mortgage: Mortgage Rates Fall for Third Straight Week - 08/27/18 07:03 AM
Borrowers continued to get relief with mortgage rates this week, as the 30-year fixed-rate mortgage sank lower for the third consecutive week. Mortgage rates are now at their lowest level since mid-April.
“Backed by very strong consumer spending, the economy is red-hot this month, which is in turn rippling through the financial markets and driving equities higher,” says Sam Khater, Freddie Mac’s chief economist. “Unfortunately, the same cannot be said about the housing market, where it appears sales activity crested in late 2017. Existing-home sales have now stepped back annually for the fifth straight month, and purchase mortgage applications this week were … (1 comments)

mortgage: Which Is Better For First-Time Home Buyers: FHA Or Conventional Loan - 06/21/17 08:35 AM
If you’re a first-time home buyer then one of big decisions (and the first) you will need to make is what kind of mortgage you want. Before choosing things like fixed-rates or ARMs, you need to decide if you will get a conventional or FHA loan.
What’s the difference? Well let’s break it down for you.
What is an FHA Loan?An FHA loan is a mortgage loan that is backed or insured by the FHA (Federal Housing Administration) which is a government agency. The way it works is the federal government insures loans for approved lenders to reduce the risk of loss if a … (0 comments)

mortgage: Retire Without Rent - 04/17/17 07:24 AM
If you want to retire without rent, you need to start planning your mortgage now. We’ve compiled some stats about retirement age incomes and developed a formula to ensure anybody can go into their golden years with equity under their belt and bills off their minds.
Retirement age is 65. The average social security payout per month is $1,180.80. The average 401k at the time of retirement is just north of $100,000 as of 2015, meaning there’s a monthly payout of roughly $270.77. Unfortunately the average mortgage payment in the U.S. is $1,061. That’s almost the entirety of an retiree’s expected $1,451.57 … (0 comments)

mortgage: Smart Ways to pay Off Your Mortgage Early - 03/16/17 08:59 AM
It's a goal as cherished as early retirement. Everyone who buys a home for keeps dreams of the day they make their last house payment. Sadly, the majority of homeowners in the U.S. never even get close. However, there are some smart ways, some tried and true, some you may not have thought about, that will allow you to pay off your mortgage early.
 
Old-fashioned methods can work. The difficulty is disciplining yourself to actually follow through. Step one to paying off your mortgage early is to make a plan. Keep in mind that Rome wasn't built in a day and you … (2 comments)

mortgage: What Is PMI? - 01/23/17 11:28 AM
If you don’t have enough to put down 20% on your mortgage, you will probably have to pay private mortgage insurance. So, what is it and how much does it cost?
What is PMI?There are two types of mortgage insurance: private and government. If you have a government-backed loan, like an FHA loan, you pay mortgage insurance to the government. If your loan is not government-backed, you pay private mortgage insurance (PMI) to a corporate entity.
PMI pays benefits to your lender in case you default on your mortgage, but you pay for the coverage. Lenders typically require PMI of home buyers if they … (2 comments)

mortgage: 21 First Time Home Buyer Tips: A Guide To Buying Your First Home - 11/18/16 01:47 AM
First time home buyer tips come in all shapes and sizes. From little tricks of the trade related to the mortgage process to insider information on selecting a real estate agent, there surely is no shortage of guidance available to a first time home buyer.
But much of this important information is fragmented – meaning a first time home buyer must look in many places to get the information they need throughout the home buying process. This lengthy and often convoluted research process can deter a first time home buyer from starting the home buying process.
Well, look no further. Our team of … (0 comments)