May 26, 2015 in Real Estate Sales
As today's mortgage rates drop, homes are selling quickly and home prices are rising. What's ahead for housing, plus access to today's mortgage rates which near their lowest since two years ago.
May 26, 2015 in Mortgage Rates
Is today a good day to lock a mortgage rate, or should you float your rate in hopes of something lower? Full analysis, plus a look at today's live rates.
May 25, 2015 in Mortgage Strategy
Important advice for buying a home with a boyfriend, girlfriend, or partner. Read more and get today's live mortgage rates.
May 23, 2015 in Real Estate Sales
Home sales are rising, boosted by luxury homes, low-downpayment buyers, and low interest rates. Analysis, plus access to today's mortgage rates which are at their lowest in close to two years.
May 22, 2015 in Real Estate Sales
Low mortgage rates and "scared sellers" may be juicing the spring market. What you should know about today's market as 30-year mortgage rates readily steadfastly south of 4 percent.
May 21, 2015 in Mortgage Rates
Freddie Mac reports current mortgage rates dropping, and remaining below 4%. Millions of homeowners now "in the money" to refinance to a 3-handle mortgage rate.
May 21, 2015 in Mortgage Video
/VIDEO/ Learn the proper way to co-sign a mortgage. Protect yourself and your co-borrower(s). Instructions, and today's live mortgage rates.
May 20, 2015 in Federal Reserve
The Federal Reserve might not raise the Fed Funds Rate as soon as Wall Street expects. How this affects today's mortgage rates, which are currently at levels beneath four percent.
May 20, 2015 in Mortgage Strategy
Don't let rising mortgage closing costs affect your decision to refinance. Ways to reduce your loan fees on your next refi. Tips plus live rate quotes.
May 19, 2015 in Real Estate Sales
With mortgage rates making new loans, single-family housing starts resumed rising in March. Analysis of the data, plus live mortgage rate quotes at ready-to-lock levels.
May 19, 2015 in Mortgage News
In today's housing market, is it better to be a buyer or a seller? Data from Fannie Mae's National Housing Survey, plus access to today's live rates at levels near the lowest of all-time.
May 18, 2015 in Real Estate Sales
Buyers are snapping up homes using low-downpayment loans. Builders like what they see. Analysis of the Housing Market Index, plus live quotes at rates near their lowest of all-time.
May 18, 2015 in Mortgage Rates
Mortgage rates rose for the 3rd straight week last week, but remain firmly under 4%. What will rates do next? Market analysis, plus today's live rates.
May 17, 2015 in VA Loans
About the VA Energy Efficient Mortgage (EEM) program. Finance eco-friendly home improvements with your mortgage. An overview and today's live mortgage rates.
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
May 15, 2015There are plenty of low- and zero-downpayment mortgages for today's home buyers. Analysis of the available programs, updated for 2015; plus, complimentary qualifying rate quotes.
May 11, 2015Are you FHA Streamline Refinance eligible? Use this easy-to-follow format. Updated for changes to FHA MIP in 2015. Complimentary rate quotes available.
May 8, 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.
May 5, 2015Easy-to-read HARP 2.0 mortgage guidelines with HARP mortgage rates attached. The latest news, plus live mortgage rates. Safe and secure.
November 2, 2014Credit score requirements are dropping for the FHA mortgage. Analysis and effect on U.S. home buyers, plus today's live FHA mortgage rates.
April 27, 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.