Mortgage and Real Estate Articles from Mortgage Research Center
WEB4 days ago · Many first-time buyers hesitate to get pre-approved because it could hurt their credit. But now it's possible to get pre-approved without a hard credit inquiry. by Tim Lucas in Credit. April 4, 2024 4 MIN. Mortgage Research Center features mortgage news and advice for homebuyers from a team of experts in …
FHA Home Inspection Requirements and Appraisal Guidelines
WEB2 days ago · The FHA home appraisal serves two purposes: To assess the home’s value to ensure the buyer isn’t overpaying and the lender isn’t overlending. To verify that the home meets the FHA's minimum property requirements for safety, soundness, and security. An FHA-approved appraiser must complete your appraisal.
Mortgage Rates Today, Sep. 27, 2024: Today's Inflation Report …
WEB3 days ago · by Peter Warden in Rates. September 27, 2024, 8:30 AM UTC 2 MIN. The average 30-year fixed rate mortgage was 6.19% yesterday, an increase of 0.08% since the day before. The 15-year fixed mortgage rate stood at 5.14%, up by 0.02%. The 30-year FHA mortgage averaged 5.54% yesterday, having risen by 0.08. Meanwhile, the 30-year jumbo mortgage rate ...
A Complete Guide to FHA Refinances: Eligibility, Requirements, …
WEBAug 23, 2024 · Conventional Refinances. Conventional loans are not insured by a government agency and, as such, have slightly higher requirements than FHA refis. You can expect to need a minimum credit score of 620 and a maximum debt-to-income ratio of 45%. You'll also need at least 5% equity in most cases.
What Is a Mortgage and What Can It Do for You? - Mortgage …
WEBJun 17, 2024 · Mortgages are secured by the underlying piece of real estate. If a borrower fails to make their payments, the lender can take legal action to gain ownership of the property. They can then sell it to recoup their losses. Without a mortgage, buying a home would require you to save up the entire purchase price.
Fannie Mae Rolls Out 5% Down Multifamily Home Loans
WEBJuly 1, 2024, 3:15 PM UTC5 MIN. It's official: Fannie Mae now allows 5% down payments for owner-occupied 2-, 3-, and 4-unit (multifamily) homes. This is a surprising reversal of the years-long policy of requiring 15-25% down for duplexes, triplexes, and four-plexes. It will be a major benefit to those looking to purchase a multifamily home to ...
Rates Articles - Mortgage Research Center
WEB4 days ago · Buying a $350k Home Just Got $300 Per Month Cheaper. Falling mortgage rates have equated to an estimated $300-per-month drop in the mortgage payment on a $350,000 home. by Tim Lucas. August 31, 2024 1 MIN. All Rates Articles.
Home Loans Articles - Mortgage Research Center
WEB6 days ago · FHA is already a lenient program, requiring just 3.5% down. But FHA also allows buyers to use a wide variety of down payment assistance programs to make it even more feasible to buy a home. by Jonathan Davis. August 22, 202411 MIN.
How to Refinance Your Home - Mortgage Research Center
WEBIf you're providing a down payment or any other closing costs, bring that with you. You'll also need a few forms of identification. You'll sign the refinance paperwork in front of the notary, who will stamp it and provide you with a copy of the paperwork. Make sure you keep your paperwork somewhere safe at home.
Large Mortgage Rate Spread Costs Homebuyers an Additional …
WEBJan 23, 2024 · Let’s see what happens when we add the current 10-year Treasury yield and a typical mortgage rate spread. You read that right: mortgage rates would be in the high 5s if we had normal spreads. To put it in real dollars, the current high spread is costing homebuyers $168 more per month on a $350,000 mortgage.