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
