Author Archives: Janna Herron

5 tips for a smooth mortgage application process

May 16, 2011 // by Janna Herron // Leave a comment

All you needed was a pulse. In the not-so-distant past that’s practically all it took to qualify for a mortgage. Now an exhaustive array of paperwork awaits potential borrowers. Read More

What’s better: Owning a home or renting?

April 13, 2011 // by Janna Herron // 2 Comments

After the steep drop in the housing market revealed cracks in the decades-held belief that there was minimal financial risk in owning a home, does it still make sense to buy a house? Read More

Era of super-low mortgage rates appears to be over

February 17, 2011 // by Janna Herron // Leave a comment

The days of the absurdly low mortgage rate are over.

The average rate for a 30-year home loan rose above 5 percent this week for the first time since last April — just as Americans are feeling more secure in their jobs and confident about the economy, and just before the big spring home-buying rush. Freddie Mac said Thursday, February 10, that the average rate was 5.05 percent, almost a full percentage point higher than in November, when it hit a 40-year low. Read More

Clean house: Tips for paying down your mortgage

December 28, 2010 // by Janna Herron // 4 Comments

Don’t let your biggest debt run your life. There are ways to trim your monthly costs that will move you closer to a mortgage-free retirement.

PAYING EARLY: Make one extra payment every year and apply the extra cash toward principal.

“That will cut about 8 years off your 30-year fixed loan,” said Pava Leyrer, president of Heritage National Mortgage in Michigan.

There are several ways to do this. You can make a full extra payment all at once. Leyrer suggests using your tax refund. Still, it may be easier to pay throughout the year. For example, if your monthly payment is $1,200, pay $100 each month. Another option…read more Read More