Housing Wire

NOVEMBER 16, 2022

The Pontiac, Michigan-based lender now has an option for borrowers to reduce their rates by 3% during the first year of the loan, compared to the maximum 2% previously offered. Borrowers with temporary buydowns pay a lower mortgage rate during the first, second and third years of their loans.

Seller concession 398

Seller concession Mortgages Fixed-rate mortgage Loans 398

Housing Wire

APRIL 27, 2023

Freddie Mac’s Primary Mortgage Market Survey shows the 30-year fixed mortgage rate increased to 6.43% as of April 27, up four basis points from last week and 133 basis points from this time last year, when rates averaged 5.10%. On a hypothetical $400,000 loan, the borrowers would save $3,000 in closing costs.

Mortgages 398

Mortgages Fixed-rate mortgage Loans Closing costs 398

Redfin

AUGUST 12, 2024

Choosing the right home loan is a crucial step in your homebuying journey. With various mortgage types available, navigating the options can be overwhelming. Whether you’re looking to buy your first home in Austin or refinance your house in Miami , understanding the different mortgage types and key factors is essential.

Loans 62

Loans Mortgages Pre-approval Fixed-rate mortgage 62

Housing Wire

APRIL 7, 2021

A monthly mortgage, on the other hand, doesn’t usually increase for homeowners with fixed-rate mortgages. A stable income means you’re more likely to be approved for a loan , than someone with an unstable income. Or, more importantly, whether it’s high enough to get approved for a loan to buy a house.

Debt-to-income ratio 477

Debt-to-income ratio Fixed-rate mortgage Finance Loans 477

Realtor.com

JANUARY 19, 2023

Getty Images If you have a fixed-rate mortgage , your payment is the same amount every month and never changes no matter how much the interest rates fluctuate. That’s where an adjustable-rate mortgage , or ARM, comes in. That’s where an adjustable-rate mortgage , or ARM, comes in.

Fixed-rate mortgage 100

Fixed-rate mortgage Mortgages Closing costs Loans 100

Redfin

JULY 16, 2024

Navigating the mortgage loan process can be daunting, but breaking it down into manageable steps can help. This guide will walk you through each phase of the mortgage loan process, from pre-approval to post-closing, with examples to illustrate key points. Fixed-rate: Stability and predictability in payments.

Loans 60

Loans Pre-approval Earnest money deposit Mortgages 60

Marco Santarelli

SEPTEMBER 18, 2024

The recent decision by the Federal Reserve to implement its first interest rate cut in four years carries significant weight, especially for consumers interested in loans, whether they are for homes, vehicles, or other major purchases. For over a year, interest rates have been at their highest point in 23 years!

Loans 52

Loans Mortgages Banks Fixed-rate mortgage 52

Marco Santarelli

AUGUST 15, 2024

But what if we told you that a seemingly tiny 1% difference in mortgage interest rates could save you (or cost you) tens of thousands of dollars over the life of your loan? A recent study revealed that borrowers end up paying, on average, 30% more in interest on a mortgage with a 7% rate compared to a 6% rate.

Mortgages 52

Mortgages Fixed-rate mortgage Closing costs Loans 52

Realtor.com

NOVEMBER 28, 2022

pawel.gaul/iStock The annual percentage rate, or APR, is how much you’ll pay in interest and other fees when borrowing money (e.g., when you get a mortgage loan or a credit card). APR can also be considered the total cost for borrowing money over a one-year period. What determines my interest rate?

Closing costs 122

Closing costs Title search Fixed-rate mortgage Loans 122

Marco Santarelli

APRIL 12, 2024

The average 30-year fixed mortgage rate has remained below 7% in 2024 , with expectations of a gradual decrease over the year, assuming the Federal Reserve implements anticipated interest rate cuts. However, it's important to consider closing costs and how long you plan to stay in your home before making this decision.

Mortgages 116

Mortgages Fixed-rate mortgage Loans Closing costs 116

Realtor.com

DECEMBER 14, 2022

Getty Images / Realtor.com When it comes to making the largest purchase of their lives, most homebuyers would prefer to play it safe in choosing a loan. That’s why fixed-rate mortgages, the gold standard of home loans, have long been the most popular. They’re all set.

Fixed-rate mortgage 102

Fixed-rate mortgage Mortgages Loans VA loan 102

Realtor.com

MARCH 12, 2021

Consider how many months it would take for you to recoup the costs of closing on a refi, along with how long you’ll be staying at this home. If you can recoup closing costs within two years and plan to stay in your house for longer, the savings on interest means the math will likely work out in your favor.

