>Mortgage Shopping Tips Posted by nick_niesen on October 29th Cheap Nike NFL Jerseys , 2010
When shopping for a mortgage loan, every lender will have different rates, fees and points for each loan program. When shopping for a mortgage loan, it is important to understand the three components of a Rate and Fee Quote: (1) Premium Rates (2) Lender Fees and (3) Discount Points.
A Premium Rate offer is any interest rate above the market rate (referred to as the ?Par Rate?). While the Par Rate changes constantly during the day, most lenders will commit to a specific Par Rate early in the day. If the Par Rate is 6.00% Cheap NFL Jerseys , the lender will only earn revenue if they offer you a rate above Par (for example, 6.25%).
Lender fees are charged for services performed directly by the lender, which may include Processing Fees, Underwriting Fees, Origination Fees Cheap Jerseys From China , etc. These fees are charged to offset the cost of processing, closing, and funding your mortgage loan.
Discount Points often represent the largest fees associated with your mortgage loan as one point equals 1% of your loan amount. If you are applying for a loan amount of $350,000 and pay 2 Discount Points, the Discount Point Fee would be $7 Cheap Jerseys ,000. Borrowers may use Discount Points to obtain rates below the Par Rate. For example, if the Par Rate is 6.00%, a 5.75% rate would indicate that the Borrower will have to pay Discount Points.
Factors to Consider Every lender provides multiple combinations of Rates, Fees, and Points across a variety of different programs. All of these choices can become overwhelming when trying to decide between different programs Wholesale NFL Football Jerseys , rates, and fee packages. To limit the possibilities, it is often helpful to answer a few key questions: How long do you expect to have this loan? Consider the probability of relocation, moving, or refinancing when determining your timeframe. Think in terms of 5 and 10 years. Do you have the available cash to pay additional fees now to lower the interest charges later? Be sure that paying upfront fees is the best use of your money. For example Wholesale Football Jerseys , paying higher fees or points for a lower rate may not be a good use of cash while carrying high credit card balances.
If you expect to have the mortgage a long time, paying points to reduce the rate makes economic sense because you are going to enjoy the lower rate for a long time. If your time horizon is short, avoid points and pay the higher rate because you won''t be paying it for long.
If you plan to have your loan for 5 years, paying 1 Discount Point on a $350,000 loan will cost you $3 Wholesale Nike NFL Jerseys ,500 upfront while saving you $88 a month. After 40 months of savings, you have recovered your upfront cost and will benefit from the lower rate. If you stay in the loan for 10 years, you will have created an additional $7,060 in interest savings over the life of your loan. Just like interest, points are 100% tax deductible in the year you pay them.
The second factor is your opportunity cost. What could you do with the money if you didn''t use it to pay points? Even if you expect to be in your house a long time Wholesale NFL Jerseys Cheap , there could be other uses for your money that take precedence over the long-run savings from a lower interest rate. A useful way to pull these factors together is to look at the payment of points as an investment that yields a return that rises the longer you stay in your house. Simplest Explanation for How a Car Battery works Autos Articles | March 10, 2010 A standard 12-volt car battery generates electrical energy or current with the help of electrochemical reactions that take place inside it. It is this current that starts your car engine when you turn...
A standard 12-volt car battery generates electrical energy or current with the help of electrochemical reactions that take place inside it. It is this current that starts your car engine when you turn the ignition key.
A car battery also acts as reservoir storing electrical energy derived from the alternator of the car. In case you are wondering what an alternator is, might help to consider it as a generator that works on the principle of electromagnetism to produce current that charges your car battery while the engine is running. The stored electrical energy in the battery powers all electronics on-board your car including lights, stereo, air conditioning etc.
Hence Wholesale NFL Jerseys Free Shipping , the cycle goes like this: a charged battery is used to start the engine and a running engine is used to run the alternator that charges the battery again.
Back to our topic, a reversible chemical reaction between three main constituents of the battery i.e. Lead (Pb), Lead Oxide (PbO2) and Sulfuric Acid (H2SO4), allows the car battery to not only produce electricity but also store it in the form of charged cells inside the battery.
A cell constitutes an enclosure in the battery that contains two types of metallic plates and two terminals (i.e. positive and negative). One plate is covered in Lead and the other in Lead Oxide. All cells in the battery (six cells in a 12-volt battery) soak in a common chemical bath of 65% water and 35% Sulfuric Acid called Electrolyte.
The chemical reactions between the two metallic plates in the acidic medium produce electrons that form the electrical charge. The charged particles travel from the positive terminal of the cell to the negative terminal. The same reaction takes place in each cell and the common Electrolyte in the battery transports the electrical charge from one cell to another finally resulting in transfer of charge from the positive terminal of the first cell to the negative terminal of the last cell. Each cell produces 2-volts of electricity and together 6 cells combine to produce 12-volts.
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