For many people, the most daunting part of the home-buying process can be getting a mortgage. But it doesn’t have to be a difficult endeavor, even if you have never before gotten a mortgage. Here, The Motley Fool offers some simple moves to take before you apply to help ease the process along. 1. Begin early When a lender looks
Refinancing a home loan can cut your payments, let you swap an adjustable interest rate for a fixed one and put some cash in your hand from your equity. With all those benefits, it’s no wonder so many homeowners refinance their mortgages every year. Refinancing can be time-consuming, however, and you may have to pay some fees out of pocket even if you
Financial planners don’t just help people balance their budgets or plan for retirement; they also help their clients buy homes. After all, a house usually is the largest financial investment an individual will ever make—so, it makes sense that these professionals would have some strong opinions on just how to go about it. Here, Realtor.com offers some no-nonsense tips from top finance experts. 1. Calculate closing costs
It might be simple to pay off your mortgage earlier if you can afford it. But should you? That’s a complicated question. Homeowners with low mortgage rates may be better off putting extra money in a Roth IRA or 401(k), both of which might offer a higher return than paying off the mortgage. Then there’s the college aid factor. If
Thinking about applying for a home mortgage? Make no mistake, your credit score will matter. Here, Realtor.com discusses five credit score pitfalls to avoid to ensure that you get the best possible mortgage and interest rates 1. Too many inquiries Shopping around before choosing an institution for a car loan can help you find the best rate, saving thousands of
Most people with private mortgage insurance (PMI) want to know how to get rid of it. And for good reason: PMI tacks on a substantial extra fee to your mortgage payments. Lenders traditionally require PMI for borrowers who put down less than 20 percent on a house. Of course, it’s a godsend if you couldn’t afford a home otherwise. Here, Realtor.com tells you
A 15-year mortgage is the dream loan for home buyers who can afford the much higher monthly payments and want to cut their mortgage in half while saving thousands of dollars in interest. To make a 15-year mortgage work, however, you’ll need a reliable income and enough money left after your monthly payment to cover expenses, savings and emergencies. Here,
Refinancing your mortgage presents a great opportunity to save money by lowering your interest rate and monthly payments. If interest rates have fallen since you originally obtained your mortgage, or if you’ve diligently worked on repairing your credit and improving your credit score, you might benefit from exploring your options for refinancing. Before you do, it’s important to consider whether refinancing
Considering making the leap to homeownership? There’s more to think about than the curb appeal of those homes you’re eying—the health of your credit score tops the list. To many, a credit score seems like a random trio of numbers determined by a complicated algorithm, but it represents much more to a lender who’s considering whether to approve your mortgage loan.
Freddie Mac’s most recent Primary Mortgage Market Survey shows the average 30-year fixed mortgage rate posting its biggest week-over-week increase since July 2017. “The 30-year mortgage rate increased for a second consecutive week, jumping 6 basis points to 3.91 percent,” says Sean Becketti, Freddie Mac’s chief economist. “The 10-year Treasury yield also rose, climbing 4 basis points this week.” Here, a look
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