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Nicki Conway
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Mortgage | Sarasota Real Estate Talk Blog

Wednesday, April 3, 2019   /   by Nicki Conway

Auto-Pay your Mortgage

In the time that it takes to write one check, you can set it up with your bank and never have to do it again.  You won't have to write checks, envelopes or buy stamps anymore.  You'll save time, money and benefit in other ways too.

1. Never be late ... avoid late fees and protect your credit
2. Schedule additional principal contributions monthly to save interest, build equity and shorten the mortgage term. An extra $200 a month applied to the principal on a $200,000 mortgage at 4.5% for 30 years will result in shortening the loan by 8.5 years.  If the loan was paid to term, it would save $52,977 in interest.  Use the Equity Accelerator to see how much you can save.
3. It's convenient ... by doing it online with your bank, you'll have a centralized history of the payments.
4. Protect your credit ... your payment history is the single biggest component of your credit score and accounts for over 1/3 of your credit score.

Establishing the practice of au ...

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  mortgage, credit report

Monday, February 25, 2019   /   by Nicki Conway

30 Year vs 15 Year Mortgage

Affordability, stability and flexibility are the three reasons homebuyers overwhelmingly choose a 30-year term.  The payments are lower, easier to qualify for the mortgage and they can always make additional principal contributions.

However, for those who can afford a higher payment and commit to the 15-year term, there are three additional reasons: lower mortgage interest rate, build equity faster and retire the debt sooner.
The 30-year, fixed-rate mortgage is the loan of choice for first-time buyers who are more likely to use a minimum down payment and are concerned with affordable payments.  For a more experienced buyer who doesn't mind and can qualify making larger payments, there are some advantages.

Consider a $200,000 mortgage at 30 year and 15-year terms with recent mortgage rates at 4.2% and 3.31% respectively.  The payment is $433.15 less on the 30-year term but the interest being charged is higher.  The total interest paid by the borrower if ea ...

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  home buying process, homebuyer, mortgage, real estate professional

Monday, February 18, 2019   /   by Nicki Conway

First Time Homebuyers...Do You Know the Way?

Fear of the unknown is common among all ages.  Kids, at night, imagine monsters in their closets or under their beds and adults are unsure of what the future might bring.
It may be natural for first-time buyers to be unsure of the process because they haven't been through it before but even repeat buyers need to know changes that have taken place since the financial housing crisis.
The steps in the home buying process are very predictable and generally follow the same pattern every time.  It certainly makes the move stay on schedule when you know all the different things that must be done to get to the closing.
• In the initial interview with your real estate professional, you share the things you want and need in a home, discuss available financing and learn how your agent can represent you in the transaction.
• The pre-approval step is essential for anyone using a mortgage to purchase a home to assure that they're looking at the right price of homes and ...

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  homebuyer, real estate professional, home buyers guide, mortgage, home buying process

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Nicki Conway
201 Gulf of Mexico Drive
Longboat Key, FL 34228
941-315-3331

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