Seven Home Down Payment Myths Debunked Not knowing the facts when it comes to home buying could wind up costing tens of thousands of dollars more than necessary. The National Association of Realtors recently released a snapshot of home purchases in 2017 that shows the median home purchase price was $235,000, with 88 percent of buyers using a mortgage to secure their
Freddie Mac’s most recent Primary Mortgage Market Survey shows average fixed-mortgage rates moved higher for the week ending Oct. 8, with average fixed mortgage rates following Treasury yields. “The 10-year Treasury yield continued its climb, as an increasing number of financial market participants foresee a December rate hike after a series of positive economic data releases,” says Sean Becketti, Freddie
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
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
Thinking about foregoing your 30-year mortgage in favor of a home loan that lets you pay off what you owe in half the time? If you want fewer mortgage payments, less interest over the life of the loan and a lower interest rate, then you might want to consider a 15-year mortgage. According to Trulia.com, here are some reasons you
Mortgage rates are the lowest we’ve seen in three years. While many folks are considering buying or selling, it’s also a great time to refinance. Here are some tips from Inman on how to properly refinance a home loan: Slow down. Yes, you might miss the boat, but better to do it right. When refinancing a primary residence, remember that
We all know that a lower credit score is never a good thing, especially when you’re trying to buy a home. Interest rates can be higher, and loan amounts can be smaller, when you have poor credit ratings. But did you know that your credit score can also affect other aspects of your real estate transaction? Many buyers don’t know
Millenials have unique mortgage needs. In case you aren’t one, or don’t know what they are, a “millennial” is the generation born between 1980 and 2000; a generation that has come of age with digital technology and that, unfortunately, inherited a recession in 2008. Most millennials face dimmer job prospects than the generations before them and most have the unique
There are about to be some rather large changes in how credit scores are reported through FICO that could affect your credit rate. In fact, these changes could make your credit score better. Fair Isaac is the name of the company that created the FICO credit scoring system. They have just released a new software to calculate FICO scores called
Homes in the South Bay worth $1 million or more, in particular the Beach Cities, are selling like “hot cakes” says the LA Weekly. Homes in the millions are now selling faster than any other time in the past seven years. In fact, the top six neighborhoods in the Los Angeles area with the highest number of homes valued at
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