Hope Leitner, Realtor®, CRS

FINANCE, HOMEBUYERS The Real Mortgage Rate – Or Is It? Advertised rates look tempting, but don’t be fooled into thinking that’s the rate you’ll pay. You have to qualify to receive the best rates with excellent credit and work histories. According to BankofAmerica.com, interest rates are the annual cost of a loan to the borrower expressed as a percentage. The annual percentage rate or APR, is the annual percentage plus other fees, including mortgage insurance, many closing costs, discount points and loan origination fees. The Federal Truth in Lending Act requires lenders to disclose the APR in advertising and in loan agreements. When you apply for a mortgage loan, the APR will be listed in the loan estimate your lender is required to give you. ConsumerFinance.gov recommends that you get estimates from other lenders for the same loan, so you can compare fees. Compare the loan estimates by looking at page one under loan terms. You’ll find the APR on page 3 under “Comparisons.” APR

  November 2021 This newsletter is focused on financing. Whether you're trying to buy or if you are looking to save money, there are things to consider when it comes to real estate financing. Read more below.  If you have questions, or if you need me to refer you to an excellent loan officer, you can always give me a call. Click here to find out how to select a loan officer and key items to consider.  Learn more click here.  I am here to support my clients, whatever their real estate needs might be.  When you’re ready to make your move to buy or sell, give me a call. As always, I am here for you, and I welcome any communication from you. HOMEBUYERS, FINANCE Compare Interest Rates and APRs When you apply for a mortgage, you may not pay the advertised rate. The best rates are for those homebuyers with the best credit scores. However, lenders are competitive, so you’d be wise to apply to several lenders at once. You’ll receive a loan estimate that you can compare side-by-side. Fir

Acquiring a solar system for your house is a lot like buying a car. Depending on your financial situation, your decision process may vary. You just need to understand the ramifications of each type of purchase. There are several ways to purchase solar; using cash, financing a loan, or leasing. Each has its pros and cons.  Purchasing a Solar System with Cash Pros : Like any purchase, paying cash is usually the cheapest in the long run. You won’t pay any interest, and there are no monthly payments. If you have $15,000 – $25,000 sitting idle in a savings account, you can buy a solar system. Instead of earning interest on your savings, your “return” will be in the form of reduced electric bills. You may be able to offset a $200/month electric bill which equals a “return” of $2,400 / year. This is a great option if you know you will be selling your house. The addition of solar panels may empower you to sell your house for more money. Cons : You spend a lot of money. At the end o