Unless you can afford to buy a home in cash, you’ll need to get a mortgage. When you’re serious about buying a home, it’s important to understand the mortgage process and to see how much mortgage you can qualify for. Here, Redfin offers five steps for getting a mortgage. Step 1: Know your numbers The first step in preparing to
When making an offer on a home, you will show the sellers you mean business with two things: 1) a chunk of cash called an earnest money deposit, and 2) a piece of paperwork known as an earnest money contract. Odds are you’re focused on the first. The earnest money deposit, after all, is a large sum of money you put down on a house that demonstrates
If your resolution is to get into a new home this spring, it’s important to understand the mortgage pre-approval process. Anyone looking to buy—especially in a competitive market—should ask a reputable lender to pre-approve them for a mortgage. A mortgage pre–approval letter: Confirms you can qualify for a mortgage; Tells you how much you can expect to borrow, provided your
Freddie Mac’s most recent Primary Mortgage Market Survey shows an increase in average mortgage rates for the first time in five weeks. “The 10-year Treasury yield rose about 10 basis points this week. The 30-year mortgage rate moved with Treasury yields, rising 6 basis points to 4.03 percent,” says Sean Becketti, Freddie Mac’s chief economist. “Despite recent swings in
Raising your credit score above 800 will put you in rare company. So rare that only one out of nine Americans can claim they’re members of this elite club. The perks of having an excellent or perfect credit score (think 750 or higher) are undeniable. You’ll often have lenders fighting for your business, and in nearly all instances, you’ll
Freddie Mac’s most recent Primary Mortgage Market Survey shows the 30-year mortgage rate dropping for the fourth consecutive week and hitting a new low for 2017. “Following a weak March jobs report, the 10-year Treasury yield dropped about 5 basis points,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate fell 2 basis points to 4.08 percent. Not
The average time it takes millennial mortgage borrowers to close a loan tapered off to 44 days in February, the shortest time period since March 2016, according to Ellie Mae’s recently released Millennial Tracker, a measure of millennial mortgage applications. Closing a purchase loan took two days less than the average at 42 days, while closing a refinance loan took
Financing often is the biggest hurdle for second-home buyers and the transaction element of which they are least sure. If a second home’s rental income is needed to qualify the buyer for a loan, the property and the loan will fall into the investment category. As such, lenders will factor in anticipated vacancies, rental income, expenses and the mortgage payment
While mortgage rates have remained at historically low levels, they now are beginning to experience incremental increases. Here, Trulia takes a look at questions to ask if you’re considering buying a home in the current atmosphere of rising rates. Should I hurry to buy a home? When rates start to rise, homebuyers often rush to buy a house before rates
Freddie Mac’s most recent Primary Mortgage Market Survey shows average mortgage rates slightly falling for the second consecutive week. “For the last 46 years, the 30-year mortgage rate has been almost perfectly correlated with the yield on the 10-year Treasury, but not this year,” says Sean Becketti, Freddie Mac’s chief economist. “From Dec. 29, 2016, through today, the 30-year mortgage
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