Mortgage rates have been at record lows for quite some time, making it easy for new homebuyers to finance their dream homes. But what comes down will eventually go back up, and with the world economy expected to rebound in 2016, we’re about to start seeing more expensive mortgages. So what can you do to prepare yourself before mortgage rates start to rise? Here are three strategies that will keep you ahead of the game.
So what exactly is a jumbo mortgage? How is it different from a standard mortgage, and what does that mean for your refinancing options? Hereâs what you need to know.
It’s difficult to begin shopping around for a new mortgage without the facts on how this can affect your FICO score. Thankfully, not all credit checks are created equal and they do not affect FICO scores in the same way.
One of the major benefits to purchasing a home with a mortgage are the tax credits that can be taken advantage of when April 15 comes around. Many homeowners are unaware of what mortgage related expenses can be deducted and, more importantly, which ones can no longer be deducted.
If not done properly applying for a mortgage can be stressful and time consuming, but with the right preparation the entire process can be seamless. Here are some crucial pieces of information that almost any lender will require before approving a mortgage.
Buying a new home is an exciting time, but excitement can easily turn to stress if there isn’t enough money to pay the monthly mortgage bill. The added expense can take some time to get used to, but there are ways to make the payments easier, especially in those first few months when money is the tightest.
It’s amazing that in a year with extremely low mortgage rates being reported around the country, closing costs are up by as much as 6% from the previous year. Part of the reason for this is that the stricter regulations on loans have increased the costs to banks, and they always find a way to pass on new costs to the consumer.
If you’re looking for home refinancing options, you may have had difficulty in the past – especially if you owe more than your home’s value on your mortgage. Getting refinancing consumes much of your home equity, which is in short supply for people who already have a mortgage. But with the government’s extension of the HARP Program, you may now be able to refinance your home with a variety of lenders.
Being pre-approved for a mortgage isn’t just a way to get a step ahead, in many cases it’s a necessity to buying a home. Many sellers don’t want to go through the negotiation process of selling their home only to have the buyer drop out when they can’t get approval for the mortgage they were relying on.
Title insurance protects the owner of a home from any claim made against their property, whether or not they are responsible. These include unpaid mortgage balances on the home, an improper foreclosure or any form of real estate fraud perpetrated by the seller.
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