Jeff Farnham of JTS & Co.
Mortgage Professionals stresses the need to work with TRUSTED lenders when buying a house, especially during the confusion of the coronavirus pandemic.
It's also necessary to ask the right questions when you are bombarded with advertisements promising record low interest rates.
There may be hidden fees you'll never know you would be paying.
Good morning, i'm jeff farnham.
1.
In times of pandemic and confusion like we have experienced in the last months, it's imperative you have advisors you can trust.
2.
There is a lot of information about interest rates and the overall state of the mortgage industry being put out by different local and national sources.
3.
I cannot stress to you the importance of vetting the information you see before jumping headfirst.
4.
Asking the right questions is crucial.
5.
Your mortgage is one of the biggest financial decisions you will ever make, so make sure you work with a local and trusted mortgage advisor at jts & co.
To answer all your questions.
6.
While rates are in a very good spot right now, we have seen some interest rate advertisements that are not altogether accurate.
7.
Extremely low interest rates you see blasted in advertisements, without guideline information included, usually include hidden points or other fees to hook you into making a fast decision.
8.
One in particular that i recently saw advertised, with a very low interest rate, that would have cost the borrower 6 points, or over $6,000 to their total loan amount!
9.
While points aren't necessarily a bad thing, they may not always be necessary.
10.
Points are fees that you can pay at the start of the loan to lower the interest rate.
11.
Why pay additional money if it doesn't make sense for your mortgage?
12.
There are a lot of moving parts, regulations, and details to keep in mind when discussing mortgage rates, fees, and other details of the mortgage transaction.
13.
Most people don't realize that interest rates are not a blanket rate and one size does not fit all when it comes to rates and mortgage loan structure.
14.
Different factors determine the interest rate you qualify for.
15.
Until your credit profile and long-term goals are discussed, there is no way to know what you qualify for.
16.
Generally, all mortgage lenders have access to the same rates.
17.
But when you try "shopping" rates, you may very well be comparing apples to oranges.
18.
You must compare rates on the same day, at the same time, on the same type loan program, with the same points; and that's virtually impossible.
19.
Credit scores, debt to income ratio, loan type and term are factors in determining what interest rate you qualify for.
20.
It also matters what your goals are.
21.
If you are trying to put more money down to get out from under private mortgage insurance , your interest rate may end up being higher as well.
56-thousand americans have died from the coronavirus.
The number of americans who have tested positive is nearly one-million, according to johns hopkins.
Since the virus reached the u-s in january, about 1 point 7 percent of the population has been tested.
The trump administration is out with a new goal-test 2 percent, each month.
Cbs's ian lee has good morning, i'm jeff farnham.
1.
In times of pandemic and confusion like we have experienced in the last months, it's imperative you have advisors you can trust.
2.
There is a lot of information about interest rates and the overall state of the mortgage industry being put out by different local and national sources.
3.
I cannot stress to you the
During these times of uncertainty it's good to know that JTS is standing by in this time of need. Although unable to operate in..
