Thinking about buying a house, but your credit score doesn’t quite meet the required standard? You’re not alone. Half of the nation’s consumers have the desired 700-plus credit score, while the average is 695. And while you can obtain a mortgage with scores in that range, you’ll need a 740 or above to get the optimal rates. If you’re wondering
Mortgage lenders look at four factors when deciding whether to grant financing, and having an understanding of each will help make the process much easier. Steady income Having a stable income is key. Lenders crave a consistent income that is poised to continue into the future, while any gaps in employment during the past two years must be explained and
There’s a new buying strategy brewing: Cash first, mortgage later. Here’s how it works: Rather than having to finance a purchase, buyers liquidate their assets (including taking money out of their retirement savings, investment accounts and assets such as other property); amass enough cash to purchase a home outright; and then make an all-cash offer. This can help make your
Freddie Mac’s most recent Primary Mortgage Market Survey shows that a jump this past week in the personal consumption expenditure (PCE) — the price index tracked most closely by the Fed — raised the prospect that inflation might not have gone by the wayside after all. Investors reacted by driving the yield on the 10-year Treasury to its highest point
Lenders make homeownership possible for many people who don’t have the available cash to purchase a home. They also help buyers with bad credit or no down payment to obtain loans. Here, Realtor.com offers four ways lenders can assist you on the path to homeownership, along with some recommendations on how to make the most of this relationship. Lenders can provide pre-approval If
Mortgage applications increased 0.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Oct. 14 (with an adjustment included for the Columbus Day holiday). The Market Composite Index, a measure of mortgage loan application volume, increased 0.6 percent on a seasonally adjusted basis from one week earlier.
Average fixed mortgage rates remain largely unchanged ahead of this week’s employment report, according to the most recent Freddie Mac Primary Mortgage Market Survey. “The 10-year Treasury yield leaped to a two-week high following reports of the European Central Bank retreating from its bond-buying program ahead of its initial March deadline,” says Sean Becketti, Freddie Mac’s chief economist. “In contrast,
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
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
When it comes to refinancing or purchasing a home, you might have the option to buy down the interest rate using discount points—or prepaid interest on the mortgage loan. A point is a fee equal to 1 percent of the loan amount. For example, a 30-year, $150,000 mortgage might have a rate of 7 percent but come with a charge
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