July 1, 2015 in Mortgage News
The new TILA-RESPA Integrated Disclosures (TRID) is changing the way homes are financed. Will the mandatory 3-day "waiting periods" affect your closing?
July 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.
July 1, 2015 in Things That Change Mortgage Rates
Non-Farm Payrolls releases Thursday. Current mortgage rates are at risk. More on the jobs report and how it affects mortgage rates. Live quotes available.
June 30, 2015 in Real Estate Sales
Case-Shiller Index reports home values continuing to rise. How much of the data is even valid, though? Read more, and get today's mortgage interest rates.
June 30, 2015 in Mortgage Rates
Greece is expected to default on its debts to the IMF and ECB; and may soon exit the Eurozone. How this is affecting U.S. mortgage rates, plus live rates quotes.
June 30, 2015 in FHA Mortgages
About the FHA mortgage loan and its benefits to U.S. consumers. All FHA programs included.
June 29, 2015 in Real Estate Sales
The Pending Home Sales Index hits its highest level in 9 years. Low- and no-downpayment mortgages are helping to boost sales. Analysis and rate quotes at levels near their lowest of all-time.
June 29, 2015 in Mortgage Rates
Mortgage rates begin July near 4%, but how will they move over the next 4 weeks? Analysis of what's moving markets, plus access to live mortgage rates and quotes.
June 28, 2015 in About Mortgages
There 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.
June 27, 2015 in Mortgage Strategy
Comparing the FHA 3.5% downpayment program to the Conventional 97 program which requires 3% down. Analysis, plus complimentary mortgage rate quotes at near the lowest levels of all-time.
June 26, 2015 in Mortgage Rates
Mortgage rates can't stay low forever but, when they rise, it won't be bad for housing. Home sales will likely rise. Read more and get today's live rates.
June 25, 2015 in Real Estate Sales
Low mortgage rates and "scared sellers" may be juicing today's housing market. What you should know about today's market and the availability of low- and no-downpayment mortgages.
June 25, 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.
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
June 28, 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.
June 3, 2015Are you FHA Streamline Refinance eligible? Use this easy-to-follow format. Updated for changes to FHA MIP in 2015. Complimentary rate quotes available.
June 4, 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.
June 10, 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.
June 1, 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.