HomeLight

SEPTEMBER 30, 2020

A refinance is just another way of saying that you’re trading in your current mortgage loan for a new one. That said, if you want to refinance for a 15-year mortgage instead of a 30-year mortgage, or a custom length of time, many mortgage lenders can and will be flexible with your terms. Upfront cost.

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Redfin

AUGUST 12, 2024

These loans have more relaxed credit score requirements and lower down payment options, with down payments as low as 3.5% However, FHA loans require both an upfront mortgage insurance premium (MIP) and monthly MIP payments, which can increase the overall cost of the loan.

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Realty Biz

MARCH 30, 2023

Understand the Types of Mortgages, Interest Rates, and Fees Before you can get started, it's important to understand the different types of mortgages available and the associated interest rates. To get the best rate for your situation, be sure to look closely at each type of mortgage.

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Redfin

SEPTEMBER 4, 2024

From application fees to closing costs, this Redfin article will discuss everything you need to know to help make this financial decision. What does it mean to refinance a mortgage? What exactly does it mean to “refinance a mortgage”? As a general rule, refinancing closing costs are typically 2-6% of the loan’s value.

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HomeLight

NOVEMBER 29, 2021

Plus, down payment and closing costs in New Jersey can set you back thousands of dollars. Many people can make their monthly house payments, but it can be difficult to come up with the money for a down payment and closing costs to buy a new home in the first place. Types of down payment assistance available in New Jersey.

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Realty Biz

FEBRUARY 7, 2023

Figure Out What Mortgage Program Works Best When you start looking for a mortgage , one of the first steps should be deciding what loan terms you want. For example, do you want a 30-year fixed or adjustable-rate mortgage? A fixed-rate mortgage will give you more stability if you stay in the home longer.

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Pre-approval Mortgages Pre-qualification VA loan 77

Realty Biz

APRIL 11, 2022

The basic process begins by asking questions like what type of mortgage is best for you? A 30-year fixed rate mortgage is the most common for first-time buyers. I think loan types like 30-year fixed and ARMs, along with discount points are basic places to start asking questions when interest rates are going up.

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Redfin

APRIL 11, 2025

When you pay your mortgage each month, the payments go toward a tangible asset rather than a landlord. Owning a home can also bring more financial stability , especially with a fixed-rate mortgage, as it offers predictable monthly payments, compared to rent, which can rise.

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HomeLight

JANUARY 31, 2022

There are many mortgage programs that offer you the ability to put down far less — even nothing in certain cases! If you need to have a smaller down payment, see if you meet the criteria for any of the following loan programs: FHA loans can be approved with just 3.5% as a down payment. Are you getting an ARM or an FRM?

Loans 98

Loans Mortgages FHA loan Principal 98

Marco Santarelli

AUGUST 3, 2024

Many first-time buyers underestimate the true cost of homeownership, overlooking the hidden expenses beyond the mortgage payment. Not Saving Enough for a Down Payment: Many assume a 20% down payment is mandatory, but with options like FHA loans, you might be able to secure a mortgage with a smaller down payment.

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HomeLight

JANUARY 27, 2021

Don’t forget to budget for closing costs. Closing costs are one-time costs that go along with your home purchase, and you pay them on — you guessed it — closing day. A lot of times people have no idea until they get the Loan Estimate that they have $15,000 to $20,000 worth of closing costs,” Ortman explains.

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Marco Santarelli

APRIL 24, 2024

Refinancing essentially allows you to replace your current loan with a new one with a lower interest rate, potentially bringing substantial relief to your monthly payments. It's important to consider any associated fees with refinancing, such as closing costs, to ensure it makes financial sense in your situation.

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HomeLight

AUGUST 31, 2021

You’ll want to be sure you’ve kept the home long enough to recoup your transaction costs — real estate agent fees, closing costs, and any repairs or maintenance done to the home to prepare for sale. Homeownership is a way to hedge against inflation by keeping housing costs static and predictable.

