The direction of mortgage interest rates drive the housing market. We’ve been spoiled with ultra-low rates the last few years with many experts predicating 2014 was going to be the year of 5% rates, they were wrong. Here’s why we’re not going to be seeing 5% mortgage rates anytime soon. Ability To Procure Credit Reality…
When you decide to purchase a home, you’ll have certain hurdles to overcome separate from the real estate purchase negotiation. Down payment Depends on which loan program you can qualify for what the property occupancy is. Assuming you’re purchasing a primary home- down payment can be as little as 3.5% or in some cases 0%…
Generally no-in order to get a mortgage these days you must be able to support an ability to repay. An ability to repay the debt by virtue of having income to offset the liability is what home lenders look for. When purchasing a home, bank on providing tax returns, W-2s, pay stubs and bank statements.…
Well? Yes and No, read on…. Like it or not, your relationship with money can be best summed up on paper by how much consumer debt you carry, more specifically in the form of credit cards. Credit card debt is a double-edged sword, especially on high ticket items, like a house purchase. On one end,…
First off, refinancing your home is a great decision, interest rates are low and there are many programs available to help homeowners refinance some even without loan-to-value restrictions, see more on the Harp 2 Refinance. In order to get the lowest possible interest rate, understand there’s two critical components most lenders will typically not sure…
Purchasing a home or refinancing a home loan? If the interest rate is not locked, be prepared to watch the market very closely with your mortgage company. On closing escrow: Shorter term -consider moving into locking status as rates are volatile Longer term -take the position of floating as strong economic indicators point to improving…
In the last several years, many homeowners looking to take advantage of a lower monthly mortgage payments took out adjustable-rate mortgages to purchase or refinance their homes. As both mortgage rates and short-term interest rates, remain low it boils down to one financial decision at the end of the day; Keep or refinance your adjustable-rate…
Homeowners refinancing their mortgages will now come to learn the refinance process is taking longer than 30 days. Here’s the scoop: mortgage-backed securities (MBS) continue to be a very lucrative investment vehicle in these economic times. Safe, conservative returns with a fixed income provides an awfully attractive place to park one’s money considering little volatility…