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Executive Group Mortgage has access to over 200 of the nation’s top lenders. There are literally hundreds of loans products available to the consumer. You don’t need to know them all but we do. Traditionally most borrowers go for the stable fixed rate options. However, if you are looking for something slightly less traditional, we have your loan. Whether you are searching for a buydown, a government loan, an interest only, flexibility in your monthly payments, we can help. Our experience allows you to rest assured your options are exhausted to find you the best home loan.
To pay or not to payDoes it make sense to pay closing points?  The answer may surprise you. Read More...
 
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Points are up-front fees paid to obtain a lower interest rate on a loan. One point equals one percent of the loan amount. A lower interest rate may result in a lower monthly payment, but it is important to consider how long you intend to be in the loan, and to compare current rates to historical market trends.

If you take out a $300,000 mortgage and decide to pay one point, this translates into an up-front closing cost of $3000. Paying a point saves roughly $100 a month. It will take 30 months to recuperate the cost of that point. In this case you would benefit by remaining in the home at least 30 months (2 ½ years).

Interest rates tend to be cyclical. When rates are at historic lows (now, for example) It is sensible to pay points to lower your rate and payment if you plan to live in the home for an extended period of time. When rates are up, there is a likelihood that they will come back down. That is no time to pay points. The chances of refinancing are extremely high and you may not be in the loan long enough to recoup your costs.