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Andrew Keller

Loan Originator |NMLS 1594489
  • PA
  • (484) 221-3576
  • akeller@umortgage.com

Meet Andrew!

As your trusted UMortgage Loan Originator, my goal is to simplify the mortgage process to make your home loan experience easy to navigate! Please reach out so I can help start your home financing journey.

Serving Homebuyers In:

  • Florida
  • New Jersey
  • Pennsylvania
  • Virginia

Mortgage Calculators

Monthly Payment

Affordability

Refinance

VA Entitlement & Payments

Your Mortgage Questions, Answered!

Housing Market Update | Week of September 9th

! Last week’s influx of labor market data showed that the labor economy is continuing to soften. Economists fully expect to see a rate cut this month, though right now the markets are priced with the expectation of a 25bps cut rather than a 50bps cut. This week gives us some inflation data with the CPI on Wednesday; however, the main driver of mortgage rates will be how the bond market digests last week’s labor data. As you know, every different mortgage type has a different set of requirements, and it can be tricky to stay on top of it all! To help you give your clients the right information in a snap, my team created this Real Estate Agent study guide. This guide has down payment and credit score minimums, as well as the different maximum loan amounts for the top 5 types of purchase loans. Make sure to have this on hand the next time you meet with a client to help them understand their options! Last Week's Mortgage Rate Recap Rates Trickled Lower Three out of last week’s 4 pieces of labor data came in slightly softer than expected, which helped the 10-year yield drop below 3.8% and brought mortgage rates down slightly with it. The three employment reports that showed month-over-month job creation all came in lower than expectations. Most notably, the ADP report showed 99,000 jobs created—the lowest reading in this report since the pandemic. As a result of this employment data, bonds continued to drop, and spreads remained favorable for this drop to continue. This Week's Mortgage Rate Forecast Rates Should Stay Steady The only significant piece of data that we are expecting to see this week is Wednesday’s CPI report. Inflation data doesn’t quite hold as much weight as it used to, but it’s still something that Fed members watch, especially as we reach the end of the year. As things stand, we are getting a 25bps rate cut during the Fed Meeting next week. This rate cut is already reflected in mortgage pricing, so things should remain steady for the next couple of weeks. However, if the Fed pivots and cuts by 50bps, we could see a sharp decline late next week. As I shared earlier, my team created this Real Estate Study Guide to help give you quick access to down payment and credit score minimums, as well as maximum loan amounts for the top 5 types of purchase loans. Feel free to print it out to have on hand with your upcoming client meetings!

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How to Navigate My Refinance Calculator

