Keeping Current Matters

NOVEMBER 24, 2021

Last week, the average 30-year fixed mortgage rate from Freddie Mac inched up to 3.1%, and experts project rates will continue rising through 2022: “The 30-year fixed-rate mortgage was 2.9% That means getting pre-approved with a lender so there won’t be any delays when the time arrives.

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Housing Wire

JUNE 6, 2024

The government-sponsored enterprise (GSE) also thinks the Federal Housing Finance Agency ( FHFA ) will encourage it to offer single-family, closed-end second mortgages if a Freddie Mac product under analysis is approved. We’re telling people that this is a new regime; it’s going to be a higher interest rate regime.

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Mortgages Pre-approval Equity Investor 487

Housing Wire

AUGUST 29, 2022

But for brokers, price isn’t the only determining factor when comparing rates for the borrower. On top of competitive rates, getting approved for a mortgage has to be an easy and quick closing process for the customer, said Kevin Leibowitz, CEO of brokerage Grayton Mortgage.

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Realtor.com

AUGUST 13, 2020

1: Everyone qualifies for low interest rates. There’s a lot of buzz about record-low mortgage interest rates lately. Most recently, a 30-year fixed-rate mortgage dropped to 2.88% for the week of Aug. Mortgage pre-approval is all the more essential in the era of the coronavirus pandemic.

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Pre-approval Mortgages Loans Fixed-rate mortgage 145

Realtor.com

APRIL 29, 2021

To avoid this fate, make sure to crunch your numbers in our mortgage calculator or a home affordability calculator , and apply for mortgage pre-approval to see just where you stand in terms of how much house you can afford. And make sure you’re aware of the biggest misconceptions about home mortgages.

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Pre-qualification Pre-approval Mortgages Fixed-rate mortgage 122

Marco Santarelli

AUGUST 2, 2024

Understanding these rates is crucial, as they significantly impact monthly payments and overall purchasing power. Here’s a detailed breakdown: Current Rates Overview 30-Year Fixed Rate Mortgage (FRM): 6.73% This rate reflects a slight decrease of 0.05% from the previous week and a 0.17% decline compared to this time last year.

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Pre-approval Fixed-rate mortgage Inspection Mortgages 98

HomeLight

DECEMBER 27, 2023

Most mortgage payments may include homeowners insurance, taxes held in an escrow account, and private mortgage insurance premiums if required by your particular loan. Even with a fixed-rate mortgage, your total monthly payment can change.

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Pre-approval Mortgages Principal Equity 111

Realty Biz

MARCH 30, 2023

There are fixed-rate mortgages, adjustable-rate mortgages, hybrid loans, reverse mortgages, and FHA loans that all come with varying interest rates. To get the best rate for your situation, be sure to look closely at each type of mortgage.

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Mortgages Pre-approval Pre-qualification Due diligence 101

First Team Real Estate

JULY 24, 2020

The average 30-year fixed-rate mortgage fell to a record low of 2.98% last week, the lowest ever recorded by Freddie Mac in the nearly 50 years of the mortgage giant’s survey. The opportunity created by lower mortgage rates is driving up home buying, and helping the housing market make an impressive rebound.

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Marco Santarelli

SEPTEMBER 22, 2023

Get pre-approved for a mortgage before you start shopping for a home : This will help you to understand how much you can afford to borrow and to make sure that you are qualified for a mortgage. It is important to get pre-approved before the market gets really hot, as it may be more difficult to get pre-approved later on.

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Pre-approval Fixed-rate mortgage Lending Equity 98

Marco Santarelli

APRIL 20, 2024

The overall supply is likely to remain below pre-pandemic levels. Tips to Buy & Sell a Home in These Next 2 Years: Buyers: Conquering the Market in Higher-Rate Times The rise in mortgage rates presents challenges for buyers, but there are still strategies to navigate this market: Get Pre-Approved: Knowing your budget upfront is crucial.

