[ad_1] Fannie Mae has announced an update to its HomeReady mortgage product that could save certain borrowers thousands of dollars on upfront homebuying costs – but this offer is only available for a limited time. In a lender letter issued Wednesday, the mortgage giant unveiled a temporary $2,500 credit for low-income homebuyers that can be…
[ad_1] Key Takeaways: Refinancing makes sense if you can score a lower interest rate or repay your mortgage faster. Refinancing isn’t the best choice when interest rates are high or if your income and employment are unstable. Before refinancing, it’s important to evaluate your financial goals and determine your break-even point. If you’re looking for…
[ad_1] Key Takeaways Besides taking out a mortgage, your best bet for homeownership is to buy a house in cash. Less common mortgage alternatives include rent-to-own agreements and owner/seller financing. Both rent-to-own and seller financing come with their fair share of risks compared with a traditional mortgage. Taking out a mortgage can be an obstacle…
[ad_1] Key Takeaways: Bank statement loans are a type of non-qualified (non-QM) mortgage, which may make it easier for self-employed borrowers to buy a home. Lenders can use previous bank statements to vet potential borrowers if W-2s and pay stubs aren’t available or don’t accurately portray their income. Interest rates may be higher with bank…
[ad_1] Key Takeaways: There are many reasons why an underwriter may deny your mortgage loan, such as a low income, an unsatisfactory credit history or a recent change in employment. If an underwriter denies your mortgage loan, try going to a smaller lender or addressing the issues that caused the denial in the first place….
[ad_1] Key Takeaways: Rent-to-own deals let a buyer rent the home for a time before committing to the purchase. Whether the deal is a lease option or lease purchase agreement affects the level of commitment. Both buyer and seller must watch out for risks that come with this type of arrangement. What if renting actually…
[ad_1] What Are Current Mortgage Rates? Mortgage rates crept higher across the board this week, with the average 30-year fixed rate increasing, slightly to 6.81%, according to the Mortgage Bankers Association. Mortgage interest rates are forecasted to decline somewhat throughout 2024, as the Federal Reserve projects rate cuts will begin sometime this year. Here are…
[ad_1] What Are Current Mortgage Rates? Mortgage rates crept higher across the board this week, with the average 30-year fixed rate increasing, slightly to 6.81%, according to the Mortgage Bankers Association. Mortgage interest rates are forecasted to decline somewhat throughout 2024, as the Federal Reserve projects rate cuts will begin sometime this year. Here are…
[ad_1] What Are Current Mortgage Rates? Mortgage rates crept higher across the board this week, with the average 30-year fixed rate increasing, slightly to 6.81%, according to the Mortgage Bankers Association. Mortgage interest rates are forecasted to decline somewhat throughout 2024, as the Federal Reserve projects rate cuts will begin sometime this year. Here are…
[ad_1] What Are Current Mortgage Rates? Mortgage rates crept higher across the board this week, with the average 30-year fixed rate increasing, slightly to 6.81%, according to the Mortgage Bankers Association. Mortgage interest rates are forecasted to decline somewhat throughout 2024, as the Federal Reserve projects rate cuts will begin sometime this year. Here are…
