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. Drawbacks of refinancing.

Mortgages 98

Mortgages Fixed-rate mortgage Equity Loans 98

Realty Biz

SEPTEMBER 30, 2023

These lenders understand the challenges you might be facing and are willing to work with you to find a suitable mortgage option with scores down to 500. Government-backed programs: Government-backed mortgage programs, such as FHA loans, VA loans, and USDA loans, often have more relaxed credit score requirements.

Finance 96

Finance Debt-to-income ratio FHA loan Mortgages 96

Realtor.com

JANUARY 10, 2022

Government-insured loans are a good option and have a lower down payment requirement, too.” ” One example is the mortgage program run by the Federal Housing Administration (FHA). While a conventional mortgage requires a 20% down payment, an FHA loan requires only 3.5%. ” Tip No.

Mortgages 114

Mortgages VA loan FHA loan Fixed-rate mortgage 114

HomeLight

JUNE 22, 2023

Credit scores typically fall into one of these ratings: 580 and below: poor 580-669: fair 679-739: good 740-799: very good 800-850: excellent The minimum credit score you need to be approved for a mortgage will depend on what kind of loan you are applying for. Q: What is a mortgage rate , and how does it affect my loan?

Debt-to-income ratio 98

Debt-to-income ratio Mortgages FHA loan Loans 98

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.

Mortgages 101

Mortgages Pre-approval Pre-qualification Due diligence 101

Marco Santarelli

MARCH 17, 2025

Loan Type: 30-Year Fixed, 15-Year Fixed, and Beyond. The most common type of mortgage is the 30-year fixed-rate mortgage. Then there's the 15-year fixed-rate mortgage. Think of it like this: if you put down 20% or more, youre instantly starting with more equity in your home.

Mortgages 52

Mortgages Fixed-rate mortgage VA loan Loans 52

Redfin

APRIL 11, 2025

In the past, many homeowners stayed in their starter homes for around three to seven years building equity. However, its now common to see homeowners stay put longer to avoid rising home prices and potentially higher interest rates. When you pay your mortgage each month, the payments go toward a tangible asset rather than a landlord.

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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. What is PMI, and do I need to pay it?

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Loans Mortgages Pre-approval Fixed-rate mortgage 74

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?” the short answer is, “It depends.”

Mortgages 69

Mortgages Debt-to-income ratio Closing costs Principal 69

Redfin

NOVEMBER 18, 2020

Private mortgage insurance (PMI): If your down payment is less than 20%, your lender may require you to have private mortgage insurance until you have acquired 20% equity in your home, usually meaning you’ll need to pay off 20% of the original home loan. Your lender will require you to have homeowners insurance. .

Mortgages 71

Mortgages Principal Fixed-rate mortgage Loans 71

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. Conclusion: The Right Move?

Mortgages 52

Mortgages Fixed-rate mortgage VA loan FHA loan 52

Marco Santarelli

JANUARY 15, 2025

Understanding Mortgage Types Selecting the right mortgage type can significantly impact your financial future. Cons: Generally higher interest rates than shorter-term loans, translating to more interest paid over time. Accelerated equity building means you own your home sooner.

VA loan 52

VA loan Mortgages FHA loan Loans 52

Realty Biz

DECEMBER 31, 2020

One of the major benefits of owning a home is that, if you have a fixed-rate mortgage, your payments won’t increase. What’s more, when you have paid off the interest early on in your loan, your monthly payments go toward the value of your home. However, only specific people can apply for these loans.

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Loans Finance FHA loan Fixed-rate mortgage 93

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.

Loans 98

Loans Mortgages FHA loan Principal 98

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.

FHA loan 40

FHA loan Debt-to-income ratio Inspection Loans 40

HomeLight

AUGUST 31, 2021

Monthly mortgage payments offer built-in savings through equity gains. If you use a fixed-rate mortgage, your principal and interest will remain the same throughout the life of the loan, though your property taxes and subsequent homeowner’s insurance can increase over time. FHA loans: as low as 3.5%.

Closing costs 97

Closing costs Loans Equity Banks 97

Marco Santarelli

MARCH 27, 2025

Play the Loan Term Game: You have two main options: 15-year or 30-year mortgages. 15-Year Mortgage: Lower interest rate , higher monthly payments, build equity faster, pay off your loan in half the time! 30-Year Mortgage: Higher interest rate, lower monthly payments, more flexibility in your budget.

Debt-to-income ratio 52

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

HomeLight

NOVEMBER 29, 2021

Designed to help homebuyers buy a home in the rural areas of New Jersey, the USDA home loan program , like FHA loans, is issued by local lenders but backed by the USDA. Loans come with low interest rates and low or no down payment. Veterans Administration loans. YourFirst Mortgage.

Land 110

Land Closing costs Purchase and sale agreement Loans 110

HomeLight

JANUARY 27, 2021

Mortgage insurance is extremely common for first-time buyers, and it’s often the fastest way to achieve homeownership and start building equity today, rather than waiting until you’ve saved up 20% — an unrealistic feat for many buyers. and 1% of your loan amount, annually. Adjustable-rate interest.

Closing costs 119

Closing costs Inspection Loans Earnest money deposit 119

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%.

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. What Influences Mortgage Rates?

Mortgages 59

Mortgages Fixed-rate mortgage VA loan FHA loan 59

Marco Santarelli

FEBRUARY 22, 2025

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. So, what do today's rates mean if you're thinking about refinancing? Plus, you build equity much faster. Refinancing?

Mortgages 85

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

Marco Santarelli

APRIL 10, 2025

Current Mortgage Rates as of April 10, 2025: Mortgage Type Average Rate Today 30-Year Fixed 6.85% 20-Year Fixed 6.61% 15-Year Fixed 6.21% 7/1 Arm 7.55% 5/1 Arm 7.31% 30-Year FHA 5.95% 30-Year VA 6.45% (Source:Zillow) These rates have climbed from around 6.45% in March, highlighting a considerable shift in the mortgage landscape.

Fixed-rate mortgage 52

Fixed-rate mortgage Mortgages VA loan Loans 52

Marco Santarelli

JANUARY 10, 2025

Lower Monthly Payments : If current rates are lower than those of your original loan, refinancing can reduce your monthly payments significantly. Access to Cash : Homeowners can also consider a cash-out refinance to access the equity in their homes.

Mortgages 52

Mortgages Loans VA loan FHA loan 52