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Although a 30-year fixed-rate loan is considered the sensible, conservative loan type, some borrowers still are getting or keeping adjustable-rate loans, which have even lower interest rates than 30-year fixed loans. Adjustable-rate mortgages generally
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Mortgage rates are still relatively low, and with an abundant supply of inventory, house hunters have plenty of opportunity. Nevertheless, the changed housing market has brought new aspects to consider when looking to purchase a home. During the peak
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Understanding the mortgage process and meeting lenders’ more stringent qualification requirements have become big obstacles for applicants, according to a survey by MortgageMatch.com. More than 70 percent of recent buyers surveyed described the
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Buying a home can be time consuming. One way to save time is by organizing all the necessary documents most lenders require, such as those that prove employment and income. Typically, lenders want two recent pay stubs, two years of tax returns, bank statements,
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The monthly savings of buying looks enticing: Assuming a buyer makes a 20 percent down payment on a house, and finances the property with a 30-year fixed rate mortgage at 4.62 percent on a median-priced home of $301,430, the monthly mortgage payment would
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The U.S. mortgage-lending landscape has changed from the height of the real estate cycle, when many lenders generously offered zero-interest terms and no-down payment loans. Now, the situation is much different. Most lenders have more stringent lending
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When shopping for a mortgage, some home buyers shy away from getting multiple loan quotes, fearing their credit will be impacted when multiple parties check their credit within a short period of time. However, consumers have 30 consecutive days in which
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Getting a mortgage is a complex, time-consuming process that is generally one of the most significant events in one’s life. Because of this, there are several potential pitfalls borrowers should avoid. Applying for new credit and a mortgage simultaneously
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Currently, if a homeowner defaults on a mortgage used to purchase his or her home -- known as a "purchase money mortgage" -- the homeowner's liability on the mortgage is limited to the property itself. Unfortunately, the original law did
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Many lenders currently require down payments of 20 percent or more. One benefit of larger down payments is that the borrower owes less money and usually receives better terms on the mortgage loan. If the down payment is less than 20 percent, most lenders
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Mortgage rates in 2010 are expected to rise from 2009’s historically low levels. Early last year, the Federal Reserve announced plans to purchase debt and mortgage-backed securities from Fannie Mae and Freddie Mac to lower interest rates for consumers
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Historically, the FHA has played a critical role in propping up the housing market by insuring lenders against default after the mortgage market failed. Currently, the agency guarantees approximately 30 percent of all home loans and 20 percent of refinancings.
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Homeowners who lose their homes to foreclosure should wait three to five years before trying to qualify for a home mortgage insured by the government, depending on the borrower’s circumstances, and assuming they have re-established a record of paying
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• Mortgage rates currently are below 5 percent, and should remain low for the next few months, partially due to the Federal Reserve’s ongoing purchase of mortgage-backed securities. However, if the economy quickly turns around and inflation
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