Most people with private mortgage insurance (PMI) want to know how to get rid of it. And for good reason: PMI tacks on a substantial extra fee to your mortgage payments. Lenders traditionally require PMI for borrowers who put down less than 20 percent on a house. Of course, it’s a godsend if you couldn’t afford a home otherwise. Here, Realtor.com tells you
A 15-year mortgage is the dream loan for home buyers who can afford the much higher monthly payments and want to cut their mortgage in half while saving thousands of dollars in interest. To make a 15-year mortgage work, however, you’ll need a reliable income and enough money left after your monthly payment to cover expenses, savings and emergencies. Here,
Refinancing your mortgage presents a great opportunity to save money by lowering your interest rate and monthly payments. If interest rates have fallen since you originally obtained your mortgage, or if you’ve diligently worked on repairing your credit and improving your credit score, you might benefit from exploring your options for refinancing. Before you do, it’s important to consider whether refinancing
Considering making the leap to homeownership? There’s more to think about than the curb appeal of those homes you’re eying—the health of your credit score tops the list. To many, a credit score seems like a random trio of numbers determined by a complicated algorithm, but it represents much more to a lender who’s considering whether to approve your mortgage loan.
Freddie Mac’s most recent Primary Mortgage Market Survey shows the average 30-year fixed mortgage rate posting its biggest week-over-week increase since July 2017. “The 30-year mortgage rate increased for a second consecutive week, jumping 6 basis points to 3.91 percent,” says Sean Becketti, Freddie Mac’s chief economist. “The 10-year Treasury yield also rose, climbing 4 basis points this week.” Here, a look
Thinking about refinancing your mortgage? If so, you probably are hoping to find the lowest interest rates. Before you begin shopping around, however, experts suggest establishing your intentions and preparing your finances to improve your chances of qualifying. Here, 10 steps from HSH.com that can help lock in the lowest refinance rate possible. 1. Raise your credit score Most lenders
Planning on buying a home? Here, RealtyTimes offers a few financial tips that can help you not only qualify for a loan, but get the best possible rate as well. Don’t pay off all of your current credit cards Your lender will tell you specifically what you should pay down and what you should leave alone, but banks tend to like responsible
The short answer is, “No.” However, if you want your offer to be taken seriously and to stand out from any competing bids, this little piece of paperwork can really give you the edge. Here, Realtor.com explains the mortgage pre-approval process and why it’s necessary. What is mortgage pre-approval? Basically, a mortgage pre-approval letter is a guarantee from a lender that it’s willing to finance your home
If you have been thinking about buying a second home, now could be a good time to take the leap. Interest rates are still low, and home prices are rising but within reach. Here, BankRate offers some tips is you’re ready to buy a vacation home. 1. Scout the market One way to start the search for a second home is to
When people want to determine how much their mortgages cost, lenders often give them quotes that include loan rates and points. Here, Bankrate explains what mortgage points are and whether or not you should pay them. What exactly is a point? A point is a fee equal to 1 percent of the loan amount. A 30-year, $150,000 mortgage might have
