Remove Debt-to-income ratio Remove Finance Remove Fixed-rate mortgage
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Tired of renting? 6 signs you’re ready to buy your first home

Housing Wire

A monthly mortgage, on the other hand, doesn’t usually increase for homeowners with fixed-rate mortgages. Your Income Is Stable. How are your finances? A stable income means you’re more likely to be approved for a loan , than someone with an unstable income. You’re Actively Paying Down Debt.

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Mortgage costs, lender denials jumped in 2022: CFPB

Housing Wire

. “The higher interest rate environment had profound effects on the mortgage market in 2022, with borrowers paying much more in monthly payments,” CFPB Director Rohit Chopra said in a statement. “These trends are likely to continue given further increases in interest rates in 2023.” in 2022, up from 8.3%

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Builders rediscover a tool from the 1980s that keeps new home prices from falling

Housing Wire

Assuming a 30-year fixed rate mortgage of 7% with 20% down payment, the monthly payment would be roughly $2,100. In this case, the total debt-to-income ratio (DTI) would be 51% and would exceed the Fannie Mae or Freddie Mac DTI limit of 50%. of sales price) Source: AEI Housing Center, www.AEI.org/housing.

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Opinion: how to close the minority homeownership gap

Housing Wire

Without a strong secondary mortgage market supported by the federal government, lenders would be able to fund far fewer loans, and would likely flock to the most affluent areas in the country, leaving less-affluent markets with fewer options to finance a home. Fixed-rate mortgages provide stability and predictability.

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Today’s Mortgage Rates Rise: Insights for January 02, 2025

Marco Santarelli

For instance, if you take a $300,000 mortgage at 6.70% over 30 years , you could end up paying approximately $400,000 in total interest over the life of the loan. Future Predictions : Many experts anticipate that rates may slightly ease throughout 2025. Long-term Plans : Consider how long you plan to stay in the home.

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Today’s Mortgage Rates March 4, 2025: Rates Have Dropped Sharply

Marco Santarelli

15-Year Fixed: You'll pay it off faster and pay significantly less interest over the life of the loan. Adjustable-Rate Mortgages (ARMs): These typically offer a lower initial interest rate than fixed-rate mortgages, but the rate can adjust periodically based on market conditions.

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Today’s Mortgage Rates, March 30, 2025: Rates See Small Reductions

Marco Santarelli

Long-Term Goals Matter: When choosing between a 15-year and 30-year mortgage , consider your short-term cash flow needs versus long-term interest savings. Focus on Financial Health: Improving your credit score and lowering your debt-to-income ratio are key factors in securing a lower mortgage rate.