If you were to ask your real estate agent when the best time is to buy a home? They will always say ‘now.’ But as of the end of 2018, as housing prices and mortgage rates are rising, this actually could be the best advice. According to the chief financial analyst at Bankrate, mortgage rates… Read More »
December 19, 2018- Washington DC, – Today, the Federal Reserve increased interest rates. This was the fourth time this year, but they did hint that 2020 may see less aggressive rate-hikes as a result of a weakening economy. Federal Reserve Chairman, Jerome Powell said, “Despite this robust economic backdrop and our expectation for healthy growth,… Read More »
Working well with your mortgage loan officer is critical to your home ownership dreams. He or she is the one that can make your mortgage a reality or deny the application outright. So, it is essential to have good communication with your loan officer from the start and before you sign mortgage disclosures. But many… Read More »
Yes Fannie Mae and Freddie Mac Are Eying Increase of Mortgage Loan Limits in 2019 As of late October 2018, the 30-year fixed rate mortgage fell five basis points back from the week before to 4.85%. The first year 15-year mortgage is now 4.26% which was three basis point slower than last week. The Mortgage… Read More »
If you want to buy your own home and do not have the cash for a down payment, you are not alone. Millions of first-time buyers in particular lack the cash for that all important down payment. But if you lack the dough for a down payment, you should not be discouraged. There are several… Read More »
Adjustable rate mortgages (ARMs) can save the homeowner a lot of money in certain circumstances. If you have held an ARM in the past several years, it probably did make your interest rate and payment lower. But how about in 2018 and beyond? Rates are generally on the rise, with 30-year fixed rate mortgages in… Read More »
There have been several analyses performed in recent months that indicate the average rate for a 30-year fixed rate home loan could be in the 4.6% to 4.7% range next year. What will happen to those mortgage rates when Democrats take the House after winning the election last night? Some experts believe there will be… Read More »
According to some financial analysts, such as Jim Cramer, rising mortgage rates could start to affect consumer spending, house purchases and company earnings in the near future. Cramer recently said on TV that 5% mortgage rates are coming soon. As of the first week of November 2018, the 30-year fixed mortgage rate was 4.85%. A… Read More »
People who have a low credit score want to boost it so they have more financial options. From buying a home, a car or getting a credit card, having a good credit score will save you a lot in interest charges. Credit repair is one of the best kept secrets to help people boost their… Read More »
Many Americans believe that quitting their job and going to work for themselves is a major part of the American Dream, just as much as owning their own home. The good thing is that today, it is possible to be self-employed and own your own home with attractive stated income mortgage products becoming available this… Read More »
The Federal Reserve last week increased its benchmark interest rate .25%, and clearly is anticipating more economic growth this year and next year. The latest increase takes the benchmark rate from 2% to 2.25%. It has not been this high since April 2008. It is the 8th increase since the Fed started to increase rates… Read More »
Reduced documentation and stated income home loan programs almost disappeared after the last financial downturn. Too many people who had questionable income sources were not fully verified and vetted by mortgage loan companies, and many could not afford to pay their mortgage payments when interest rates increased almost a decade ago. After the mortgage meltdown,… Read More »
As mortgage rates have been steadily rising in 2018 into the 5% range from less than 4% a year ago for a 30-year fixed rate mortgage, more home buyers are asking when if and when they should lock their rate in this market. If you are worried that rates will rise before you close, a… Read More »
As the Consumer Financial Protection Bureau or CFPB continues to change and evolve, there are ways that Trump and other individuals may be able to improve it so that it better serves the American people. A recent report from the Office of Inspector General for the Consumer Financial Protection Bureau has determined some areas of… Read More »
Before you choose a mortgage lender, you should ask the loan officer some specific questions to be sure you are making the right choice. There are plenty of places to get a mortgage in any major metropolitan area, and you should be confident that you are making the best choice for your home ownership dreams.… Read More »
If you have been out of college for a few years or more, you may be considering buying a home. But if you still have student debt, you might pause before you submit that mortgage application. Should you always repay your student loans before you take on a home loan? Or can you go ahead… Read More »
Buying a home is always a challenge for many people given the money involved. But in 2018, interest rates have been rising and are likely to continue to do so. According to Zillow, today’s rate for a fixed rate, 30-year mortgage is approximately 4.45% with a 4.52% APR. Yes, the possibility of higher home loan rates… Read More »
Learn How to Navigate Mortgage Rates with Fannie Mae /Freddie Mac, FHA, VA, USDA, Non-QM Loan Programs from Competitive Lending Sources Online. Buying a home in 2018 can be a challenge for many of us. There is a lot of paperwork and many parties involved. If you are a first-time buyer, you also may not… Read More »
There are some situations where getting a private money loan or hard money financing can make sense for some borrowers. A private money mortgage is typically funded by a single private investor or a group of private investors. A private money borrower usually secures the loan through the value of the property and not their… Read More »
You can get an apartment loan or multi-family financing that is either short term or permanent to fund the purchase or renovation of the building, with rates that typically range from 5% to 12%. Investors usually use the financing of apartment buildings to buy properties with more than five units to produce cash flow and… Read More »
Buying a piece of land allows you to build your dream home or to simply maintain a piece of nature. But land can be pricey in higher demand areas, so you cold need to find a vacant land loan to fund your purchase. You might think that a land loan will be easy and low… Read More »
The cost to refinance your mortgage can vary due to many factors, such as the lender, loan amount, credit score and interest rate. Homeowners who shop around and try different lenders may be able to lower their mortgage refinance closing costs and fees. The closing costs of your refinance will usually include appraisal fees, credit… Read More »
With home prices soaring and people having more equity in their homes, it is not surprising that they want to refinance. Whether they want to pay off debt or do home renovations, a refinance into a lower rate and taking out cash can be a good way to do many things that cost a lot… Read More »
Most Americans need to get a mortgage to buy a home; current statistics state that 87% of home buyers use mortgage financing. But it is rare in 2018 to be able to buy a home for 100% of the purchase price. In most instances banks and lenders want the borrower to have skin in the… Read More »
If you are like millions of Americans after the last financial downturn, you may have had to file for bankruptcy. Whether you could not keep up with your mortgage or had financial problems with your business, having a bankruptcy on your credit report can complicate getting a mortgage loan. But it is not impossible by… Read More »
2019 is just around the corner and refinance mortgage rates are on the way up. According to Freddie Mac, the average rate on mortgage refinance loans today is 4.6%. If you been considering a refinance as a new home owner, you may want to get it done sooner than later. Some experts believe that with… Read More »
Let’s say you put down 3.5% down on a FHA loan and pay mortgage insurance monthly as well and want to know how much mortgage interest you can deduct under the new laws. For decades, one of the advantages of home ownership was the ability to deduct mortgage interest from your tax return. While home… Read More »
If you are like most Americans who own a home, you probably have a mortgage. As the years go by, you may wonder if it is worth it to pay off your mortgage ahead of schedule. This may be a possibility for some homeowners who come into a lot of money through an inheritance or… Read More »
Many people dream of buying their first home, but they discover during the process how expensive it can be. And it is not just about the price of the home and the down payment. Mortgage closing costs and lending fees can add up to two to five percent of the total purchase price. Then on… Read More »
People who have never bought a home before might think that once they have been pre-qualified for a mortgage, they may be good to go. Not the case. There is a difference between mortgage pre-qualification and mortgage pre-approval. There is a right way and wrong way to apply for a first time home buyer loan… Read More »
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