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. VA Loans: Department of Veterans Affairs ( VA ) loans are usually assumable.

FHA loan 115

FHA loan Mortgages VA loan Loans 115

Marco Santarelli

DECEMBER 22, 2024

Comparing Different Mortgage Products The mortgage market is diverse, ranging from fixed-rate loans to adjustable-rate mortgages (ARMs). Heres a closer look at these options: Fixed-Rate Mortgages : These loans offer stable monthly payments and are often the go-to option for many homeowners.

Mortgages 52

Mortgages Equity Fixed-rate mortgage Loans 52

HomeLight

AUGUST 26, 2020

Lower mortgage rates and lower payments are excellent reasons to refinance, but there are other reasons someone might want to consider refinancing. Converting an adjustable-rate mortgage to a fixed-rate mortgage. VA IRRRL (interest rate reduction refinance loan).

Fixed-rate mortgage 144

Fixed-rate mortgage Equity Loans VA loan 144

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. Buy mortgage points to lower your rate.

Fixed-rate mortgage 102

Fixed-rate mortgage Mortgages Loans VA loan 102

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. Buy mortgage points to lower your rate.

Fixed-rate mortgage 99

Fixed-rate mortgage Mortgages Loans VA loan 99

Marco Santarelli

JANUARY 5, 2025

Understanding Different Types of Mortgages When considering a mortgage, its essential to understand the various types available, as each suits different financial situations and preferences. 30-Year Fixed Mortgage This is the most popular type of mortgage, with payments spread over 30 years at a fixed interest rate.

Mortgages 52

Mortgages VA loan Loans Fixed-rate mortgage 52

HomeLight

JUNE 22, 2023

If you’re going to buy a home, you’ll need enough savings for a down payment, closing costs, and financial experts advise that you should also have enough money left over in your savings accounts to cover at least three months of expenses in case of an emergency. It usually costs between 0.5% to 1% of the loan amount annually.

Debt-to-income ratio 98

Debt-to-income ratio Mortgages FHA loan Loans 98

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.

Land 110

Land Closing costs Purchase and sale agreement Loans 110

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. USDA-insured loans USDA-insured loans are guaranteed by the U.S.

Loans 74

Loans Mortgages Pre-approval Fixed-rate mortgage 74

Marco Santarelli

MARCH 31, 2025

This rate environment makes careful shopping and understanding your loan options even more critical. Let's quickly touch on the different types of loans listed. Fixed-rate mortgages (like the 15-year, 20-year, and 30-year options) keep the same interest rate for the entire loan term.

Mortgages 64

Mortgages Principal Loans VA loan 64

Realty Biz

JUNE 15, 2022

A fixed-rate mortgage is stable for 15 to 30 years, but rents may increase on average as much as 5% per year. . Money spent on a mortgage each month is building equity in something you’ll eventually own, and is a foundational means to growing wealth. Department of Veterans Affairs (VA) loan.

Debt-to-income ratio 98

Debt-to-income ratio VA loan Fixed-rate mortgage Loans 98

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.

Pre-approval 77

Pre-approval Mortgages Pre-qualification VA loan 77

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.

Closing costs 119

Closing costs Inspection Loans Earnest money deposit 119

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.

Marketing 35

Marketing Land Equity Loans 35

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.

Mortgages 52

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

Marco Santarelli

FEBRUARY 24, 2025

Here's a snapshot of today's mortgage rates by Zillow , giving you a clear view of where things stand: Mortgage Type Current Rate 30-Year Fixed 6.50% 20-Year Fixed 6.25% 15-Year Fixed 5.83% 5/1 ARM 6.50% 7/1 ARM 6.45% 30-Year VA 5.98% 15-Year VA 5.48% 5/1 VA 6.06% What's the takeaway?

Mortgages 52

Mortgages VA loan Fixed-rate mortgage Principal 52

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

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

Closing costs Loans Equity Banks 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

Redfin

FEBRUARY 11, 2021

Your loan type can also affect PMI requirements. For example, a fixed-rate mortgage carries less risk than an adjustable-rate mortgage and usually has a lower PMI premium. . 4) Pursue a VA loan if you qualify. 5) If you are a physician, you may qualify for a particular physician loan.

Debt-to-income ratio 66

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

Redfin

JULY 11, 2023

When considering mortgage options, it’s important to understand the different types available. A fixed-rate mortgage provides stability and predictability, with a consistent interest rate throughout the loan term. What are closing costs?

Pre-approval 59

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

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?

Pre-approval 71

Pre-approval Pre-qualification Mortgages Loans 71

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.

Pre-approval 52

Pre-approval Mortgages FHA loan Fixed-rate mortgage 52

HomeLight

JANUARY 31, 2022

Conventional loans can be approved with as little as 3% as a down payment. USDA loans are available mostly in rural areas and enable buyers to put down zero percent of the price. VA loans enable eligible active duty military personnel and veterans to buy a home with zero percent down.

Loans 98

Loans Mortgages FHA loan Principal 98

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

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. It’s an official form certifying that a veteran has met the terms that qualify someone for a VA loan.

Purchase and sale agreement 98

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

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

But this table gives you a solid overview of where things stand: Loan Type Current Rate 30-year Fixed 6.50% 20-year Fixed 6.25% 15-year Fixed 5.83% 5/1 ARM 6.50% 7/1 ARM 6.45% 30-year VA 5.98% 15-year VA 5.48% 30-year FHA 6.09% 15-year FHA 5.55% As you can see, the 30-year fixed is sitting at 6.50%.

Mortgages 85

Mortgages Pre-approval Loans Debt-to-income ratio 85

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