You might think that it’s a challenge to qualify for the biggest of the mortgage loans, jumbo loans of $500,000, $1 million, $2 million or more. But here’s a surprise: It can be just as challenging to get a mortgage lender to approve you for a tinier mortgage loan.
A federal program set up after the financial crisis of 2008 to help underwater and near-underwater homeowners refinance their mortgages due to falling home prices is ending.
Mortgage rates are showing no signs of falling, with Freddie Mac's Primary Mortgage Market Survey showing that the average rate on a 30-year, fixed-rate mortgage stood at 4.85 percent as of the week ending Oct. 18. That's up from 3.88 percent a year ago.
Shopping for a mortgage loan is a great way to save on interest with a better loan rate. In addition to banks and mortgage brokers, home buyers may also want to look to mortgage lenders that may be in their neighborhood but can be overlooked: Credit unions.
Ready to buy a house but worried that mortgage rates will continue to rise as you’re searching? You might consider an interest rate lock, a service from mortgage lenders that could protect you from rising interest rates.
Mortgage lenders, although only a small number of them, are offering interest-only mortgage loans again. If you’re ready to finance a home, should you consider one?
A home is likely to be the largest purchase of your life. Coming up with a down payment can be hard enough, so spreading out the mortgage payments over 30 years can make a home a lot more affordable. Cutting that time in half with a 15-year mortgage probably won’t be a possibility with your first home.
Private mortgage insurance might be one of the costs that you most hate to pay when you send in your mortgage payment each month. It's not necessarily because of the expense. It's because this insurance doesn't cover you. Instead, it protects your lender in case you default on your loan.
The biggest rollback of bank regulations since the global financial crisis a decade ago was signed into law by President Trump in May, easing mortgage loan data requirements for most banks that could make it easier for some people to get a home loan.
If you applied for a home loan in 2007, the odds were good that your mortgage lender would be a traditional bank, one that offered not only mortgage loans but savings and checking accounts, too. Today, though, non-banks, financial institutions that only make loans and don't offer such banking services as checking and savings, account for nearly half of the mortgages originated in the United States.
Buying a mobile home comes with a unique set of issues that don’t normally come up when buying brick-and-mortar, traditionally-built homes, especially when trying to get a — which is closer in size to a single-family home built on site — costs about $100,000, according to Homes Direct, a seller of manufactured homes. That’s about a third of the cost of traditional home, before the price of land is added.
Rising interest rates are shutting more homeowners out of refinancing a mortgage and are keeping more first-time home buyers out of the market, according to research reports on mortgage applications. And things aren’t expected to get any better this year.