Ask A Mortgage Banker: What Are 1031 Exchanges And How Do They Work?

    Ask A Mortgage Banker / September 13 2022

    Ask A Mortgage Banker: What Are 1031 Exchanges And How Do They Work?

    The 1031 Exchange is a provision in the IRS tax code. It allows investors to sell an investment property, buy another investment property and defer paying capital gains taxes on the sale. The 1031 Exchange is a provision in the IRS tax code. It allows investors to sell an investment property, buy another investment property […]

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    Ask A Mortgage Banker / July 28 2022

    Ask A Mortgage Banker: What Is A Fed Rate Hike And How Does It Affect Mortgage Rates?

       What Is A Fed Rate Hike And How Does It Affect Mortgage Rates? Recently, we have been getting a ton of questions from clients, and non-clients alike regarding the Fed raising rates, what that means for mortgages (as well as other financial products), and general questions about the Fed as a whole. So with […]

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    Ask A Mortgage Banker, Home Buying / April 18 2022

    Ask A Mortgage Banker: How Does The Federal Reserve Increasing Interest Rates Impact Mortgage Interest Rates?

    I have been getting this question steadily all month, so let’s break it down. The fed funds rate is the prime interest rate and the rate the central banks charge each other for borrowing money overnight. This is done in an effort to try and hedge against/minimize inflation. Mortgage rates, however, are tied to the […]

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    Ask A Mortgage Banker / March 21 2022

    Ask A Mortgage Banker: Do You Work With Lenders Who Offer Preapprovals/Prequalifications? What Is The Difference?

    In today’s Ask A Mortgage Banker: “Do you work with lenders that offer preapprovals or prequalifications? What is the difference?”   A prequalification is a markedly less rigorous process, usually consisting of a conversation or conversations, a credit review, and not much else. In the current climate, a prequalification isn’t of much value outside of […]

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    Ask A Mortgage Banker, Home Buying / February 10 2022

    Ask A Mortgage Banker – Are There Any Prepayment Penalties?

    “Will my mortgage loan have a prepayment penalty?” Currently, most conforming loans and most agency loans up to about $625,000 will not have prepayment penalties. After the 2008 recession and housing crisis, these prepayment penalties have largely gone away. Previously, negative amortization loans and adjustable-rate mortgages especially would frequently contain prepayment penalties, however, those have […]

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