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When Is a 15 Year Mortgage Better than a 30?

Posted on October 27, 2016 by Scott Li

When it comes to traditional mortgages, there are two major options – 15-year and 30-year. The vast majority of borrowers choose the 30-year option because it allows for lower monthly payments at the expense of more interest over time. However, there are definite benefits to 15-year mortgages, and learning more about them can help you make better financial decisions.

#1 – When You Want to Be Free of Payments More Quickly

The number one reason why you might opt for a 15-year mortgage has to do with the time it takes to achieve homeownership status. If you want to own your home outright in very little time, then a 15-year mortgage is undoubtedly the way to do it. In fact, with certain lenders, if you’re able to make the equivalent of one extra payment each year, you can own your home in about half of that time – roughly eight years. The sooner you own your home, the sooner you can start saving for retirement and living the life you’ve always wanted. read more

Mortgages Are Now Back on the Up and Up

Posted on October 20, 2016 by Scott Li

The post-crisis housing market is in the midst of some major changes, and many of them are very positive in nature. Millennials are beginning to buy their first homes, and according to recent news, banks are starting to offer mortgage loans to their patrons.

What Put the Banks Out of the Business?

During the housing crisis, the government was very quick to dole out new regulations that hit banks pretty hard. What’s more, if you think about it, there wasn’t much profit in mortgage loans for banks in the first place. They essentially backed out of offering mortgages for two reasons. First, the government was the only buyer for the mortgages that the banks originated and wanted to sell. Second, banks simply didn’t want the hassle of regulations and the possibility of penalties when it came to products that didn’t really make them much money from the start. read more

5 Reasons Why Owning a Home is Better than Renting

Posted on October 13, 2016 by Scott Li

The great debate continues: should you buy a home or should you continue to rent? There are benefits to both sides of this argument, of course, but in almost every case, the benefits of homeownership clearly outweigh the benefits of renting. Here are five perfect examples.

#1 – It’s Your House

Have you ever rented a home with drab carpet or poorly-painted walls? Most people certainly have. The only trouble is, when you rent, you don’t get to replace that carpet or repaint the walls without the landlord’s permission, and even then, it’s not an investment that you’ll get to enjoy for long. When you choose homeownership over renting, your home is yours from the moment you move in. You can change the things you don’t like, and you’ll be able to enjoy the benefits of doing so for many years to come. read more

How the Mortgage Industry Has Changed Over the Years

Posted on October 6, 2016 by Scott Li

The mortgage industry has seen its fair share of major changes since the Great Inflation that occurred back in the 1970s. In fact, that era essentially shaped the way our current mortgage system works. Though some of these changes have been a bit difficult, others have benefitted those who buy and sell homes or properties tremendously.

Before the Great Inflation

Before the Great Inflation that took hold in 1976, more than half of all of the mortgages in the country were originated by savings and loans. Mutual banks, commercial banks, and actual mortgage companies combined were responsible for the rest of the origination. There was no securitization, and the Federal Housing Administration only barely existed – it made for very little of the market. In these days, the success of the savings and loans depended heavily on interest rates. As long as they were stable, they could borrow deposits and lend in the form of mortgages, creating a solid business with steady income. read more

6 Easy to Use Tips That Will Ensure a Stress Free Mortgage Process

Posted on September 29, 2016 by Scott Li

How do I make my mortgage process stress free?

We get the question all the time. It’s a fair one. The mortgage process can be confusing and overwhelming—especially for first time buyers. At Rate Winner, we want to make your mortgage process smooth and stress free. That’s why we’ve created this post. In it, we’ll cover six easy to use tips that will help you. Let’s dive right in:

Shop for the Best Rate and Right Fit

Banks, mortgage companies, and credit unions all offer mortgages. A lower mortgage rate means a lower payment—something you should be highly interested in. Contact different lenders via phone, email, or in person. When you find a low rate and a lender your comfortable with (never neglect this) you’ll be ready to move on with the mortgage process. read more

Are Refinances Back on the up and up?

Posted on September 22, 2016 by Scott Li

Late August was an interesting time in the mortgage world. Here’s what we saw:

Mortgage applications increased 2.8%
Refinancing activity increased by 4%
The market shares of refinancing activity increased 1.1%

These are some pretty large changes. Changes that have lead to the question “Are Refinances Back on the Up and Up?”. The answer is yes—it certainly appears that refinances are becoming popular once again.

So, what does this mean for you?

It means that refinancing might be something you want to consider. That’s why we’ve created this post. In it, you’ll find all the basic information you need to determine if refinancing is something that can help you. read more

How Airbnb is Messing with People’s Refinancing Options

Posted on September 15, 2016 by Scott Li

One of the things that’s so interesting about modern technology and business is that most of it is brand new. There’s no blueprint for things like ecommerce, social media, mobile banking, etc. With each new brilliant invention or idea, there’s always a hang up/problem that was neither thought of nor predicted. Airbnb homeowners are now finding this out.

Airbnd homeowners have unknowingly put themselves in a situation where refinancing without increasing rates is almost impossible. Here’s why: read more

How to Choose Between a Fixed-Rate and Adjustable Rate Mortgage

Posted on September 8, 2016 by Scott Li

Mortgages can be confusing—especially when you’re new to the home buying scene. Choosing between a fixed-rate and adjustable rate mortgage (ARM) can make your head spin. We know this. That’s why we’ve created this post—to simplify things. After finishing it, you’ll have all the information you need to make a well educated, informed decision in regards to which mortgage is best for you. Let’s get started:

How Long Do You Plan of Living in the Home?

This is the first (and most important) question you need to ask yourself when choosing a mortgage. If you plan on living in the home for a short period of time, an ARM is the way to go. It ensures that your first payments will be low and that you won’t be effected—because you won’t be living in the home— when rates rise. read more

Why Working with RateWinner.com for Your New Home Purchase is the Way to Go

Posted on September 2, 2016 by Scott Li

Buying a new home can be scary and exciting all at the same time. Whether you’re buying your very first home or your fourth, it’s important to have someone on your side to help you navigate the complicated process. That’s where RateWinner.com comes in; they have the knowledge and expertise to help you get the best possible mortgage rates available.

Tools for Every Need

RateWinner.com is more than just another site to help you track down mortgage rates. It offers up plenty of tools and calculators that help you understand what you can expect when it comes to applying for, obtaining, and repaying a mortgage. You can find out how much your monthly payments will be based on your loan amount and interest rate thanks to the Loan Calculator, and you can even learn some tips and tricks for getting a mortgage if you’re self-employed, retired, or credit-challenged. RateWinner.com caters to everyone, and it’s truly an authority in the real estate industry. read more

The Mortgage Industry Is Increasing in Activity

Posted on September 1, 2016 by Scott Li

Memphis, Tennessee is one of the most populous cities in the state. It’s a popular tourist destination and it offers a phenomenal job market to the locals. Perhaps that’s why Shelby County’s mortgage market has been steadily improving since the start of 2016. This activity is slated to continue throughout the rest of the year.

Increasing Purchase Volume

July represents the start of the first quarter of the fiscal year, and it got off to a strong start in Shelby County’s real estate industry, which reported more than $205 million in purchase activity. In July 2015, the county saw just a little over $196 million in activity. This is despite the fact that the total July volume was lower than June’s volume. What’s more, fewer mortgages were made in July 2016 as compared to July 2015. Nonetheless, increasing home values in the area continues to spur economic growth within the real estate industry. read more

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