George L. Duarte

Mortgage Loans Fremont California Horizon Financial Associates

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Understanding The Role Of A Mortgage Prepayment Penalty Fee

January 21, 2021 by George Duarte

Understanding The Role Of A Mortgage Prepayment Penalty FeeWhen people take out a home loan, it is important to think carefully about how the home loan works. At first, the majority of the monthly payment is going to go towards interest. For example, it is not unusual for 90 percent of the monthly mortgage payments go toward interest during the first year. Then, during the latter part of the loan, most of the payment is going to go towards paying off the principal.

Therefore, it should come as no surprise that a lot of homeowners are looking for ways to reduce the amount of Interest they pay on a home loan. 

For example, some homeowners consider putting a larger down payment on the home in order to reduce the amount of money they have to pay in the form of interest. Another possibility involves paying off the mortgage early; however, a mortgage prepayment fee may apply. 

What Is A Mortgage Prepayment Fee?

A mortgage prepayment fee is exactly what it sounds like. This is a fee that some homeowners have to pay if they end up paying off their mortgage early. For lenders, they know that a lot of the money they are going to make comes in the form of interest. Therefore, they also understand that if their home loan gets paid off early, they are going to lose a significant amount of money. Therefore, as a way to disincentivize homeowners from paying off their home loan early and posting them interest, they apply a mortgage prepayment fee. 

When Will A Mortgage Prepayment Fee Apply?

Of course, it is also important for homeowners to take a look at the contract carefully and see when a mortgage prepayment fee applies. For example, if homeowners are paying one extra monthly payment per year, then it is highly unlikely that a mortgage prepayment fee is going to apply when the home loan gets paid off early. On the other hand, if a homeowner is looking to pay off an entire home loan in 3 years, then there is a high chance that a prepayment fee is going to apply. In order to avoid this mortgage prepayment fee, every homeowner has to take a look at their contract carefully.

 

Filed Under: Mortgage Tagged With: Mortgage Fees, Mortgage Prepayments, Mortgage Tips

Easy Repairs To Do At Home

December 30, 2020 by George Duarte

Easy Repairs To Do At HomeDuring the past few months, many people have been stuck at home. Whether this involves working from home or going to school from home, many home appliances are receiving more use than usual.There might be more breaks, clogs, and leaks than most families are used to dealing with.

Many families are tired of spending money on technicians and mechanics and might be looking for a more cost-effective way to deal with home repairs. There are a few key home repairs that homeowners can handle on their own.

Stopping A Leaky Faucet

Leaky faucets are among the most common issues homeowners deal with. There are two shut-off valves under the sink that need to be turned off first. Then, make sure there is nothing coming out of the faucet. Remove the handles from the faucet using a screwdriver and look at the cartridge, ceramic disc, and ball underneath. Remove these parts and replace them with new parts (in the reverse order) and the faucet should stop leaking.

Repair The Window Screen

If there is a tear in a window screen, this is a great way to let bugs in the house. The screen is usually held in place by tension springs or small clips. Remove the screen and locate the cord that runs on the outside of the screen, which is called the spline. Pry the spline up using a screwdriver. Then, remove the old screen. Finally, cut a new piece of screen that is slightly larger than the frame and secure it in place by pushing the spline back into place.

Unclog A Drain In The Bathroom

If the water level keeps rising during the shower, then this can be concerning. While many people are tempted to use chemical cleaners to unclog the drain, this could be dangerous for the pipes themselves. Instead, use a reliable hair snake (which looks like a zip tie with edges) to pull out the gunk. To access the drain, you may need to remove the stopper or unscrew the drain itself. Pull out the material with the snake and discard it.

Handle Repairs At Home

These are a few easy home repairs that homeowners can handle themselves. This can save a lot of time and money.

Filed Under: Mortgage Tagged With: DIY, Home Repair, Mortgage Tips

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