Mortgage and Real Estate Articles from Mortgage Research Center
WEB4 days ago · Many first-time buyers hesitate to get pre-approved because it could hurt their credit. But now it's possible to get pre-approved without a hard credit inquiry. by Tim Lucas in Credit. April 4, 2024 4 MIN. Mortgage Research Center features mortgage news and advice for homebuyers from a team of experts in …
Mortgage Rates Today, Sep. 20, 2024: Lower Rates Reviving Home …
WEB7 hours ago · Mortgage Rates Today, Sep. 20, 2024: Lower Rates Reviving Home Listings and Refis. The average 30-year fixed rate mortgage was 6.08% yesterday, an increase of 0.46% since the day before. The 15-year fixed mortgage rate stood at 5.05%, up by 0.4%. The 30-year FHA mortgage averaged 5.43% yesterday, having risen by 0.41.
A Complete Guide to FHA Refinances: Eligibility, Requirements, …
WEBAug 23, 2024 · Conventional Refinances. Conventional loans are not insured by a government agency and, as such, have slightly higher requirements than FHA refis. You can expect to need a minimum credit score of 620 and a maximum debt-to-income ratio of 45%. You'll also need at least 5% equity in most cases.
Home Loans Articles | Mortgage Research Center
WEBSep 12, 2024 · The Freddie Mac Home Possible program offers 3% down, reduced mortgage insurance and rates, and flexible income sources. by Tim Lucas. July 16, 2024 11 MIN. Next ». 1 2 ... 37. Page 1 of Home Loans Articles from Mortgage Research Center.
What Is a Mortgage and What Can It Do for You? - Mortgage …
WEBJun 17, 2024 · Mortgages are secured by the underlying piece of real estate. If a borrower fails to make their payments, the lender can take legal action to gain ownership of the property. They can then sell it to recoup their losses. Without a mortgage, buying a home would require you to save up the entire purchase price.
Fannie Mae Rolls Out 5% Down Multifamily Home Loans
WEBJuly 1, 2024, 3:15 PM UTC 5 MIN. It's official: Fannie Mae now allows 5% down payments for owner-occupied 2-, 3-, and 4-unit (multifamily) homes. This is a surprising reversal of the years-long policy of requiring 15-25% down for duplexes, triplexes, and four-plexes. It will be a major benefit to those looking to purchase a multifamily home to ...
Rates Articles - Mortgage Research Center
WEB2 days ago · Buying a $350k Home Just Got $300 Per Month Cheaper. Falling mortgage rates have equated to an estimated $300-per-month drop in the mortgage payment on a $350,000 home. by Tim Lucas. August 31, 2024 1 MIN.
How Property Taxes Can Make or Break Home Affordability
WEB1 day ago · The difference between a home with $3,000 or $5,000 annual tax costs is $167 per month. You could spend about $25,000 more on the house with lower property taxes and have the same monthly payment. Homebuyers should shop for low property taxes as much or more than an open-layout living space or granite countertops. 2.
FHA Loans: The Comprehensive Guide - Mortgage Research Center
WEBThe FHA loan is a type of government-backed home mortgage insured by the FHA, aka the "Federal Housing Administration." The FHA designed this program for borrowers who may be unable to make a sizeable down payment or meet conventional credit and income requirements.. FHA loans are popular with first-time homebuyers and other budget-oriented borrowers for their less stringent credit ...
How to Refinance Your Home - Mortgage Research Center
WEBIf you're providing a down payment or any other closing costs, bring that with you. You'll also need a few forms of identification. You'll sign the refinance paperwork in front of the notary, who will stamp it and provide you with a copy of the paperwork. Make sure you keep your paperwork somewhere safe at home.