Tami Murphy's (loanbytami) Blog

1. Lower your interest rate & monthly payment.2.  Save thousands in interest.3.  Build equity faster by shortening the term of your mortgage.4.  Consolidate debts & utilize the interest deduction.5.  Secure a low fixed monthly payment with a 30 year fixed.6.  Pull cash out for additional purchase...

Pre-approval and pre-qualification are two different things.  During the pre-qualification process, a loan officer asks you a few questions, then hands you a "pre-qual" letter.  The pre-approval process is much more thorough. During the pre-approval process, the mortgage company does virtually al...

The short answer - YES.   If you have good credit and at least 20% equity in your home, and want to refinance, don't wait another day.  Call your mortgage professional and lock in your rate!This is an excellent time to do it. Yes, rates could drop further. You could hold out for even lower rates ...

The three-quarters-of-a-percent cut announced by the Fed's this morning came as a big surprise.   It was the largest single cut in 24 years, and it came after an unscheduled meeting. What triggered the Fed's cut?  Just take a look at what occurred in world markets yesterday over fears that the U....

To give you an idea of what lies ahead, find out what would happen if the rate were to reset now.  Plan ahead so you're not caught off-guard.  This is something to keep an eye on. Take a good look at your loan contract. In the section that discloses the rate's change date; there should be an expl...

Don't get caught by surprise when your adjustable-rate mortgage, or ARM, resets. Here's how you can be an informed consumer.First, you have to know what "reset" means. By definition, the rate on an adjustable-rate mortgage goes through at least one adjustment. Those adjustments are called resets....