Entries by Charlie Christensen

Second Mortgage Costs

We may charge you a fee for lending you money. The fee is usually a percentage of the loan and is sometimes referred to as “points.” One point is equal to one percent of the amount you borrow. For example, if you were to borrow $10,000 with a fee of eight points, you would pay […]

Home Equity Credit Lines

If you need to borrow money, home equity lines may be one useful source of credit. Initially at least, they may provide you with large amounts of cash at relatively low interest rates and they may provide you with certain tax advantages unavailable with other kinds of loans. (Check with your tax advisor for details.) […]

Relocation Issues for Kids

by Shelley Seale, RPSRelocation.com Every year, one out of five American families move. One of the most important issues to anyone with kids is their reaction to the news that they’re moving and their adjustment to the new home. Being informed is very important to children. One of the worst mistakes we can make as […]

Top Ten Relocation Headaches

by Shelley Seale, RPSRelocation.com Not Having Enough Details & Demographics About Your New Hometown Gather as much information as possible about your new destination, from sources such as the internet, Chamber of Commerce newcomer packages, location magazines and your real estate professional. Not Having Your Home Priced and Ready to Sell Check your home thoroughly […]

Relocation Considerations

Consider this common scenario faced by many employees: Your supervisor calls you into her office on a Friday afternoon and asks you to transfer to the New Jersey office. She says the new job includes a $10,000 increase in salary and loads of potential “in the future.” She gives you the weekend to think about […]

Adjustable Rate Mortgages (ARMs)

These loans generally begin with an interest rate that is 2-3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home. However, the interest rate changes at specified intervals (for example, every year) depending on changing market conditions; if interest rates go up, your monthly mortgage payment will […]

Fixed Rate Mortgages

The most common type of mortgage program where your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable. Fixed rate mortgages are available for 30 years, 20 years, 15 years and even 10 years. There are also “biweekly” mortgages, which […]

Subprime Loans

Subprime loans are pretty much a thing of the past. Wall Street and the major banks got greedy and kept loosening the qualifying terms of subprime loans and as a result, we all know what has happened to our economy. Following was the original logic behind subprime loans… it was only after little to no […]

Conventional and Jumbo Loans

Conventional loans are secured by government sponsored entities or GSE’s such as Fannie Mae and Freddie Mac. Conventional loans can be made to purchase or refinance homes with first and second mortgages on single family to four family homes. Down payments as low as 3% are now available! In general, Fannie Mae and Freddie Mac’s […]

Choosing a Loan Program

There isn’t a single or simple answer to this question. The type of mortgage for you depends on many different factors: Your current financial picture How you expect your finances to change How long you intend to keep your house How comfortable you are with your mortgage payment changing For example, a 15-year fixed rate […]