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Reverse purchase financing: The financing option no one is talking about

Housing Wire

But unlike financing with a traditional mortgage, monthly principal and interest payments are not required on the loan, so long as the homeowner keeps up to date with real estate taxes, homeowners’ insurance and property maintenance. The HECM for Purchase is not a refinancing tool; it is not akin to a Home Equity Line of Credit ( HELOC ).

Finance 473
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Rocket launches program to lower first-year mortgage payments

Housing Wire

Rocket said that a homebuyer with a $400,000, 30-year fixed rate mortgage with 5.75% interest would generally pay about $2,334 in principal and interest. In August and September, Rocket Mortgage and Rocket Pro TPO announced the offering of home equity loans to capitalize on record home equity levels.

Mortgages 418
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Why Montana is more heavily promoting its state-run reverse mortgage program

Housing Wire

Unspent funds allocated to the program can be put to use by assisting the state’s older residents with reverse mortgage financing at a relatively low interest rate when compared to either Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgages (HECMs) or proprietary product options.

Mortgages 378
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What You Should Know About Closing Costs Before You Refinance

RIS Media

If you’re thinking about refinancing your mortgage to lower your interest rate, you’ll have to pay a series of fees, which fall under the umbrella of “closing costs.” That doesn’t mean that you shouldn’t go ahead with your plans to refinance, but you need to understand how much it will cost so you can figure out if it’s worth it.

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Opinion: Rethinking the FHA mortgage insurance premium

Housing Wire

For loans that require mortgage insurance, the GSEs permit automatic termination of the insurance if a borrower amortizes their equity to 22% or more of the original property value. FHA insures 100% of the loan’s unpaid principal balance and out-of-pocket expenses, replicating the GSE guarantor program. GSE note rate of 3.25%.

FHA loan 380
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How to Keep Closing Costs Down When Refinancing Your Mortgage

RIS Media

A refinance typically comes with closing costs, a series of fees that can cost thousands of dollars up front. You might be able to keep your closing costs down or avoid them altogether, but you need to be careful to avoid paying more later. Ways to Lower Closing Costs. It can’t hurt to ask.

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What Is Home Equity and How Can I Use Mine in 2022?

HomeLight

Homeowners with mortgages saw their home equity blossom 31% in 2021, according to a report from CoreLogic, a remarkable increase for such a short period of time. As you map out your plans for 2022, you may be thinking of ways to keep building more equity or use what you’ve recently acquired. What is home equity in simple terms?

Equity 116