When it comes to interest rates, the lower the rate and monthly payment, the greater the savings. A quarter of a percent doesn’t sound like much, but it can mean thousands of dollars in interest savings over the life of a…
Private Mortgage insurance, also known as PMI, is a type of insurance that protect lenders if a borrower defaults on their mortgage loan. This insurance can benefit both borrowers and lenders alike, as it can help reduce the lender’s risk…
Mortgages have many options, but you can choose from fixed rates or ones that change. Fixed-rate loans lock in your interest rate and payment for life, while adjustable rate mortgages (ARMs) have fluctuating margins which could lead to savings if…
If you’re looking for Rick Woodruff – Senior loan officer in Kansas City with Metropolitan Mortgage, look no further. Rick is a seasoned professional with over 30 years of experience in the mortgage industry. He has always been passionate about…
When looking to refinance, a homeowner has several rate and cost options to choose from. Homeowners can pay upfront points to buy a lower interest rate resulting in high closing costs. Or, go with a no-point loan with a slightly higher interest…
A loan-to-value (LTV) ratio compares the size of your mortgage to the value of your property. Lenders use your LTV ratio to determine your interest rate, monthly payment, and how much you can borrow. What is a Loan-To-Value Ratio (LTV)?…
When considering buying a home, you must get familiar with your debt-to-income ratio (DTI). Moving forward with a high DTI compared to your income could be risky. Even if you’re prepared to buy a home, you may struggle to find a…
If you have recently received extra money, you might consider paying your mortgage principal. If so, this article covers the pros and cons of what you should know about recasting a mortgage. Occasionally, homeowners will receive a rather sizable amount…
Refinancing your mortgage can be a strategic move that allows you to take advantage of favorable interest rates, reduce your monthly payments, or even pay off your home faster. As a current homeowner in Kansas City with a conventional mortgage,…
Are you planning to buy a home in Kansas City? As a first-time homebuyer or even a seasoned veteran of the home buying process, you may be wondering why realtors always ask for pre-approval letters. The letter is a vital…
