Marco Santarelli

DECEMBER 21, 2024

Analysis of Mortgage Types Understanding the different types of mortgages available is crucial as they have varied implications on your financial future. 30-Year Fixed Mortgages The 30-year fixed-rate mortgage remains the most popular choice among homebuyers. Cons : Future payments unpredictability.

Mortgages 52

Mortgages VA loan Loans FHA loan 52

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

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

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

Realtor.com

JANUARY 10, 2022

.” 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%. Remember, you alone will be carrying the nut, so be extra cautious about the size of your monthly mortgage payments. ” Tip No.

Mortgages 114

Mortgages VA loan FHA loan Fixed-rate mortgage 114

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

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.

Marketing 35

Marketing Land Equity Loans 35

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

HomeLight

JUNE 22, 2023

Conventional loan To get a conventional loan , you’ll need to go to a private financial institution, which include banks, credit unions, and mortgage companies. The loans offered by these institutions aren’t backed by a government agency, like an FHA loan or a VA loan would be.

Debt-to-income ratio 98

Debt-to-income ratio Mortgages FHA loan Loans 98

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. This is because you pay off the loan more quickly and reduce the total interest paid.

Loans 74

Loans Mortgages Pre-approval Fixed-rate mortgage 74

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

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

OCTOBER 22, 2024

Key Comparisons: Fixed vs. Adjustable-Rate Mortgages A common consideration among borrowers is the choice between fixed-rate and adjustable-rate mortgages (ARMs). However, ARMs may start with lower introductory rates. You are looking to consolidate high-interest debts.

Mortgages 52

Mortgages VA loan Fixed-rate mortgage Loans 52

HomeLight

NOVEMBER 29, 2021

Veterans Administration loans. Many VA loans offer a 30-year fixed-rate mortgage loan, competitive interest rates, and generally require no down payment. Keep in mind, however, that you will need to pay the VA’s closing costs and funding fee. YourFirst Mortgage.

Land 110

Land Closing costs Purchase and sale agreement Loans 110

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%.

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Closing costs Loans Equity Banks 97

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. Once the borrower’s equity reaches 20%, PMI can be canceled.

Pre-approval 59

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

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

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. …And your interest rate types.

Closing costs 119

Closing costs Inspection Loans Earnest money deposit 119

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

The Close

DECEMBER 29, 2022

It generally results in a higher interest rate or additional points, but it’s a way for homeowners to leverage their equity in a property. It’s an official form certifying that a veteran has met the terms that qualify someone for a VA loan. Got Clients With Interest Rate Questions? Fixed-rate mortgage.

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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. What Influences Mortgage Rates?

Mortgages 59

Mortgages Fixed-rate mortgage VA loan FHA loan 59

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

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

NOVEMBER 7, 2024

A mortgage interest rate is essentially the cost of borrowing money to purchase a home, expressed as a percentage of the total loan amount. There are generally two types of mortgage interest rates: fixed rates and adjustable rates.

Mortgages 98

Mortgages VA loan Fixed-rate mortgage Loans 98

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