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Messina Law Group, P.A. Motto

Author Archives: Site Administrator

How Does The Interest Rate Factor In Securing A Mortgage Loan?

By Messina Law Group, P.A. |

[wistia id=”r2su7eauq4″] As you’ll see in the video, a lower interest rate allows you to borrow more money than a high rate with the some monthly payment. Interest rates can fluctuate as you shop for a loan so ask lenders if they offer a rate “lock-in” which guarantees a specific interest rate for a… Read More »

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What Is Included In A Monthly Mortgage Payment?

By Messina Law Group, P.A. |

[wistia id=”fd4ff2xk5z”] The monthly mortgage payment mainly pays off principal and interest. But most lenders also include local real estate taxes homeowner’s insurance, and mortgage insurance, if applicable. If you are refinancing compare what is and isn’t included in your financing options. Watch this video and it’ll make sense.

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Can I Pay Off My Loan Ahead Of Schedule?

By Messina Law Group, P.A. |

[wistia id=”8znwhmw0fz”] Usually, Yes. Like the guy in the video says, by sending in extra money each month or making an extra payment at the end of the year you can accelerate the process of paying off the loan. When you send extra money, be sure to indicate that the excess payment is to… Read More »

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What Are The Advantages Of 15- And 30-Year Fixed-Rate Mortgages?

By Messina Law Group, P.A. |

[wistia id=”cpq432ekha”] For both, as we show you in this video, compared with other options,  with fixed rates, housing costs won’t be affected by interest rate changes and inflation. With A 30-Year Term: In the first 23 years of the loan more interest is paid off than principal meaning larger tax deductions. As inflation… Read More »

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What Types Of Mortgage Loans Are Available?

By Messina Law Group, P.A. |

[wistia id=”6a8vjsy75d”] This video tells you about the most common types: Fixed Rate, ARM, Balloon and 2-Step. First, Fixed Rate Mortgages: Payments remain the same for the life of the loan generally 15 years or 30 years. Interest rates remain the same, so payments are predictable. A second common type is an Adjustable Rate… Read More »

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What Is Loan To Value (LTV) And How Does It Affect The Size Of My Loan?

By Messina Law Group, P.A. |

[wistia id=”zgqmn2vprw”] While this video simplifies things to help you remember, the loan to value ratio is the amount of money you borrow compared with the price or appraised value of the home you are purchasing. Each loan has a specific LTV limit. For example: With a 75% LTV loan on a home priced… Read More »

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What Steps Need To Be Taken To Secure A Loan?

By Messina Law Group, P.A. |

[wistia id=”h0ihcr0cnj”] You’ll see some pictures in this video to help you remember later, but the first step in securing a loan is to complete a loan application. To do so, you’ll need the following information. Pay stubs for the past 2-3 months. W-2 forms for the past 2 years. Information on long-term debts…. Read More »

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What Is An Escrow Account? Do I Need One?

By Messina Law Group, P.A. |

[wistia id=”b5ll7ewnge”] As we show you in this video, an escrow account is an account, established by your lender, to set aside a portion of your monthly mortgage payment to cover annual charges for homeowner’s insurance mortgage insurance (if applicable), and property taxes. Escrow accounts are a good idea because they assure money will… Read More »

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What Are Discount Points?

By Messina Law Group, P.A. |

[wistia id=”9p583nlecz”] Discount points allow you to lower your interest rate. While this video simplifies things to help you remember, “points” are essentially prepaid interest with each point equaling 1% of the total loan amount. Generally, for each point paid on a 30-year mortgage the interest rate is reduced by 1/8 (or.125) of a… Read More »

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What Does The Closing Process Involve When I Sell?

By Messina Law Group, P.A. |

[wistia id=”dkswiwb6un”] As this video explains, a signed sales contract doesn’t mean your house is sold. There are still financial, contractual and legal steps for both sides. The buyer has to get financing to meet the contract terms – which includes credit checks. The property is inspected and appraised; title insurance and escrow accounts… Read More »

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