Todd Grey, Author at Todd Grey

09

Aug

MortgageEscrow Account, Escrow Account Audit, Mortgage

Why Is My Mortgage Escrow Account Sending Me a Check?

If you're a homeowner with a mortgage, you may be familiar with the concept of an escrow account. This financial tool is designed to simplify the management of property-related expenses by combining certain costs, such as property taxes and insurance, into one account. Typically, your mortgage servicer collects a portion of these expenses with each monthly mortgage payment and holds the funds in an escrow account to cover these bills when they become due. Various factors can lead to fluctuations in these estimated expenses. If the actual costs turn out to be lower than anticipated, your escrow account may end…

08

Aug

By Todd Grey

Mortgage RatesAPR, Mortgage, Mortgage Rates

Understanding the Distinction Between Mortgage Interest Rates and APR

When it comes to securing a mortgage, borrowers are often confronted with various terms and figures that may seem confusing at first glance. Two key components that play a significant role in determining the cost of a mortgage are the interest rate and the APR (Annual Percentage Rate). Though they are related, it is crucial to understand the difference between them to make informed decisions while comparing different loan offers. This article aims to shed light on the dissimilarities between the mortgage interest rate and the APR, helping borrowers navigate the mortgage landscape more confidently. Mortgage Interest Rate The mortgage…

07

Aug

By Todd Grey

Financial ReportsCase Shiller, Financial Report, Mortgage Rates

What’s Ahead For Mortgage Rates This Week – August 7, 2023

Last week’s scheduled economic reporting included readings on construction spending, public and private sector payroll growth, and the national unemployment rate. Weekly readings on mortgage rates and new jobless claims were also released. Construction Spending Slips in June U.S. construction spending slipped by 0.60 percent to 0.50 percent growth in June; analysts expected a month-to-month reading of 0.70 percent growth in construction spending. Year-over-year construction spending increased by 3.50 percent of which single-family residential construction accounted for 2.10 May’s reading for construction spending was revised from 0.90 percent growth to 1.10 percent growth from May to June. Private residential construction…

04

Aug

By Todd Grey

MortgageMortgage, New Car, New Home

Will Buying A New Car Impact The Ability To Buy A New Home?

Making major life decisions often involves a delicate balancing act. Among the most significant choices individuals face are buying a new car and purchasing a new home. Both ventures represent milestones in one's life, bringing excitement and anticipation. However, there is a complex interplay between these two financial endeavors that can significantly impact a person's ability to achieve their dream of owning a new home. Here are some factors to consider: Debt-to-income ratio: When you apply for a home loan, your lender will consider your debt-to-income ratio (DTI) to determine whether you qualify for a mortgage. Your DTI is the…

02

Aug

By Todd Grey

MortgageEquity, Mortgage

How Much Equity Can I Borrow from My House

The amount of equity you can borrow from your house depends on several factors, including the current market value of your home, the amount you owe on your mortgage, and your credit score. In general, lenders typically allow you to borrow up to 80% of your home's equity. For example, if your home is currently valued at $400,000 and you owe $200,000 on your mortgage, you may be able to borrow up to $160,000 (80% of the $200,000 in equity you have in your home). However, it's important to note that borrowing against your home's equity comes with risks. If…