The Truth In Lending Act requires a bank to disclose the interest rate on your mortgage, but it must also give you another piece of information:  the APR, or Annual Percentage Rate, which is always different.  So, how is this different from the actual rate the bank is charging you?  And why? The interest rate [...]

If you’ve ever signed for a mortgage, or any other loan for that matter, you may be familiar with the 3-Day Right of Rescission. It’s a right granted to all borrowers to change their minds after the loan papers have been signed. There are limits of course, but the goal is to give the borrower [...]

In shopping for the best rate and lowest closing costs on a mortgage, the idea of low to no-cost loans capture the attention of even the most skeptical of borrowers. Advertisements abound with promises of no points and there is a lot of advice out there encouraging people to pay as little as possible toward [...]

This is a glossary of some of the more common, and most important mortgage terms. This list will help to familiarize you with some of the terms you should know to find the best mortgage program for your needs. 3-Day Right of Rescission – A period of 3 full business after the signing of a [...]

I speak with a lot of clients who aren’t familiar with common mortgage terms; no problem, as I explained in my article about the Commoditization of the Mortgage Industry, there’s quite a bit of misinformation out there. So let’s clear the air. DTI is an acronym for Debt-to-Income Ratio and represents the ratio between a [...]

The “Subprime Mortgage Meltdown” and similar catch phrases have been all over the news lately and I’m sure there are more than a couple of you out there thinking, what in the world does subprime mean exactly? Well, that’s a tough question to give a simple answer to, but I’ll do my best. Borrowers are [...]