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Marketing Pre-approval New Construction Fixed-rate mortgage 105

Realty Biz

AUGUST 12, 2023

Fixed-Rate Mortgage : A mortgage in which the interest rate remains the same for the entire term of the loan. Adjustable-Rate Mortgage (ARM) : A mortgage in which the interest rate can change periodically based on changes in a corresponding financial index.

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Purchase and sale agreement Mortgages Pre-approval Title search 97

Lab Coat Agents

FEBRUARY 7, 2023

The most common types of mortgages are: 30-year fixed-rate mortgage: With this type of loan, the interest rate remains fixed for the entire term, typically 30 years. This makes for predictable monthly payments and means you won’t have to worry about your rate going up in the future.

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FHA loan VA loan Pre-approval Fixed-rate mortgage 96

Realty Biz

NOVEMBER 8, 2023

At the same time, the average interest rate on a 30-year fixed-rate mortgage has risen to 7.19%, according to Freddie Mac. These high prices and interest rates have made it difficult for many buyers to qualify for a mortgage. This is up 8.4% from a year ago.

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Fixed-rate mortgage Marketing Pre-approval Mortgages 82

Lighter Side of Real Estate

OCTOBER 18, 2023

Predictable housing costs: If you have a fixed-rate mortgage, your monthly housing costs remain stable over the long term, making it easier to budget. Your agent can connect you to lenders who can pre-approve you for a mortgage so you can determine how much you can afford to spend.

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Pre-approval Fixed-rate mortgage Equity Agents 123

Realty Biz

JANUARY 14, 2022

If you’re looking to buy a condo in Aspen for personal use or to rent for extra money, there’s no better time than now in terms of mortgage interest rates. As of May 13, the rate on a 30-year fixed-rate mortgage is only 2.991 percent, while pre-approval and a 15-year fixed-rate mortgage provide rates of only 2.105 percent.

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Fixed-rate mortgage Pre-approval Mortgages As-is 96

Realty Biz

APRIL 8, 2024

This includes checking your credit score, saving for a down payment, and getting pre-approved for a mortgage. Answer: What you can afford depends on your income, credit rating, current monthly expenses, down payment, and interest rate. What Is a Mortgage Pre-Approval? What Can I Afford?

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Real Trends

JANUARY 31, 2023

As rates continued to climb month after month throughout 2022, ending the calendar year at 6.42% for a 30-year fixed rate mortgage per Freddie Mac’s Primary Mortgage Market Survey, many young buyers decided to put the pause on their home search.

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Pre-approval Fixed-rate mortgage Loans Mortgages 105

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.

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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.

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Loans Pre-approval Earnest money deposit Mortgages 63

Realty Biz

AUGUST 28, 2023

Either way, however, there are some things that you can do that will increase your chances of success during this time of historically high mortgage rates. They include: Get pre-approved for a mortgage. Shop around for the best interest rate. Consider an adjustable-rate mortgage (ARM).

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Pre-approval Fixed-rate mortgage Lending Loans 92

Redfin

JULY 31, 2024

Understand loan options: Learn about different mortgages like conventional, jumbo, and government-backed loans (FHA, VA, USDA). Compare terms and interest rates to find the best fit for you. Choosing the right mortgage lender is a vital step in the home-buying process. Choosing a mortgage lender FAQ’s 1. Did you know?

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Redfin

AUGUST 12, 2024

A lower DTI indicates better financial health and increases your chances of loan approval. Down payment The size of your down payment affects your mortgage terms in several ways. Adjustable-rate mortgages (ARMs) : The interest rate is fixed for an initial period (e.g.,

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Loans Mortgages Pre-approval Fixed-rate mortgage 64

Marco Santarelli

JUNE 2, 2024

Some believe that a rate cut in June is likely, potentially bringing mortgage rates down to the 6.5% – 7% range. This aligns with the recent downward trend in Freddie Mac's Primary Mortgage Market Survey® (PMMS). As of May 23, 2024 , the U.S.

