There’s an old saying amongst homeowners that you shouldn’t refinance your mortgage unless you can save 1% in interest rate. So in other words, if your mortgage is 5% for example, and you can get for 4.125% on a new home loan refinance, you shouldn’t do it because you’re not saving the full 1%. This…
Searching for a home financing? If yes, consider the most common types of mortgage loans available today. The two most common types of mortgage loans are government loans and conventional loans. When we say government loans, we are referencing FHA Mortgages and USDA Mortgages. VA Mortgages also fit under this category although VA financing is…
Lets get one thing straight… no matter what mortgage company you work with, banker, broker, direct lender all mortgage loan qualifying is the same. Fannie Mae and Freddie Mac and HUD have the same guidelines across the board, with small subtle differences from company to company. There is only one bond market and mortgage rates…
If you are considering refinancing a mortgage loan, you need to make sure the net tangible benefit is large enough in order to justify doing so. A last several weeks, mortgage rates have touched on a historic market lows with a 30 year fixed-rate mortgage dropping down to 3.75% for a short time. As the…
Getting your home loan request denied, is certainly not a fun thing to deal with. Lots of times certain mortgage companies have internal mortgage loan underwriting requirements which might be more constrictive than a competitor of theirs. Not every mortgage company has the same set of guidelines and standards. Fannie Mae and Freddie Mac and…
In the mortgage finance world mortgage lenders and mortgage brokers work off interest rates on a daily basis. Interest rates change very frequently, sometimes upwards of several times daily. Most mortgage companies have their eye on what’s happening with rates and can advise you on making the appropriate choice whether to lock in or whether…
Buying a house these days can be a sound financial decision. Low interest rates plus low house prices makes buying a house today something that is within the grasp for many families. As the market has continued to tighten from an underwriting perspective buying a house can be a simple process or it can be…
Securing a mortgage loan today for a purchase or refinance is looking very attractive with interest rates near 4% on long-term 30 year fixed rates. Over the last couple of months, mortgage rates have hit record lows three times what the last one being last week with a 30 year fixed rate mortgage hit 3.94%.…