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Blog Image: Can a Higher Interest Rate Actually be a Better Choice?

Can a Higher Interest Rate Actually be a Better Choice?

Mortgage interest rates are near record lows again. This can mean great deals for homebuyers and great savings for homebuyers. Some lenders will even start advertising rates that are at least a half point lower than the average national rate. Buyers and refinancers should be aware that these ultra-low rate deals come with strings attached. In some cases, it may actually be better to choose a higher rate option. Here’s what you need to know: Points In order to get some of these rock-bottom rate deals, borrowers are often required to pay discount points to the lender. One point is eq...

March 27th, 2020 | Interest Rates, Can a Higher Interest Rate Actually be a Better Choice?

Blog Image: Will an Employment Gap Hurt My Chances for Mortgage Approval?

Will an Employment Gap Hurt My Chances for Mortgage Approval?

Employment history is a very important aspect of a mortgage application. Mortgage loans are usually for substantial sums of money and lenders want to reduce the risk that borrowers will default. One sign that a borrower will be consistent in making their mortgage payments is if they have a stable two-year history of employment. But what if you have gaps in your work history? Can you still qualify for a mortgage? Gap Period Most lenders will only require a two-year work history, so if you had gaps prior to that period, you may not even need to inform your lender about it. If you have had ...

March 11th, 2020 | Mortgage Advice, Will an Employment Gap Hurt My Chances for Mortgage Approval?