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Marco Santarelli

APRIL 24, 2024

In a competitive market, a buyer with a pre-approved mortgage is often seen as more attractive by sellers. The Refinance Rescue: Potential Savings Down the Line Here's a silver lining: even if you buy a home now with a higher interest rate, you're not locked into that rate forever.

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Norada Real Estate

JUNE 22, 2022

Shortage of any of these factors could make you not pre-qualify for a loan. Lenders and others use the ratio to understand how risky a loan is, and it can be used for approving loans or requiring private mortgage insurance (PMI). Types of Mortgage Options For Financing Turnkey Rental Properties. Fixed-rate mortgages.

Finance 96

Finance FHA loan Investor Loans 96

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%.

Fixed-rate mortgage 66

Fixed-rate mortgage Mortgages Title search Equity 66

Redfin

JULY 11, 2023

The interest rate and term length determine the amount of your monthly payments. What are the different types of mortgages? When considering mortgage options, it’s important to understand the different types available. How does the mortgage pre-approval process work?

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

Marco Santarelli

SEPTEMBER 30, 2023

As of mid-August 2023, a 700 credit score could secure an interest rate of 6.796% for a 30-year fixed-rate mortgage loan of $300,000. Get pre-approved for a mortgage before you start shopping for a home. FICO Score 760 and above: Average lowest interest rates.

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FHA loan Mortgages Debt-to-income ratio Loans 105

Realty Biz

SEPTEMBER 30, 2023

Seek professional advice: Working with a mortgage professional, such as a loan officer or mortgage broker, can provide valuable guidance. They can help you navigate the mortgage process and identify suitable options based on your financial situation and provide you with a pre-approval.

Finance 96

Finance Debt-to-income ratio FHA loan Mortgages 96

Realtor.com

JANUARY 19, 2022

Not only that, we were about to sign up for 30 years of fixed-rate mortgage payments. One of the most frustrating parts of the homebuying experience was the mortgage vetting process after we had been pre-approved. Then, shortly before the loan was approved, my 5-year-old iPhone died.

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Real Trends

OCTOBER 23, 2022

What first-time homebuyers do not realize is that if you have a lower credit score, the interest rate on your mortgage loan is going to be higher. If someone had a credit score of 700 to 719 with 20% of the mortgage price to pay upfront, the average rate on a 30-year fixed-rate mortgage on May 19 was 5.833%, according to Bankrate.

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VA loan Pre-approval Fixed-rate mortgage Loans 73

Marco Santarelli

DECEMBER 22, 2024

Adjustable Rates When considering the right mortgage type , borrowers frequently weigh fixed-rate mortgages against adjustable-rate mortgages (ARMs). Fixed-Rate Mortgages: These loans offer stability by locking in the interest rate for the entire duration of the mortgage (typically 15-30 years).

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

Marco Santarelli

AUGUST 15, 2024

Before we dive into the nitty-gritty, let's clarify the two major ways a 1% interest rate difference affects your mortgage: Short-Term: Monthly Payments Imagine you're eyeing a beautiful $250,000 home with a 30-year fixed-rate mortgage. Sarah secures a mortgage at 7% interest.

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Mortgages Fixed-rate mortgage Closing costs Loans 52

Marco Santarelli

MAY 24, 2024

For example, let's say you were looking to finance a $300,000 house with a 30-year fixed-rate mortgage at 6.4%. With a rate of 7%, that payment jumps to $1,950. So, while high rates may require some adjustments on your part, they also offer some potential benefits. Your monthly payment would be around $1,800.

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Mortgages Pre-approval Fixed-rate mortgage Principal 52

Marco Santarelli

AUGUST 3, 2024

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. However, remember that a larger down payment often means lower interest rates and monthly payments.

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Closing costs Inspection Pre-approval FHA loan 52

Realty Biz

JULY 10, 2023

How to Navigate Rising Rates as a Home Buyer Here are some tips for home buyers in a rising rate environment: Get pre-approved for a mortgage before you start shopping for a home. But for those who are determined to buy a home, the market is still active. Be prepared to make a larger down payment.

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Mortgages Pre-approval Sales Fixed-rate mortgage 61