Compiling paperwork for a mortgage application often can seem a bit overwhelming, as lenders must document every bit of your income to build a case that you will be able to repay the loan. So, after all is said and done, you definitely don’t want your loan to fall through. To help avoid that from happening, Credit.com offers some tips
Mortgage rates are on the rise, with Freddie Mac reporting this past week that a 30-year, fixed-rate loan averaged 3.50 percent, up from 3.44 percent the previous week. Meanwhile, rates were 3.91 last year during this same time. However, according to the Census Bureau, which released its annual report on Income and Poverty in the United States this past week, the median household
Freddie Mac’s most recent Primary Mortgage Market Survey shows average fixed-mortgage rates moved slightly lower for the week ending Sept. 8, helping to spur ongoing refinance activity. “The 30-year fixed-rate mortgage fell 2 basis points to 3.44 percent this week,” says Freddie Mac Chief Economist Sean Becketti. “As mortgage rates continue to range between 3.41 and 3.48 percent, many are
In today’s home-buying market, purchasers often are told they need to make a 20 percent down payment to avoid Private Mortgage Insurance (PMI)—a product that helps protect the bank or investor providing the mortgage from potential losses if borrowers end up defaulting on their loans. Before the housing crash of 2008, piggyback loans (or 80/20’s) were readily available as
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