HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
What’s in Your Closing Costs?
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
What’s in Your Closing Costs?
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
What’s in Your Closing Costs?

September 23 2010 (Shirley Allen)

For the first time homebuyer, the term “closing costs” can be quite confusing. Learning about the different types of mortgages and trying to figure out the different interest rates can be confusing enough, but you have to pay at the end too?

Here’s a breakdown of what constitutes “closing costs” and what affect they can have on your mortgage and exactly what you are paying for:

Points

Purchase points, also known as a “buy-down” or “discount points” or sometimes just “points,” are an up-front fee paid to the lender at closing to buy-down or lower your interest rate over the life of the loan. Each point is equal to one percent of your total loan amount. If you have a $100,000 loan, one point would equal $1,000. The more points you buy, the lower your interest rate, but the more money you’ll need at closing. When you were shopping around for a mortgage and comparing you probably noticed different interest rates with different “points.” Generally speaking you should have seen lower interest rates with higher points.

How do you decide whether you should buy points and if so, how many? Well, the decision should be based on how long you plan on living in your home and what you can afford to pay each month toward your mortgage. If you plan on living in your home for more than five years, it’s probably a good idea to purchase points. The longer you live in your home, the more you can save on interest over the life of the loan. Ask your lender to give you a breakdown of where your “breakeven point” is if you pay for extra points and if you plan on living in the house longer than that, pay for the extra points.

Interest Rate

When you get a mortgage, you are charged an interest rate. This is the rate which the lender charges you for using their money to buy a home. It determines how much your monthly payments will be. Generally speaking, the higher the interest rate, the higher your monthly payment.

Mortgage interest rates change constantly, daily, even hourly and from lender to lender. If you speak to a lender and are quoted a specific interest rate, that’s not to say you’ll necessarily get that rate when you close on your loan unless you formally “lock-in” that rate with the lender. Locking in an interest rate guarantees that you will get a loan at a particular interest rate for certain period of time. Lenders will allow you to lock in for 15, 45 or 60 days, but each lender has its own policies. Lenders normally charge a fee for the privilege of locking in a loan, but during times of rising interest rates, it more than pays for itself. But the longer you lock in, the more expensive it will be, since it’s more of a risk to lenders.

Other Fees

There are additional fees associated with getting a mortgage. These fees cover the cost of processing and underwriting the loan. These fees can include charges for title insurance, which insures that the home is free and clear; paying for a land survey; or paying for a home appraisal which gives you the estimated value of the property (lenders require an appraisal to close on your mortgage). Depending on stipulations in your offer to the seller there could also be home inspection fees and your share of the escrow fees.

Different lenders also charge different fees and different amounts for common fees. Some may charge lesser closing fees to lure you in, but may charge you a higher interest rate, which means you may pay more in the long run, depending how long you live in the house. You also have different state and regional fees that may also have to be paid.

Don’t be afraid to ask lenders for a breakdown in the fees they charge and don’t be afraid to shop around. In the end YOU’RE the one who is paying for them and you should know what they’re for and if other lenders charge for them and how much. Make sure you thoroughly read your Truth-in-Lending (TIL) and Good Faith Estimate (GFE) disclosures when they arrive and ask questions if you don’t understand them!

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

September 23 2010 (Shirley Allen)

For the first time homebuyer, the term “closing costs” can be quite confusing. Learning about the different types of mortgages and trying to figure out the different interest rates can be confusing enough, but you have to pay at the end too?

Here’s a breakdown of what constitutes “closing costs” and what affect they can have on your mortgage and exactly what you are paying for:

Points

Purchase points, also known as a “buy-down” or “discount points” or sometimes just “points,” are an up-front fee paid to the lender at closing to buy-down or lower your interest rate over the life of the loan. Each point is equal to one percent of your total loan amount. If you have a $100,000 loan, one point would equal $1,000. The more points you buy, the lower your interest rate, but the more money you’ll need at closing. When you were shopping around for a mortgage and comparing you probably noticed different interest rates with different “points.” Generally speaking you should have seen lower interest rates with higher points.

How do you decide whether you should buy points and if so, how many? Well, the decision should be based on how long you plan on living in your home and what you can afford to pay each month toward your mortgage. If you plan on living in your home for more than five years, it’s probably a good idea to purchase points. The longer you live in your home, the more you can save on interest over the life of the loan. Ask your lender to give you a breakdown of where your “breakeven point” is if you pay for extra points and if you plan on living in the house longer than that, pay for the extra points.

Interest Rate

When you get a mortgage, you are charged an interest rate. This is the rate which the lender charges you for using their money to buy a home. It determines how much your monthly payments will be. Generally speaking, the higher the interest rate, the higher your monthly payment.

