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Here's What It Helps To Know About Interest Rates, Points, And The "Mysterious" APR

 

​When you get a mortgage, there are three important terms for you to remember:

  • Interest Rates
  • Points
  • APR

I've combined these three terms here because they're related, and you'll understand them better if I explain them together.

Interest Rate: "Interest Rates" are the price that Lenders charge for these of their money. So, when interest rates are high, it's because Lenders are charging you more to use their money right now.

Again, it's a trade-off between now and later. Lenders are only going to give you so much money to use over the next 15 to 30 years ( the life of your mortgage). They work backwards from that figure using interest rates.

If you have a higher interest rate, you have less money to spend now. If you have a lower interest rate, you have more money to spend now.

Points: ​I want to tell you about a funny word- It's one of those words that doesn't mean what you might think it means when you hear it. (Like when the waiter at the restaurant asks you if you would like you "check," and somehow you know that what they really mean is your bill, but you say, "Oh yes, thank you.")

"Points") mean 1% of your entire loan amount, that you get to pay up front, as a fee for certain things. So let's say that your mortgage is for $200,000. One "point" would mean $2,000. 

APR: "APR" stands for "Annual Percentage Rate." The APR is what you get when you add the interest rate, the points and all of the other fees together and then calculate what the loan will cost you each year, based on all of the fees added together. 

Midland-Texas Ranked 7th safest small-metro city

by The Underwood Team

Midland, TX

Midland, TX is not only the place to be living because of its job availability, oil, housing market, it has also been ranked as the 7th safest city!! In todays Midland Reporter- Telegram it stated, “ Farmers Insurance agency ranked Midland as the seventh safest city while the Milken Institute ranked Midland 22nd for creating and sustaining jobs and economic growth, up from 39th last year .” This news should make the individuals in Midland and the future individuals moving to the area feel very confident living in Midland, TX.

Well you might ask, “ What information was used to find Midland as the 7th safest small-metro city in America?” The Farmers Insurance rankings looked at:

 

  • Crime statistics
  • Extreme weather
  • Risk of natural disasters
  • Housing depreciation
  • Foreclosures
  • Air quality
  • Terrorist threats
  • Environmental hazards
  • Life expectancy
  • Mortality rates from cancer and motor vehicle accidents
  • Job loss numbers throughout country
  • Population size

 

It is very important to be aware of what type of city you are living in and I think it is safe to say you can be very proud to live in Midland, TX.

 

 

​Sources: Midland Reporter-Telegram

Ready To Sell Your Home?

by The Underwood Team

 

Hello Everyone!!

Here is some more tips for when you are getting ready to put your house on the market. On how you can spend very little and change the appeal of your home. 

  • If you have more that two cars in your driveway, park the extra vehicles at a neighbors house. This will give your driveway and yard a spacious look.
  • Oil and rust stains can be removed from concrete with commercial driveway cleaners that are available from automotive and home improvement stores.
  • The basement needn't but change light bulbs and clear cobwebs before showing the house.
  • Change air conditioning and furnace filters so the units will run efficiently.
  • If your washer and dryer are in the basement, create a cozy laundry area by adding an area rug and shelves to store detergent bottles.
  • Check for termites by using a pocketknife to jab the support beams near the house foundation. If the knife penetrates the wood easily, then there could be a termite problem.

Hope these tips help you save money while trying to get your house ready to sell.

 

Hope you have a very MERRY CHRISTMAS and a Safe New Year!!!!

Future Four Lane To Lamesa

by The Underwood Team

HWY 349 expansion will be here in year 2015. I know this news is a lot of answered prayers for the individuals that have to drive this HWY daily.  This HWY has had lots of fatalities in the past and is considered to be a dangerous road to commute on. However,  the Texas Department of Transportation announced on Wednesday that between Midland County and Dawson County lines will become four lanes. The remaining area of the road between Dawson County and Lamesa will become a " super two " Hwy.  This will consist of two lanes and a third alternating passing lane. This is great news to everyone who has to travel on 349. We hope for the best and the future of increased safety while traveling on 349. 

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Photo of Midland 1st Choice - Real Estate
Midland 1st Choice -
The Underwood Group, LLC
3319 Caldera Blvd
Midland TX 79707
Direct: (432) 413-8855
Toll Free: (432) 698-0411
Fax: Fax: (432) 897-0344