Fixed-rate mortgage 87

Fixed-rate mortgage Mortgages Closing costs Equity 87

Realtor.com

DECEMBER 14, 2022

Getty Images / Realtor.com When it comes to making the largest purchase of their lives, most homebuyers would prefer to play it safe in choosing a loan. That’s why fixed-rate mortgages, the gold standard of home loans, have long been the most popular. They’re all set.

Fixed-rate mortgage 99

Fixed-rate mortgage Mortgages Loans VA loan 99

HomeLight

NOVEMBER 20, 2023

As a buyer, you will not only be looking for the right home at the right price, but you’ll also be on an expedition to discover if the seller’s loan is assumable. But if you succeed in your quest, you can sidestep today’s high mortgage interest rates and secure a monthly payment that could be hundreds of dollars less.

FHA loan 115

FHA loan Mortgages VA loan Loans 115

Marco Santarelli

OCTOBER 17, 2024

15-Year Fixed Rate : Increased to 5.63%, up from 5.56%. 5-Year ARM Rate : Climbed significantly to 6.84%, up from 6.56%. Conforming Loans Rate : 30-Year Fixed at 6.16%, 20-Year Fixed at 5.99%. With current rates rising to 6.30% , many homeowners might question whether refinancing is still beneficial.

Mortgages 52

Mortgages Fixed-rate mortgage Equity Closing costs 52

Redfin

SEPTEMBER 4, 2024

Refinancing your mortgage can be a strategic move to either lower your monthly payments, shorten your loan term, or tap into your home’s equity. However, did you know refinancing a mortgage can cost you? Now that you’re wondering, “How much does it cost to refinance a mortgage?”

Mortgages 57

Mortgages Debt-to-income ratio Closing costs Principal 57

Marco Santarelli

SEPTEMBER 25, 2024

This scenario illustrates why mortgage refinance applications are becoming increasingly popular. As homeowners look to take advantage of decreasing interest rates, many are turning their attention to refinancing their existing loans, allowing them to save money over time.

Mortgages 52

Mortgages Fixed-rate mortgage Equity Loans 52

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%. What is a mortgage refinance?

Fixed-rate mortgage 64

Fixed-rate mortgage Mortgages Title search Equity 64

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

Realty Biz

JUNE 11, 2023

Understanding Interest Rates Before delving into how to use interest rates to your advantage, let's first understand what they are. Interest rates represent the cost of borrowing money. In the context of home buying, the interest rate is what you'll pay on top of your principal loan amount.

Fixed-rate mortgage 81

Fixed-rate mortgage Closing costs Principal Loans 81

Redfin

SEPTEMBER 4, 2024

A higher score indicates that you’re a low-risk borrower, which can help you secure a lower rate. Conversely, a lower score can result in a higher mortgage rate. Loan-to-value (LTV) ratio: The LTV ratio is the loan amount compared to the home’s appraised value. Each inquiry can temporarily lower your score.

Mortgages 57

Mortgages Fixed-rate mortgage Loans Closing costs 57

HomeLight

JANUARY 23, 2023

The choice may be a difficult one, however, given recent interest rate hikes and historically high housing costs. Let’s discuss reasons homeowners may opt to refinance, how to compare loan types, and the importance of getting expert advice for your specific situation. The second way is by extending the loan term.

Mortgages 105

Mortgages Fixed-rate mortgage Equity Loans 105

HomeLight

JANUARY 31, 2022

You’re thinking about buying a house, but you aren’t sure what your mortgage loan (or monthly payment ) will look like. Still, to make your dream a reality, determining how to estimate a mortgage loan and how much you can spend is something you’re going to have to do. Source: (sarah b / Unsplash). as a down payment.

Loans 98

Loans Mortgages FHA loan Principal 98

Realty Biz

AUGUST 12, 2023

Buying a home is a significant decision, and understanding mortgage terms can make the process smoother. Here are some key terms and their definitions: Mortgage : A loan specifically used to purchase real estate. Interest : The cost of borrowing money, expressed as a percentage of the loan amount.