Mortgage interest rates change constantly, daily, even hourly and from lender to lender. If you speak to a lender and are quoted a specific interest rate, that’s not to say you’ll necessarily get that rate when you close on your loan unless you formally “lock-in” that rate with the lender. Locking in an interest rate guarantees that you will get a loan at a particular interest rate for certain period of time. Lenders will allow you to lock in for 15, 45 or 60 days, but each lender has its own policies. Lenders normally charge a fee for the privilege of locking in a loan, but during times of rising interest rates, it more than pays for itself. But the longer you lock in, the more expensive it will be, since it’s more of a risk to lenders.

Other Fees

There are additional fees associated with getting a mortgage. These fees cover the cost of processing and underwriting the loan. These fees can include charges for title insurance, which insures that the home is free and clear; paying for a land survey; or paying for a home appraisal which gives you the estimated value of the property (lenders require an appraisal to close on your mortgage). Depending on stipulations in your offer to the seller there could also be home inspection fees and your share of the escrow fees.

Different lenders also charge different fees and different amounts for common fees. Some may charge lesser closing fees to lure you in, but may charge you a higher interest rate, which means you may pay more in the long run, depending how long you live in the house. You also have different state and regional fees that may also have to be paid.

Don’t be afraid to ask lenders for a breakdown in the fees they charge and don’t be afraid to shop around. In the end YOU’RE the one who is paying for them and you should know what they’re for and if other lenders charge for them and how much. Make sure you thoroughly read your Truth-in-Lending (TIL) and Good Faith Estimate (GFE) disclosures when they arrive and ask questions if you don’t understand them!

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

September 23 2010 (Shirley Allen)

For the first time homebuyer, the term “closing costs” can be quite confusing. Learning about the different types of mortgages and trying to figure out the different interest rates can be confusing enough, but you have to pay at the end too?

Here’s a breakdown of what constitutes “closing costs” and what affect they can have on your mortgage and exactly what you are paying for:

Points

Purchase points, also known as a “buy-down” or “discount points” or sometimes just “points,” are an up-front fee paid to the lender at closing to buy-down or lower your interest rate over the life of the loan. Each point is equal to one percent of your total loan amount. If you have a $100,000 loan, one point would equal $1,000. The more points you buy, the lower your interest rate, but the more money you’ll need at closing. When you were shopping around for a mortgage and comparing you probably noticed different interest rates with different “points.” Generally speaking you should have seen lower interest rates with higher points.

How do you decide whether you should buy points and if so, how many? Well, the decision should be based on how long you plan on living in your home and what you can afford to pay each month toward your mortgage. If you plan on living in your home for more than five years, it’s probably a good idea to purchase points. The longer you live in your home, the more you can save on interest over the life of the loan. Ask your lender to give you a breakdown of where your “breakeven point” is if you pay for extra points and if you plan on living in the house longer than that, pay for the extra points.

Interest Rate

When you get a mortgage, you are charged an interest rate. This is the rate which the lender charges you for using their money to buy a home. It determines how much your monthly payments will be. Generally speaking, the higher the interest rate, the higher your monthly payment.

Mortgage interest rates change constantly, daily, even hourly and from lender to lender. If you speak to a lender and are quoted a specific interest rate, that’s not to say you’ll necessarily get that rate when you close on your loan unless you formally “lock-in” that rate with the lender. Locking in an interest rate guarantees that you will get a loan at a particular interest rate for certain period of time. Lenders will allow you to lock in for 15, 45 or 60 days, but each lender has its own policies. Lenders normally charge a fee for the privilege of locking in a loan, but during times of rising interest rates, it more than pays for itself. But the longer you lock in, the more expensive it will be, since it’s more of a risk to lenders.

Other Fees

There are additional fees associated with getting a mortgage. These fees cover the cost of processing and underwriting the loan. These fees can include charges for title insurance, which insures that the home is free and clear; paying for a land survey; or paying for a home appraisal which gives you the estimated value of the property (lenders require an appraisal to close on your mortgage). Depending on stipulations in your offer to the seller there could also be home inspection fees and your share of the escrow fees.

Different lenders also charge different fees and different amounts for common fees. Some may charge lesser closing fees to lure you in, but may charge you a higher interest rate, which means you may pay more in the long run, depending how long you live in the house. You also have different state and regional fees that may also have to be paid.

Don’t be afraid to ask lenders for a breakdown in the fees they charge and don’t be afraid to shop around. In the end YOU’RE the one who is paying for them and you should know what they’re for and if other lenders charge for them and how much. Make sure you thoroughly read your Truth-in-Lending (TIL) and Good Faith Estimate (GFE) disclosures when they arrive and ask questions if you don’t understand them!

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS