Latest Articles

WTF is the Total Interest Percentage (TIP)?

You see it staring back out at you on page 3 of the Loan Estimate. Big and glaring. Total Interest Percentage (TIP). And the percentage is huge! Something crazy like 69.45%. And you thought the interest rate was something in the single digits, right? Total Interest Percentage is the amount of dollars paid in interest over […]

Do You Really Know What A Mortgage Is?

Do you think you could accurately describe what a mortgage is to an auditorium filled with your peers and colleagues? Surprisingly, most people I asked said yes, but in actuality, most of them could not. Admittingly, for the first couple years of my mortgage career, I couldn’t either.  The mortgage broker I worked for in […]

Should I Escrow Taxes and Insurance?

As a homeowner, you are required to pay property taxes, homeowner’s insurance and flood insurance (if you’re in a designated flood zone).  Lenders give borrowers the option to pay 1/12 of the annual tax amount and/or insurance premium monthly with the mortgage payment.  These funds can get set aside in an “escrow” account and will […]