College debt is having a compounding effect on how millennials perceive and plan for homeownership. In a recently released report by the National Association of REALTORS® (NAR), eighty-three percent of millennials say they are delaying their home-buying plans by a median seven years as a result of their student loan debt. Twenty percent of the […]
With the housing market in full recovery mode and home values on the rise you might be considering tapping some of the equity in your home. Those considering this option should do their homework first. The time you spend now could save you heartache (and plenty of money) in the future. Take these four steps before signing […]
So you’re considering buying a home and you’ve got it all planned out: a four-bedroom home in the top local school district and your favorite neighborhood including a manicured lawn, a finished basement with a theater room and—why not?—an outdoor kitchen. Slow down… one of the first steps in buying a home is to clean up your credit score, also called a […]
Mortgage rates held near their recent lows this week, with 30-year, fixed-rate loans averaging 3.59%. Last week, the average rate was 3.58%. A year ago it was 3.65%, according to Freddie Mac. Policymakers at the Fed raised short-term interest rates in December, causing people to worry that mortgage rates would rise, too. Thus far they […]
The Federal Reserve did it — they raised the target federal funds rate a quarter point, its first boost in nearly a decade. However, this does not necessarily mean that the average rate on the 30-year fixed mortgage will be a quarter point higher as a direct result of this move. That’s not how mortgage rates […]
A Loan Estimate (LE) is a form that lists basic information about the terms of a mortgage loan for which you’ve applied. The idea behind the Loan Estimate (like the Good Faith Estimate before it) is to get critical information about the loan into the hands of the borrower as early as possible so that you as […]
A Good Faith Estimate (GFE) is a form that lists basic information about the terms of a mortgage loan for which you’ve applied. The GFE includes the estimated costs you’ll have to pay for the home loan. The Good Faith Estimate provides you with basic information about the loan including the Annual Percentage Rate (APR), […]
Two major banks are hoping to overhaul the 15-year mortgage, making it more accessible to low and moderate-income people. The banks suggest these changes will help borrowers build equity at a much faster pace than they would with a standard loan. In addition, the creators of the Wealth Building Home Loan, which allows home buyers to build equity at […]
The same home you considered buying a year ago with a $200,000 mortgage would now cost about $90 more in interest payments per month, or about $1,080 per year, given the rise in mortgage rates since last year. But let’s put this increase into perspective – and take the long view. One thing seems certain: […]
Let’s first define our terms. A mortgage is a financing arrangement in which the person buying a home or parcel of land (or one who already owns property) receives a loan, and the property is pledged as collateral to guarantee repayment of the loan. A mortgage consists of two documents: a note and the mortgage itself. The […]
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