Marco Santarelli

MARCH 20, 2025

30-Year Fixed: This remains a popular choice for many homebuyers due to its lower monthly payments , making homeownership more accessible. The Purchase Rate vs. Refinance Rate Dynamic: It's not uncommon for refinance rates to be slightly higher than purchase rates.

Mortgages 52

Mortgages Debt-to-income ratio Principal VA loan 52

Realty Biz

AUGUST 12, 2023

Interest : The cost of borrowing money, expressed as a percentage of the loan amount. Fixed-Rate Mortgage : A mortgage in which the interest rate remains the same for the entire term of the loan. Closing Costs : Fees and other costs that need to be paid when closing on a house.

Purchase and sale agreement 97

Purchase and sale agreement Mortgages Pre-approval Title search 97

HomeLight

NOVEMBER 20, 2023

Along with the obvious advantage of a lower interest rate, an assumed loan can also come with fewer transaction fees and greater speed. There are typically fewer fees involved when you do an assumable mortgage rather than a new origination. A lot of people right now are concerned about interest rates,” says Broesamle.

FHA loan 115

FHA loan Mortgages VA loan Loans 115

HomeLight

JANUARY 23, 2023

In 2022 alone, the Federal Reserve raised interest rates seven times to try to bring inflation down. Meanwhile, Freddie Mac reports the average interest rate on a 30-year fixed-rate mortgage is 6.27% as of early 2023 — up 3.22 Forbes reports the average 30-year fixed refinance rate to be even higher at about 6.84%.

Mortgages 105

Mortgages Fixed-rate mortgage Equity Loans 105

Realty Biz

JANUARY 6, 2024

mortgage lenders will offer Illinois homebuyers a maximum of $6,000 to assist in acquiring a new home through the IHDAccess Forgivable program. IHDAccess Forgivable aims to aid borrowers who qualify for a loan but may face challenges in covering down payment and closing costs due to factors such as student loans or other financial burdens.

Fixed-rate mortgage 64

Fixed-rate mortgage Closing costs Lending Banks 64

HomeLight

JUNE 22, 2023

And they need answers to their mortgage questions. Why must there be so many lending companies, all of which have different requirements and terms? As a first-time homebuyer, you’re likely among the 85% of buyers who will apply for a home mortgage instead of paying cash. Most counties in the U.S.

Debt-to-income ratio 98

Debt-to-income ratio Mortgages FHA loan Loans 98

Realtor.com

JANUARY 10, 2023

Half of them said they opted for an ARM because the introductory rate was lower than those on fixed-rate mortgages. And slightly more than half said they did so because they plan to refinance or sell their home before the rate starts to adjust. ” ARMs are still far less popular than fixed-rate loans.

Fixed-rate mortgage 77

Fixed-rate mortgage Mortgages Loans Closing costs 77

Redfin

AUGUST 12, 2024

These loans offer significant advantages, including no down payment, no PMI, and competitive interest rates. Additionally, VA loans have limited closing costs and no prepayment penalties. Adjustable-rate mortgages (ARMs) : The interest rate is fixed for an initial period (e.g.,

Loans 74

Loans Mortgages Pre-approval Fixed-rate mortgage 74

Realtor.com

FEBRUARY 2, 2022

But our mortgage and lending system can be especially challenging for retirees to navigate, simply because lenders prioritize income. There are a lot of different rules and costs state by state,” says Rachel Lester , an agent with Keller Williams Main Line Realty in Villanova, PA. Crunch the numbers.

Debt-to-income ratio 100

Debt-to-income ratio Mortgages Fixed-rate mortgage Lending 100

Marco Santarelli

MARCH 6, 2025

Decoding Mortgage Jargon: What Does It All Mean? Let's be real, the mortgage world is full of confusing terms. Let me break down some of the most important ones: Fixed-Rate Mortgage: The interest rate stays the same for the entire loan term. Rate locks typically last for 30 to 60 days.

Mortgages 64

Mortgages Debt-to-income ratio Loans Principal 64

Realty Biz

MARCH 15, 2023

Mortgage Rates Interest rates had stayed low for a long time but began rising last year. For a 30-year fixed-rate mortgage, interest rates have averaged between 6% and 7% recently. With higher interest rates, mortgages are more expensive.

