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What is mortgage insurance?

With foreclosures still higher than usual, some may think mortgage insurance is a good idea for protecting their very big investment. But, as Justin McHood points out in his Zillow post “4 Things to Know About Mortgage Insurance,” motorshack this type of insurance is meant to protect the lender, not you. Some types of mortgages require insurance, while others do not. If you put less than 20 percent down on your mortgage, you may be required to pay a monthly insurance premium. If insurance is required, the lender will either have you pay the premium up front, or give you a higher ra...

October 8th, 2012 What is mortgage insurance?

Zillow offers refinance calculator

Those looking to purchase a home already know that right now is an ideal time with historically low mortgage rates. But those who are already homeowners often aren’t sure whether refinancing is worth the effort or not. Zillow.com is now making it much easier for homeowners to make that decision with its new refinance calculator Basically, if the amount you will save by refinancing is more than the cost of doing so, it may be worth it. Using the information you plug in, the calculator estimates the monthly mortgage payment, break-even point, and projected lifetime savings of the loan base...

October 8th, 2012 Zillow offers refinance calculator

Mortgage rates hit new record low!

As unbelievable as it may sound, mortgage rates have hit yet another record low! Freddie Mac announced today that  30-year mortgages are hovering around 3.40 percent – a new record low rate. At this time last year, the 30-year rate was about 4.01 percent. The dip in rates is the result of the Federal Reserve’s new stimulus, which is intended to spark the housing market. Pending home sales are down a bit from July, but they’re still well above the number in August of 2011. Call Acadia Lending to ask about buying or refinancing today!  

September 27th, 2012 Mortgage rates hit new record low!

Less people have negative equity now than in Q1

Zillow recently released its second quarter Negative Equity Report, which offers another sign that the housing market may be turning around. According to Zillow, “Overall, the cumulative amount of negative equity also declined. There were 15.3 million homes underwater, totaling $1.15 trillion in negative equity in the second quarter, down from 15.7 million homes and $1.19 trillion in negative equity in the first quarter.” The rate of U.S. homeowners with a mortgage and negative equity declined from 31.4 last quarter to 30.9. This suggests that home values are rising, and less homeo...

September 18th, 2012 Less people have negative equity now than in Q1

Home values up for 8th month!

Home prices in July rose for the eighth consecutive month! According to Zillow, home prices went up 0.5 percent nationally, and several cities have seen even larger increases during the last week. The increase could give the market a boom heading into the fall, as more people will begin to put their homes on the market with the value inching up. Rent prices are also on the rise, Zillow reported, and some cities saw double-digit increases from last year.  With these rising costs, now is the time to buy! Chart from Zillow on rising home values:

August 21st, 2012 Home values up for 8th month!

Should you pay off your mortgage early?

If you’re one of the lucky Americans who pays their bills on time and still has extra money to spare, you may consider paying down your mortgage early. Which leads to a popular question: If you can afford to pay off your mortgage early, should you? As Justin McHood states in his post, “Paying Down Your Mortgage Wisely,” it’s really up to you, and it’s more about personal preference than right or wrong. First, you should check if your lender has a prepayment penalty. If it does, you should of course skip the extra or early payments. If it doesn’t, here are some questions McHood thin...

August 15th, 2012 Should you pay off your mortgage early?

Acadia Lending Group LLC

190 Riverside Street Unit 4B
Portland , Maine 04103

Phone: 207-899-4500

Fax: 207-899-4503

NMLS: 370636

 

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