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The Mortgage Process

Lease-Option Contracts & Regulatory Limitations

So, you began renting your home a couple years ago, and now you’ve decided to exercise the purchase option of your lease-option (sometimes also referred to as a lease purchase or rent-to-own) agreement.  Simple, right?  Not always. As the buyer, you will usually need a mortgage loan – and oftentimes, if you’ve been in a(…)

“Buying Down” Your Interest Rate – What That Means, and When It Makes Sense

What does it mean to “buy down” my interest rate? Essentially, every rate has a price.  And, to be clear, origination fees are the same as points – both are up front charges that are expressed as a percent of the loan.  For instance, a 1% origination fee (or point) on a $460,000 mortgage would(…)