is an inaccurate<\/em> way to gauge your mortgage cost. Instead, look at the APR.<\/p>\n\n\n\n

The APR takes into account all the fees that you\u2019ll be paying on top of the interest rate and thus provides a more accurate picture. When shopping, compare APRs, not interest rates.<\/p>\n\n\n\n

Research Local and National Real Estate Markets<\/h2>\n\n\n\n

Being \u201cunderwater\u201d on a mortgage means that your debt is more than the home\u2019s value. Imagine buying something for $300,000 when it\u2019s only worth $250,000. Unfortunately, going \u201cunderwater\u201d is all too common for people who don\u2019t take the time to do the proper research.<\/p>\n\n\n\n

Start by researching economic forecasts for the national economy, Fannie Mae<\/a>, for Freddie Mac<\/a>, and real estate predictions to get a rough idea of what\u2019s going on. Take it a step further and see what the Federal Reserve is up to. Don’t go it alone though. Take advantage of the greatest tool in your arsenal\u2014your Realtor. He works for you so make the most of his expertise. <\/p>\n\n\n\n

Once you’re armed with solid analysis<\/strong>, you will be much better prepared to make the best possible decision for your financial future.<\/p>\n\n\n\n

In Conclusion<\/h2>\n\n\n\n

Now that you understand what you need to know about mortgage loans, getting one won’t seem like such a daunting task. After all, it’s a very<\/em> important decision. Research, take your time, and understand what you\u2019re signing up for. It’s just that important.
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A mortgage may be the most important commitment somebody can make in 2019. In fact, statistically, a mortgage lasts longer than most marriages and thus should be understood before being accepted. This article will inform you of the crucial information that people need to know about mortgage loans.<\/p>\n","protected":false},"author":2,"featured_media":14791,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"off","ocean_gallery_id":[],"footnotes":""},"categories":[788,680],"tags":[572,1615],"class_list":["post-14790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion","category-residential","tag-interest-rates","tag-mortgage-loans","entry","has-media"],"_links":{"self":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts\/14790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/comments?post=14790"}],"version-history":[{"count":1,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts\/14790\/revisions"}],"predecessor-version":[{"id":19768,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts\/14790\/revisions\/19768"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/media\/14791"}],"wp:attachment":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/media?parent=14790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/categories?post=14790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/tags?post=14790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}