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Mortgage Market Update
Robert Hetherington
Robert Hetherington
Wednesday, September 2, 2026
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Why closing costs catch so many people off guard |
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Closing day brings relief — and usually a stack of paperwork. Let's talk about one piece that deserves your attention before you sign.
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National Mortgage Rates · August 27, 2026
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Closing Costs
What you're actually paying at closing
One question I hear often: "Why is my closing statement so long?" The answer is that closing costs bundle together several categories — lender fees, title insurance, appraisal, taxes, and prepaid items — and they add up faster than most people expect. Understanding what each line item covers isn't just about curiosity; it helps you budget accurately and spot where you might have options. Some costs are fixed, some are negotiable, and some depend on your loan type and location. The earlier you understand your closing costs, the fewer surprises you'll face at the signing table. If you'd like me to walk through what closing costs typically look like for your situation, I'm here to help.
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Tip of the Week
Your mortgage interest may be tax-deductible if you itemize. Check with your tax professional to see if it benefits you.
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Tips for Homeowners
Understanding Mortgage Points
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1.
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One mortgage point equals 1% of your loan amount. Paying points ("buying down the rate") reduces your interest rate — typically 0.25% per point, though this varies by lender and market.
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2.
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Calculate your break-even: divide the cost of the points by your monthly savings. If it takes 4 years to break even and you plan to stay 10 years, buying points makes sense.
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3.
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Points paid on a home purchase are generally tax-deductible in the year paid (if you itemize). Points on a refinance must be deducted over the life of the loan.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the Robert Hetherington team any time and we'll walk you through your options. |
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11 Garce Ave Suite 408 Great Neck NY 11021
5163837350 | www.silverfincapital.com
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