Refinancing your home can be a smart financial decision, but it’s important to understand how it could impact your mortgage payments. UMortgage’s Refinance Calculator is a helpful tool that gives you an estimate of your potential savings or costs when refinancing your mortgage. Before you start plugging your information into our refinance calculator, let’s get you up to speed on the finer details of refinancing and the use cases for each section of our calculator. You can check out this refinancing guide for a high-level overview of what a refinance is, what your options are, and what fees you will see before you close. After you’re up to speed on refinances, below is our guide explaining how to use the calculator and what each section means. Step 1: Decide What Kind of Refinance You Want There are many different reasons to refinance your mortgage. The most common reason is to lower your monthly mortgage payment if interest rates have gone at least 0.5% lower than the rate on your original mortgage or lower your total cost owed on the loan with either a lower interest rate or a shorter loan term. Additionally, as you pay your monthly mortgage payment, you’re naturally earning equity over time. With a cash-out refinance, you can take some of that equity and put it back in your pocket to use however you wish. This route is most common for homeowners who want to consolidate other debts or utilize the funds for various high-cost expenses like home renovations. The type of refinance that you choose will impact things like your monthly mortgage payment, the total amount owed on your new mortgage, and/or the length of time that you have to pay your new mortgage. Step 2: Enter Your Original Loan Details The first section of the calculator requires information about your current mortgage. You’ll need to enter the following details: Original Loan Amount: The total amount you borrowed when you first took out the mortgage. Loan Term: The original length of your loan, typically 15 or 30 years. Interest Rate: The interest rate of your current mortgage. Year of Origin: The year when you took out your original mortgage. These details help the calculator understand the structure of your current mortgage and estimate your remaining balance. Step 3: Enter Your Desired Refi Details In the second section, you’ll be asked to input details about the refinance that you’re considering. A few of these details are automatically populated, but the bullet points below quickly outline the areas that you can customize and what to consider when you enter figures into these boxes. New Loan Term: The length of time you’d like for the refinanced mortgage (e.g., 15 years, 30 years). A longer loan term will accrue more interest owed on the loan over time but will lower the amount owed each month. Inversely, a shorter loan term means you pay less interest over the life of the loan but have a higher monthly payment. Cash-Out Amount: If you’d like to take out equity from your home during the refinance, enter the amount here. Cash-out refinances allow you to pocket some of the equity you’ve built up over the years to put towards things like home renovations or debt consolidation. Three of the boxes in the “Refinanced Mortgage” section will vary based on current economic conditions or the information input in the “Original Mortgage” section. First is your refinanced mortgage loan amount. This figure is an estimate that's automatically calculated by the details in the “Original Mortgage” table above. If you know your exact loan balance, click the “Custom Loan Amount” switch at the bottom of the calculator and fill it in this box for a more accurate estimate. The refinanced interest rate will automatically populate based on today's rates and is subject to change depending on your credit score and other factors. Closing costs are also auto-populated based on your loan amount. Closing costs typically range between 2-6% of your total loan amount. How to Read Your Results Once you’ve entered both your original mortgage details and your desired refinance terms, the calculator will provide you with an estimate of your refinanced mortgage. The table on the right side of the page will outline your potential monthly savings and your total savings across the refinanced loan term. Beneath those figures, you can see a breakdown of your principal (outstanding balance of your loan, not including interest), interest (the amount owed to the lender for the use of borrowed money), and your total cash savings which adds up the combined principal and interest owed across the life of the loan. It is important to note that this calculator exists to provide you with a rough estimate of your refinance. Factors such as interest rate and closing costs can vary, so for a more accurate look at what a refinance might look like for you, reach out to your UMortgage Loan Originator. Ready to Learn More? The Refinance Calculator is a great starting point to explore your refinancing options, but it’s not the final word. Reach out to your UMortgage Loan Originator today to get a personalized quote that fits your unique situation and financial goals.

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3 Reasons to Refinance Your Home Loan

Refinancing your mortgage can be a strategic financial move that offers several benefits to homeowners. Whether you're looking to save money, access the equity you've built, or switch mortgage types for more stability, refinancing can be the key to achieving your financial goals. By securing a lower interest rate, you can reduce your monthly payments and save thousands over the life of your loan. Additionally, tapping into your home's equity through refinancing can provide the funds needed for home improvements, debt consolidation, or investment opportunities. Finally, switching from an adjustable-rate mortgage to a fixed-rate mortgage can offer peace of mind with stable monthly payments. Let's explore these three compelling reasons to consider refinancing your mortgage in more detail. Lower Your Monthly Payments One of the most appealing reasons to refinance is the potential to lower your monthly mortgage payments. If you purchased your home in the last few years, there's a chance that interest rates have decreased since then. By refinancing at a lower rate, you can significantly reduce your monthly payment, freeing up cash for other expenses or savings. This reduction not only makes your monthly budget more manageable but also allows you to allocate funds towards other financial goals, such as retirement savings, education funds, or emergency reserves. Over the long term, the savings from a lower interest rate can add up to thousands of dollars, making refinancing a smart financial decision. Access Your Home's Equity Your home is not just a place to live; it's also a valuable financial asset. Over time, as you pay down your mortgage and property values increase, you build equity in your home. Refinancing offers a way to tap into this equity, providing you with a lump sum of cash that can be used for various purposes. Whether you're planning a major home renovation, looking to consolidate high-interest debt, or considering an investment in another property, a cash-out refinance can provide the necessary funds. This approach can be more cost-effective than other borrowing options, as mortgage interest rates are typically lower than those for personal loans or credit cards. Switch Mortgage Types When interest rates were high, many borrowers opted for Adjustable-Rate Mortgages (ARMs) to take advantage of lower initial rates. However, as the introductory period ends, these rates can increase, leading to higher monthly payments. Refinancing provides an opportunity to switch from an ARM to a fixed-rate mortgage, offering stability and predictability. With a fixed-rate mortgage, your interest rate remains constant throughout the life of the loan, protecting you from potential rate hikes and ensuring consistent monthly payments. This stability can be especially valuable in uncertain economic times, allowing you to plan your finances with confidence and avoid unexpected increases in your housing costs. If you're considering refinancing, now is an excellent time to explore your options. Even if you're not ready to refinance immediately, connecting with a Loan Originator can help you understand the potential benefits and determine the best strategy for your financial situation.

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