Debt-to-income ratio 111

Debt-to-income ratio Fixed-rate mortgage Mortgages Loans 111

Redfin

DECEMBER 15, 2023

In 2020, interest rates took a sharp dive as the Federal Reserve sought to stave off economic collapse amid the pandemic. The resulting low rates sparked a surge in real estate transactions, with numerous homebuyers securing 30-year fixed-rate mortgages below 3%.

Fixed-rate mortgage 69

Fixed-rate mortgage Mortgages Title search Equity 69

The Close

DECEMBER 5, 2024

Your real estate agent and the lender will break down your closing costs in a closing disclosure form. Closing costs can range from 2% to 6% of the purchase price. However, a conservative rule of thumb to calculate your closing costs is to estimate about 5% of the property’s purchase price.

House Flipping 98

House Flipping Renovation Closing costs Hard money loan 98

Norada Real Estate

JUNE 22, 2022

As a cash buyer, you can also save on closing costs. You don't need to pay a bank attorney for the mortgage. Financing turnkey rental properties with cash means you don't need to put real estate taxes in escrow upfront nor pay for a mortgage application and loan origination fees. Fixed-rate mortgages.

Finance 96

Finance FHA loan Investor Loans 96

Redfin

JULY 16, 2024

Step 3: Understand your loan options Fixed-rate vs. adjustable-rate mortgages (ARMs): Fixed-rate mortgages have a constant interest rate and monthly payments that never change. ARMs have interest rates that may start lower than fixed-rate loans but can change over time.

Loans 69

Loans Pre-approval Earnest money deposit Mortgages 69

Realty Biz

FEBRUARY 7, 2023

We will discuss how to search for a lending institution you will love. Some people will search for mortgage lenders near me if they want their bank to be nearby. 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.

Pre-approval 77

Pre-approval Mortgages Pre-qualification VA loan 77

Redfin

FEBRUARY 11, 2021

For example, a fixed-rate mortgage carries less risk than an adjustable-rate mortgage and usually has a lower PMI premium. . Some credit unions or lending institutions may not insist on PMI for individual applicants. Your loan type can also affect PMI requirements.

Debt-to-income ratio 66

Debt-to-income ratio VA loan Fixed-rate mortgage Loans 66

Redfin

JULY 11, 2023

The interest rate and term length determine the amount of your monthly payments. What are the different types of mortgages? When considering mortgage options, it’s important to understand the different types available. What are closing costs?

Pre-approval 59

Pre-approval Mortgages Pre-qualification Debt-to-income ratio 59

Marco Santarelli

MARCH 27, 2025

The Federal Reserve: The Fed's decisions on interest rates trickle down to mortgage rates. A higher score means you're less risky to lend to. Adjustable-Rate Mortgages (ARMs): Proceed with Caution: ARMs typically start with a lower interest rate than fixed-rate mortgages.

Debt-to-income ratio 52

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

Real Estate Finance HQ

AUGUST 25, 2017

The FHA doesn’t actually lend any money. Instead, the agency guarantees repayment to lenders if a borrower defaults, so that the lenders know they won’t lose money on the deal, thus allowing them to offer competitive mortgage rates on loans that are easier to qualify for than conventional home loans. Housing Ratio.

FHA loan 40

FHA loan Debt-to-income ratio Inspection Loans 40

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

Realtor.com

MARCH 22, 2021

And, just maybe, buyers may no longer be pressured to do things that over a year ago would have seemed ludicrous: waiving inspections, agreeing to pay closing costs, and sometimes buying homes across the country via video calls, sight unseen. What resulted was the lowest interest rates we’ve ever seen.

Marketing 145

Marketing Fixed-rate mortgage Construction Mortgages 145

The Close

DECEMBER 29, 2022

Clients might be interested in an ARM because it allows borrowers to take advantage of interest rate decreases without having to go through a whole refinance process and pay additional closing costs. Closing costs. Clients will need an exact accounting of the total amount owed in closing costs.

Purchase and sale agreement 98

Purchase and sale agreement Title Pre-approval Proof of funds 98