Closing costs 97

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Marco Santarelli

AUGUST 8, 2024

Here are some scenarios where refinancing could be beneficial: Homeowners with Existing Mortgages Above 6% : If you currently have a 30-year fixed rate mortgage at 7.5% , refinancing to a 30-year fixed rate at 6.56% can result in substantial monthly savings.

Mortgages 52

Mortgages Fixed-rate mortgage VA loan FHA loan 52

Realty Biz

APRIL 8, 2024

What Are Closing Costs? Answer: Closing costs are fees for finalizing the mortgage, including appraisal fees, title insurance, and more. They typically range from 1% to 3% of the loan amount. No seller wants to take their home off the market if a buyer can’t prove they can obtain a mortgage.

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Marco Santarelli

FEBRUARY 24, 2025

Before you jump into refinancing, take a hard look at your current mortgage. Is your existing rate lower than what's available today? Also remember to factor in closing costs when assessing the true cost of refinancing! Fixed-Rate Mortgages: The interest rate stays the same for the entire life of the loan.

Mortgages 52

Mortgages VA loan Fixed-rate mortgage Principal 52

Marco Santarelli

AUGUST 18, 2024

In the long run, choosing a 15-year mortgage can lead to greater savings and shorter debt obligation. Let’s break this down further: Fixed-Rate Mortgages : The predictability of fixed rates is beneficial for budgeting. Interest Rates : Compare the offered rates and terms from multiple lenders.

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Mortgages VA loan Debt-to-income ratio Fixed-rate mortgage 52

Redfin

JULY 31, 2024

Follow the 28/36 rule: Housing costs should not exceed 28% of your gross monthly income, and total debt payments should not surpass 36%. Calculate potential costs: Include property taxes, insurance, lender fees, closing costs, and down payments in your budget. Can I negotiate mortgage terms with a lender?

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Pre-approval Pre-qualification Mortgages Loans 71

Marco Santarelli

MARCH 27, 2025

Adjustable-Rate Mortgages (ARMs): Proceed with Caution: ARMs typically start with a lower interest rate than fixed-rate mortgages. However, after a set period (usually 5, 7, or 10 years), the rate adjusts based on market conditions. FHA Loans: Lower credit score requirements and down payment options.

Debt-to-income ratio 52

Debt-to-income ratio Mortgages Fixed-rate mortgage Loans 52

Real Estate Finance HQ

AUGUST 25, 2017

This guide outlines the types of, as well as the necessary qualifications for, FHA loans. What is a FHA Loan? The FHA, a unit of the Department of Housing and Urban Development, was created in 1934 specifically to help low- and moderate-income families obtain financing for home ownership. Mortgage Insurance.

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Marco Santarelli

AUGUST 16, 2024

Understanding the Current Market: The Federal Reserve has been steadily raising interest rates to combat inflation, which has impacted mortgage rates. A year ago, in August 2023, the average 30-year fixed-rate mortgage was around 7.58%. Are there any government programs that can help me afford a home?

Pre-approval 52

Pre-approval Fixed-rate mortgage Finance Loans 52

Marco Santarelli

APRIL 8, 2025

Today's mortgage rates, as of April 8, 2025 , show an average of approximately 6.50% for a 30-year fixed-rate mortgage. This figure reflects a slight decrease in rates following recent political news but remains susceptible to fluctuations due to inflationary pressures.

Mortgages 59

Mortgages Fixed-rate mortgage VA loan FHA loan 59

Marco Santarelli

FEBRUARY 22, 2025

If you're looking for something shorter, a 15-year fixed is significantly lower at 5.83%. For our veterans, VA loans are looking particularly attractive with rates under 6%. And FHA loans, often popular with first-time buyers, are also offering competitive rates. Refinancing? Let's Get Real.

Mortgages 86

Mortgages Pre-approval Loans Debt-to-income ratio 86

Marco Santarelli

FEBRUARY 10, 2025

The 30-year fixed-rate mortgage remains the most popular option among homebuyers, providing long-term security against rate increases. However, it's essential for prospective homebuyers to keep a watchful eye on these rates, as they can influence the overall affordability of homes and impact buying power.

Debt-to-income ratio 52

Debt-to-income ratio Mortgages Fixed-rate mortgage VA loan 52