If you buy a house, a mortgage lender typically will ask if you’d like a 15-year mortgage rather than the standard and conventional 30-year loan. If you’re considering a 15-year loan, here are some pros and cons to consider. Pro: Your mortgage is paid off sooner, freeing up your cash. That’s an obvious pro, of course, and it’s why many people do
Refinancing your mortgage can potentially save you thousands of dollars—especially if you refinance when rates are low. So, what’s holding you back? If you’re like many homeowners, you might have been inundated by so many misconceptions about refinancing that you’ve been deterred from even looking into it. And that’s bad news—you could be wasting money month after month by not getting a
Are you ready to buy a house, but not sure exactly how to go about the process? Here, Realtor.com offers a handy checklist on how to prepare to buy a home. 1. Boost your credit score Your credit or FICO score—which reflects how dependable you are at paying bills—directly affects the interest rate on your mortgage and the amount of your monthly payments. Most lenders require
Why is the 30-year fixed-rate mortgage the go-to mortgage for most people? Affordability and predictability. Payments are made during a longer period of time (as opposed to a 15-year fixed-rate mortgage), so your monthly bill will be lower. Plus, the principal and interest you need to pay each month are fixed, which means you’ll never be surprised when you open your bill. But for prospective home buyers
Freddie Mac’s most recent Primary Mortgage Market Survey shows the 30-year fixed mortgage rate dropping to a new 2017 low. “The 30-year mortgage rate fell 2 basis points to 3.88 percent this week,” says Sean Becketti, Freddie Mac’s chief economist. “However, the majority of our survey was conducted prior to Tuesday’s sell-off in the bond market which drove Treasury yields