Purchase and sale agreement 97

Purchase and sale agreement Mortgages Pre-approval Title search 97

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

HomeLight

JUNE 22, 2023

You would add up all of your monthly debt payments, such as auto loans, mortgage payments, minimum payments on credit cards, student loan payments and installment debts,” explains Marcus Rittman from HomeLight Home Loans. That’s because lenders will also look at your debt-to-income ratio, or DTI.

Debt-to-income ratio 98

Debt-to-income ratio Mortgages FHA loan Loans 98

Realtor.com

JANUARY 10, 2023

ARMs work by offering a fixed mortgage interest rate, usually lower than a 30-year fixed-rate loan, for a period of several years. Then the rate resets, usually annually, according to what interest rates are doing at the time. ” ARMs are still far less popular than fixed-rate loans.

Fixed-rate mortgage 77

Fixed-rate mortgage Mortgages Loans Closing costs 77

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.

Closing costs 52

Closing costs Inspection Pre-approval FHA loan 52

HomeLight

MARCH 11, 2022

The minimum down payment for a conventional loan is 3%, but Massachusetts buyers typically offer more than that. As throughout the country, a 20% down payment will help you avoid mortgage insurance on your loan, and the more you can pay upfront, the more likely you are to get the home you want. What about closing costs?

Closing costs 111

Closing costs Debt-to-income ratio Fixed-rate mortgage Loans 111

HomeLight

JUNE 16, 2023

The average American household credit card debt is $5,315 , the average student loan debt is almost $39,000 , and the average car loan for a new vehicle is around $44,140. In some instances, prioritizing paying off your high-interest debt over your fixed-rate mortgage can expedite your journey to financial freedom.

Fixed-rate mortgage 88

Fixed-rate mortgage Equity Loans Debt-to-income ratio 88

Realty Biz

APRIL 8, 2024

Online mortgage calculators can provide a rough estimate, but getting pre-approved by a lender will give you a more accurate figure. What Is a Mortgage Pre-Approval? Answer: A mortgage pre-approval is a lender's offer to loan you a certain amount under specific terms. What Are Closing Costs?

Pre-qualification 56

Pre-qualification Pre-approval Closing costs FHA loan 56

Realty Biz

JULY 19, 2021

If you refinance your mortgage, you can reduce your monthly outgoings, change the loan terms, or use the equity you have to provide money when you need it. Everyone has different reasons for wanting to refinance a mortgage. Changing the Loan Term. You can also lengthen the mortgage term if you need to.

Mortgages 145

Mortgages Fixed-rate mortgage Equity Loans 145

Marco Santarelli

AUGUST 18, 2024

Mortgage Rates Today, August 18: Predicted to Drop Further Key Takeaways Mortgage rates have dropped by 19 basis points compared to last month. Current average rates for a 30-year fixed mortgage are at 6.19%. The 15-year fixed mortgage rate stands at 5.53%.

Mortgages 52

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

Marco Santarelli

APRIL 24, 2024

Should you put your homebuying dreams on hold, hoping for rates to decrease, or lock in a loan now? While high rates translate to larger monthly payments, waiting for a potential drop comes with its own set of challenges. If rates take a significant dip in the coming years, you can always explore refinancing your mortgage.

Pre-approval 52

Pre-approval Mortgages FHA loan Fixed-rate mortgage 52

Marco Santarelli

SEPTEMBER 4, 2024

Mortgage Refinance Demand Soars Key Takeaways 94% Increase: Mortgage refinance demand is 94% higher than a year ago ( CNBC ). Falling Rates: The average interest rate for 30-year fixed-rate mortgages is down to 6.43% , a slight decline from previous weeks.

Mortgages 52

Mortgages Fixed-rate mortgage Closing costs Loans 52

Marco Santarelli

MAY 2, 2024

Let's explore what experts predict for mortgage rates for this month (May 2024) and the key factors that could shake things up. Where We Stand: As of today, May 2nd, 2024, the average 30-year fixed-rate mortgage sits at a hefty 7.22%. The Federal Reserve's response to inflation is a key driver of this increase.

Mortgages 52

Mortgages Fixed-rate mortgage Investor Loans 52

HomeLight

SEPTEMBER 30, 2020

Mortgage payments can take up a good chunk of your income, especially with a new home. And the interest you pay on that mortgage loan is nothing to sneeze at. In 1982, mortgage rates hit an annual average of 16.03%. That means for a 30-year conventional mortgage loan for $250,000, you’d be paying $962,458.72

Mortgages 98

Mortgages Fixed-rate mortgage Equity Loans 98