December 1, 2015 in FICO & Credit Scores
You think you know your credit score? A survey of 1,000 readers of TheMortgageReports.com showed that consumers believe they're on the ball. Are they right?
December 1, 2015 in VA Loans
The Department of Veterans Affairs lets non-VA homeowners to refinance into VA loans. Read more and get access to today's VA mortgage rates.
December 1, 2015 in Mortgage Rates
Current mortgage rates and mortgage market movement. Today's mortgage rates and mortgage news. Live rate quotes available. News and data provided by MBSQuoteline, a real-time mortgage market data service available to loan officers, real estate agents, and other finance professionals.
December 1, 2015 in Real Estate Sales
Selling your home? Make sure you stage it for sale. Staged homes sell 73% faster than non-staged homes; and sell at higher prices, too. Here's how to do it.
November 30, 2015 in VA Loans
It pays to be a veteran. Using VA Benefits and the G.I. Bill, military borrowers get access to lower rates than the general U.S. population.
November 30, 2015 in Mortgage Rates
Experts said mortgage rates would over 4.5% by now. They're not. They're in the 3s. What will happen in December, though? What about for January 2016?
November 29, 2015 in FHA Mortgages
The latest standards for FHA-approved condos, plus how to apply for an FHA mortgage. Full details on FHA condos, plus a complimentary mortgage rate quote.
November 29, 2015 in FHA Mortgages
The FHA changed how it treats overtime income, part-time income, and gift funds; and, also how it treats student debt and loans for cars. This is big news for buyers of homes.
November 28, 2015 in About Mortgages
Long before you actually buy a home, you start to THINK about actually buying a home. The questions to ask, plus today's live mortgage rates.
November 27, 2015 in FICO & Credit Scores
Holiday shopping will reach record levels this year. However, one popular holiday "deal" can lower your credit score and, by extension, your mortgage rate.
November 25, 2015 in About Mortgages
Fannie Mae and Freddie Mac released conforming loan limits for 2016, by county. A lookup chart by U.S. county, plus analysis and live mortgage rate quotes.
November 25, 2015 in Tax Law For Mortgages
For homeowners claiming mortgage interest deductions on their tax returns, the IRS offers a simple way to minimize 2015 federal income tax liability.
November 24, 2015 in Real Estate Sales
As U.S. rents rise, single-family housing starts are the strongest in 8 years. How will this affect you? Analysis, plus live mortgage rate quotes at...
Looking for low mortgage rates today? You're not alone. Millions of U.S. consumers shop for mortgage rates annually. Some get the lowest mortgage rates available and others overpay.
Shopping for a mortgage can be a challenge. This is because mortgage rates change all day, every day. Plus, there's no formula to show where rates will go next.
Mortgage rates can change up to 5 times daily, reacting to world news, economic events, and Wall Street sentiment. The rates you see from a lender in the morning are rarely the same rates that you'll see in the afternoon. And, certainly, by the next morning, mortgage rates have changed again.Read More
As mortgage rates have dropped since 2009, tens of millions of U.S. homeowners have refinanced their homes. To "refinance" is to replace your current mortgage with a new one -- often one with a lower mortgage rate.
Refinances come in three main varieties -- the cash-out refinance, the cash-in refinance, and the rate-and-term refinance.
With a cash-out refinance, a homeowner converts home equity into cash, with no restrictions on how the cash is used. Some homeowners use cash-out mortgages to pay for home repairs; or, to pay for a college or post-graduate education; or, to fund downpayments for a future home purchase.
Cash-in refinances are the opposite of cash-out refinances. With cash-in refinances, homeowners lower the amount owed on the home -- often to eliminate mortgage insurance or to get access to lower mortgage rates. Less than 5 percent of all refinances are of the cash-in variety.
The most common refinance type, then, is the rate-and-term refinance.
In a rate-and-term refinance, the homeowner lowers its loan's current mortgage rate; shortens its loan's term (i.e. length in years); or, does both. An example of a rate-and-term refinance is lowering your mortgage rate from 6% to 4%.
Rate-and-term refinances are available for all loan types, and some versions are "branded", as with the FHA Streamline Refinance and VA Streamline Refinance (IRRRL) programs. The Home Affordable Refinance Program (HARP) is also a rate-and-term refinance program.
At today's mortgage rates, the typical refinancing homeowner can reduce monthly payments by one-fourth.
Banks are making it easier to get approved for a mortgage today, which is great news for US. home buyers. Low- and no-downpayment mortgages are more abundant than during any period in the last 10 years; and, mortgage rates today are lower than they've been in history.
For buyers with a budget and a plan, buying a home has never been easier.
Home shoppers who want to make the smallest downpayment possible have access to the VA loan and the USDA loan -- both of which allow for 100% financing. Backed by the Department of Veterans Affairs and the U.S. Department of Agriculture, respectively, these programs require no downpayment whatsoever and provide flexible approval standards for eligible buyers.
Today's buyers also have access the FHA mortgage which requires just 3.5% down. The FHA is the world's largest insurer of mortgage loans and mortgage rates for FHA mortgages rival the mortgage rates offered on conventional loans backed by Fannie Mae or Freddie Mac.
Meanwhile, for buyers making a downpayment of twenty percent or more, mortgage options are plentiful, including access to construction loans for financing home improvements.
First-time buyers, repeat buyers, and real estate investors are benefiting from today's low mortgage rates and access to a wide array of products.
Most Popular Posts
November 14, 2015An updated list of low- and no-downpayment mortgages available to today's home buyers. Analysis of the loans, plus access to their specific interest rates.
October 31, 2015Are you FHA Streamline Refinance eligible? Use this easy-to-follow format. Updated for newest changes to FHA MIP. Today's FHA rate quotes available.
October 10, 2015How FHA mortgage insurance premiums work, and how to cancel your monthly MIP. With the right steps, eliminate FHA MIP in 30 days or fewer.
November 13, 2015Easy-to-read HARP 2.0 mortgage guidelines with HARP mortgage rates attached. The latest news, plus live mortgage rates. Safe and secure.
July 16, 2015Credit score requirements are dropping for the FHA mortgage. Analysis and effect on U.S. home buyers, plus today's live FHA mortgage rates.
August 31, 2015Full details about the VA mortgage loan program including comprehensive Q&A, the VA Streamline Refinance (IRRRL), and today's VA mortgage rates which are near their lowest of all-time.
November 28, 2014The USDA home loan program offers 100% financing, low mortgage rates, and a minuscule annual MIP payment. Check your USDA eligibility here.
April 1, 2015The FHA 203k loan is a "home construction" loan available in all 50 states. Find out if you qualify, and get today's live mortgage rates.