The Pros and Cons of a 15 Year Mortgage

Only about one in six borrowers of conventional mortgages have used a 15-year mortgage so far in 2017. No doubt many borrowers shy away from the shorter home loans when they learn that it requires a payment that’s considerably larger.  In the long run, though, a 15-year mortgage saves money.  The cons include, the buyer has more equity tied up and will qualify for a less expensive home than if they’d stretch the loan over 30 years. Our friends at Builder Magazine wrote a nice comparison between the benefits and drawbacks.  Check out the article HERE.  Looking to buy or refinance? Now may be the time to do it as opposed to waiting until next year.  Call the Easterbrook Team at (916) 850-6050 or email us at easterbrookteam@spmc.com.

Borrowers Increasingly Dissatisfied with Online Banking

More and more customers may be heading online to purchase mortgages, but overall satisfaction with electronic mortgage processes is majorly declining, according to J.D. Power’s 2017 U.S. Primary Mortgage Origination Satisfaction Study.

According to the study, individuals find online mortgage purchasing procedures slow and tedious, with overall satisfaction falling 8 points in 2017. The average time for starting and completing mortgage applications has risen to 36 days, a significant increase from last year. 

Even so, the number of people who use online methods for acquiring mortgages has increased since 2016. Forty-three percent of customers applied for mortgages digitally in 2017, up 26 percent from last year. Still, however, the study reports overall satisfaction for these mortgage acquisition methods has fallen 18 points on a year-over-year basis.

“A critical element of satisfaction is setting expectations, and this tends to be a weakness of technology,” said Craig Martin, director of J.D. Power’s mortgage practice. Instead, customers prefer face-to-face interactions with loan representatives who verbally assist their clients and offer updates on the status of their loans. 

Among the study’s key findings in customer perception on electronic mortgage purchase processes is a lack of trust, which many customers did not claim to feel through a computer screen. Overall satisfaction is “substantially lower among customers who do not work with a human to complete their application,” according to Martin.

On the Easterbrook Team, we strive to meet all the touch points that borrowers are seeking: speed, accuracy, trust, and direct communication.  Give us a call today and we will "make the loan process easy" for you. (916) 805-6050 or homeloanworkshop.org.   

Just Approved: Borrowers consolidate, wipe out credit card debt with refinance

Their income was less than years past. In order to qualify, the borrowers were able to omit the credit card payments in the debt-to-income computation, provided the debt on these cards could be paid off through escrow.

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Woop woop!  You just paid off all your credit cards.  It's not just a dream.  Let us help you make it happen.  Call The Easterbrook Team Today!  916.850.6050

"We Make The Loan Process Easy"

Should You Invest Money or Put It Toward Your Mortgage?

My husband and I are looking to buy a home, and instead of using the money from our current home sale as a down payment, we were considering investing it instead. Or would it be wiser to use our extra cash to bring down our new mortgage? Worth noting: We’re relatively young (considered millennials). Which will make us better off financially: investing our excess cash or putting it toward the house, having a lower mortgage balance, and saving on interest?

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To discuss your homebuying or refinance needs, contact The Easterbrook Team today!
916.850.6050  EasterbrookTeam@spmc.com

Borrowers of All Ages Show Preference for Online Mortgage Experience in Survey

Consumers of all ages are desirous of a fully digital, online mortgage experience, a recent survey conducted by Velocify shows.
That includes using online portals as well as alternative communication channels such as chat and text to complete the mortgage process.
The survey of more than 500 consumers who received a purchase mortgage or refinanced a mortgage over the past 10 years shows that borrowers are highly desirous of self-service websites, especially during the research stage of getting a mortgage.


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The Easterbrook Team is your home loan source.  Call us today! 916.850.6050

Borrower's Rushing to Refinance

Mortgage applications jump 6.3% as borrowers rush to refinance....


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To inquire about refinancing, call The Easterbrook Team at 916.850.6050


"We Make The Loan Process Easy!"