October 2, 2015 in FICO & Credit Scores
Authorized User accounts can affect your credit score -- good or bad. Know how they work, and how to work them to your advantage. Improve your FICO today.
October 2, 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.
October 2, 2015 in Things That Change Mortgage Rates
The September Non-Farm Payrolls report fell short of expectations, causing some to wonder whether the Fed will still raise rates after its October 27-28 2015 meeting.
October 1, 2015 in VA Homeowner Interviews
Meet Air Force veteran David Dei Rossi, his wife Cindy, and their six children. David used the VA Home Loan Guaranty program to buy an 8-person -home in California with zero money down.
October 1, 2015 in VA Homeowner Interviews
Meet Air Force veteran Howard Lovely. Howard used the VA Home Loan Guaranty program to buy his first home, and is making the program part of his retirement plans.
October 1, 2015 in Mortgage Rates
Mortgage rates dropped again this week. What should you expect to pay for your mortgage, whether fixed-rate or ARM? Analysis & access to today's live rates.
September 30, 2015 in Mortgage Strategy
When mortgage rates drop, it changes the answer to "How much home can I afford?". Deciding what you can afford, plus a live look at today's interest rates,.
September 30, 2015 in Real Estate Sales
Home values have finally surpassed last decade's peak, set in April 2007. Low mortgage rates are playing a role. Analysis and the new math of "Buy or Rent?".
September 29, 2015 in VA Loans
The Interest Rate Reduction Refinance Loan (IRRRL) is helping homeowners take advantage of today's low mortgage rates. Analysis and live rate quotes.
September 29, 2015 in Real Estate Sales
Case-Shiller Index reports home values up 36% since 2012. How valid is the data, though? San Francisco and Denver lead, while New York and Chicago lag.
September 29, 2015 in About Mortgages
With TRID rules requiring buyers to wait 3 days between receiving a final closing cost statement and going to closing, how to avoid unnecessary delays.
September 28, 2015 in FHA Mortgages
Buying a home to tear-down or renovate? Rehabilitating your existing residence? How to choose between the Standard and Streamline version of the FHA 203k.
September 28, 2015 in Real Estate Sales
Rising U.S. rents have pushed renters consider homeownership, and low- and no-downpayment loan are helping them to afford it. Analysis and rate quotes.
September 28, 2015 in Mortgage Rates
Experts said mortgage rates would be near 4.5% by now. Rates aren't even close. Will rates keep in the 3s through October? Analysis and no-cost rate quotes.
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
July 17, 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.
August 26, 2015Are you FHA Streamline Refinance eligible? Use this easy-to-follow format. Updated for changes to FHA MIP in 2015. Complimentary rate quotes available.
July 28, 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.
September 11, 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.