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.
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.
When Pres. Donald Trump signed the Tax Cuts and Jobs Act into law in December of last year, he altered the tax benefits of owning a home and paying down a mortgage.
The mortgage industry is finally catching up to the sharing economy, though in limited numbers. Fannie Mae is starting to allow lenders to let Airbnb hosts use rental income to refinance their home mortgage loans.
Does an adjustable-rate mortgage, better known as an ARM, look more attractive to you today? You're not alone. The low mortgage rates that come with an ARM loan today are making these alternate mortgage products seem more attractive to a growing number of borrowers.