Mortgage Articles

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Why is it difficult to qualify for a small mortgage loan?
Mortgage

Why is it difficult to qualify for a small mortgage loan?

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.

David  Mully
2 years ago
Five ways to beat rising mortgage rates
Mortgage

Five ways to beat rising mortgage rates

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.

Dan Rafter
2 years ago
5 reasons to consider a credit union mortgage
Mortgage

5 reasons to consider a credit union mortgage

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.

David  Mully
2 years ago
Why you should — and shouldn’t — get a 15-year mortgage
Mortgage

Why you should — and shouldn’t — get a 15-year mortgage

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.

Dan Rafter
2 years ago
How hard is it to cancel PMI?
Mortgage

How hard is it to cancel PMI?

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.

David  Mully
2 years ago
Rise of non-bank lenders could make it easier to get a mortgage
Mortgage

Rise of non-bank lenders could make it easier to get a mortgage

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.

Dan Rafter
2 years ago
Getting mortgage financing for manufactured homes
Mortgage

Getting mortgage financing for manufactured homes

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.

Dan Rafter
2 years ago
Rising ARM rates discourage refinancing
Mortgage

Rising ARM rates discourage refinancing

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.

Kara  Johnson
2 years ago