Homeownership provides shelter, stability and a sense of pride, and it can also serve as a valuable financial asset. If you find yourself in need of extra funds, tapping into your home equity can be an attractive option. Today, homeowners who want to access their equity without refinancing their mortgage and giving up a low ...
The spring real estate market is well underway! If you’re considering buying a home in the months ahead, getting preapproved for your mortgage is an important first step.
The Federal Housing Administration (FHA) has announced a 30-basis-point reduction to the annual mortgage insurance premium (MIP) charged to borrowers. The cut will take effect for FHA loans closing on or after March 20, 2023, and new FHA borrowers are expected to save an average of $800 a year. These savings will expand homeownership opportunities ...
Mortgages aren’t one-size-fits-all. Depending on how much financing you need or want for a home, your loan might be classified as a jumbo mortgage. This type of loan comes with unique requirements and benefits.
You may have seen our recent announcement that conforming and FHA loan limits are increasing for 2023. This is great news because it means that two of the most popular types of mortgages are now (or will soon be) available for bigger loan amounts. Higher limits allow homebuyers and homeowners to use these loans for ...
When buying a home, one of your goals is to negotiate with the seller for the best possible deal. This was a difficult task during the red-hot real estate market of the past few years when competing buyers bid up home prices in many parts of the country. But now, with the housing market cooling ...
When you apply for a mortgage, your interest rate is one of the most important aspects of your loan. All other factors equal, the lower the rate you can get, the lower your monthly payments will be. Obtaining a great rate instead of a not-so-great one could save you tens of thousands of dollars over ...
Owning a home is often cheaper than renting a comparable one, but figuring out just how much home you can afford isn’t always easy. While rents are priced in simple monthly amounts, home prices need to be broken down into upfront and monthly payments. So how much home can you afford to buy? Here are ...
With mortgage rates having risen over the past year, more mortgage borrowers are exploring ways to reduce their interest costs. One of these options are shorter-term loans – loans that are schedule to be repaid in less time. While 30-year mortgages are most popular, shorter terms, such as 15-year mortgages, are also available. A shorter ...
Thanks to the major increase in home values over recent years, home equity in America has reached an all-time high of $11.5 trillion. While many homeowners leave their equity untapped as they pay off their mortgages, others withdraw equity when needed for home repairs and renovations, debt consolidation, college tuition, emergency expenses or large purchases. ...