Loans & Mortgages

articles

The Hidden Cost of Time

Time is the most valuable thing any of us have to offer. We often don’t think of time when it comes to borrowing money but we should. We always see people get caught up in interest rate and while that is very important the length of time you borrow for can be even more relevant.

Down Payments

Think you need 20% down to buy a home? Think again. Jack Van Wormer breaks down real down payment requirements by loan type and how your down payment can affect monthly payments, interest rates, and mortgage insurance.

Mortgage Broker vs Bank: Know the Difference

Discover the key differences between mortgage brokers and retail banks and why working with a broker like Select One Land O' Lakes could get you better loan options, flexible terms, and a smoother path to homeownership.

February

Where are rates? This is the most common question I hear. In all honesty they aren’t too different today then they were 3, 6, or 9 months ago unfortunately. We saw a little dip around the start of 3Q 2024 but it was short lived and when things get put on a 12 month chart there is some up and down but today’s rates are realistically very similar to what we saw for a lot of the last year. Average 30 year rates as of early February continue to hover in the low 7% range.

Pre-Approvals

Buying a home is one of the most exciting milestones in life; however, before you start looking at every house in search of your dream home, there is a crucial first step that can set you up for a successful purchase: getting Pre-Approval. A Pre-Approval can help you understand what you can afford and show sellers that you are a serious, well-qualified buyer. In this article, I will explain what a Pre-Approval is, why it is important, and how the process works.

Arms & Balloons

There is often some consumer confusion regarding balloon and ARM or adjustable type mortgages. Let’s start with the most common type of mortgage, and this is a 30 year fixed. 30 year fixed mortgages are what most consumers in the US use when borrowing money, this accounts for around 90% of all mortgages currently. In case you are wondering the average 30 year mortgage rate in the US last week was 7.02%. A lot of us, myself included, were really hoping for a noticeable drop in rates by now from what we’ve seen over the last couple years.

Not Starting Over When Your Refinance

With rates dropping, refinancing could be your chance to lower payments and save big. What if you could shorten your loan term without raising your rate? Click to see how this simple change could help you pay off your home faster and save on interest.

Dale Kleffman



January 11, 2025