homeowner: Mortgage eClosings Making Refinancing Easier Than Ever - 08/13/21 09:39 AM
 
Lenders and title companies are increasingly partnering with tech companies to create remote mortgage closings.
The need to stay socially distant amid the coronavirus pandemic resulted in the increased emergence of digital mortgage closings, allowing both lenders and prospective home buyers to complete the real estate transaction from just about anywhere with an internet connection. In addition, more lenders are becoming certified for remote online notarization (RON), allowing them to sign closing documents without the need to be physically present with a notary.
In fact, a new bill was recently introduced in Congress that would legalize RON in all 50 states. Diane Tomb, CEO … (0 comments)

homeowner: What to Know About Your Credit Before Buying a Home - 08/11/21 02:23 PM
It’s not just whether you pay your bills on time that matters.
Like it or not, your credit score is one of the most important numbers in your life, ranking up there with your Social Security number, date of birth, and wedding anniversary. This three-digit number is your financial report card, except there’s no getting rid of it after college.
Your credit score shows lenders just how trustworthy you are when it comes to managing your finances, and it can either save or cost you thousands of dollars throughout your life. 
If you’re in the dark about just how significantly this number can impact … (0 comments)

homeowner: 7 Steps to Improve Your Credit Score Right Now - 08/09/21 11:00 AM
 
Improving your credit score is the first step to getting your finances on track.
A high score means lower interests rates on debt — from mortgages to car loans to credit cards. Moreover, a low score can not only make it difficult to qualify for a loan in the first place, it can also hurt your employment prospects or make it harder to rent an apartment.
As borrower protections put in place at the start of the pandemic start expiring, now is a particularly good time to work on your credit. Federal student loan borrowers will need to begin making payment again in October. September 30 is the … (2 comments)

homeowner: Preparing For Homeownership - 08/08/21 06:47 PM
 
These calculators are intended to provide guidance and financial estimates. Please reach out to your lender for precise calculations.
Rent vs. BuyUnderstand the financial differences between renting and owning a home.
Tax SavingsLearn about the potential tax savings with homeownership.
How Much Can You Afford?Find out how much house works within your budget, being mindful of your expenses.
How Much Can You Borrow?Learn how much money you might be able to borrow.
All About Mortgages
Fixed or Adjustable-Rate?Understand the financial differences between the fixed- and adjustable-rate mortgage.
To learn more about preparing for homeownership and the home buying process, visit the SCOOP! Blog
… (0 comments)

homeowner: Mortgages for Teachers and First Responders - 08/06/21 07:55 AM
 
A new bipartisan bill in the House of Representatives, called the HELPER Act (or Homes for Every Local Protector, Educator and Responder) aims to help teachers and other first responders who kept things going during the height of the COVID-19 pandemic by providing them with a one-time, down payment-free mortgage.
The bill still has a way to go before possibly being enacted, but if it is passed, here’s what it could mean for those covered by the legislation. We also have information on existing programs for people in these professions.
What is the HELPER Act?
The bill would create a one-time home loan program under … (0 comments)

homeowner: Freddie Mac Borrower Help Centers and Network - 08/05/21 09:16 AM
 
Our HUD-certified housing counselors can assist you if you are struggling to make your mortgage payments and help you prepare for successful homeownership.
We have adjusted our Borrower Help Center operations to protect our communities from the direct and indirect impacts of coronavirus (COVID-19). At this time, our Borrower Help Centers are ready and available to assist you by phone or online. We appreciate your flexibility.
Through Freddie Mac’s on-the-ground Borrower Help Centers and national Borrower Help Network, trusted nonprofit intermediaries offer free assistance that includes a full suite of financial education and mortgage help services.
If you’re struggling to make your mortgage payments
If … (0 comments)

homeowner: Today's Mortgage Rates: August 3, 2021 - Mortgage Rates Hit Near Rock Bottom Lows - 08/03/21 10:42 AM
The rate on a 30-year fixed mortgage decreased today, providing buyers and homeowners interested in refinancing a chance to lock in a historically low rate.
As of today, the average rate on a 30-year fixed mortgage is 3.02% with an APR of 3.25%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 2.31% with an APR of 2.66%. On a 30-year jumbo mortgage, the average rate is 2.99% with an APR of 3.12%. The average rate on a 5/1 ARM is 2.80% with an APR of 3.92%.
 
30-year Fixed-rate Mortgages
Today, the average rate for the benchmark 30-year fixed mortgage fell … (1 comments)

homeowner: How to Start Building Your Credit History - 08/02/21 08:21 PM
The first time you get a credit card or take out a loan, your credit history begins. Your credit history is what potential creditors and lenders use to determine if you can manage money responsibly. If you've never had credit, you are referred to as credit invisible, meaning you don’t have a credit history. 
Don't panic if you are credit invisible — there are strategies you can apply to go from "invisible" to "visible" and start building a credit history. By establishing a credit history with a positive pattern of payments over time, you can become a good candidate for a loan, banking … (1 comments)

homeowner: A Major Mortgage Refinance Fee Just Disappeared, Which Could Save Borrowers $1,500 or More. Is It Time for You to Refinance? - 08/01/21 02:23 PM
Mortgage giants Fannie Mae and Freddie Mac “will eliminate the adverse market refinance fee for loan deliveries effective August 1, 2021,” the Federal Housing Finance Agency notes. That means that if you refinance your mortgage now, you won’t be paying that fee, which will likely save you money, experts say. Here’s what you need to know if you want to refinance now.
What was the adverse market refinance fee?
The adverse market refinance fee was a 50-basis point fee that Fannie Mae and Freddie Mac were charging to lenders when they delivered the refinanced mortgages to the two mortgage companies; the fee then … (0 comments)

homeowner: Should You Refinance Your Mortgage Yet Again? Here's How to Decide - 07/31/21 08:30 PM
Mortgage rates have reversed course, and refinancing activity is on the rise. That means homeowners who participated in the great refi boom of 2020 are faced with a fresh decision: Should you refi again?
At mortgage lender Lower, that’s a common question from borrowers, says Chelsea Wagner, a regional vice president. In about half of cases, the answer is yes, a second refi could be a savvy move.
“It comes down to: Does it make sense?” Wagner says. “When rates dropped in 2020, everyone went rushing to refinance. It really depends on when you closed.
As the coronavirus pandemic unfolded, rates plunged to record low … (3 comments)

homeowner: Mortgage Rates Just Dropped to a Six-Month Low, and Refinances Shoot Higher - 07/29/21 10:55 AM
KEY POINTS
The typical interest rate for 30-year fixed-rate mortgages decreased to 3.01% from 3.11% last week. Applications to refinance a home loan jumped 9% last week from the previous week, according to the Mortgage Bankers Association. Applications for a mortgage to purchase a home fell 2% for the week and were 18% lower than a year ago. The popular 30-year fixed mortgage rate fell back to the lowest level since February last week, and the 15-year fixed set a record low. That sent borrowers to their lenders, looking to save money on their monthly payments.
Applications to refinance a home loan … (1 comments)

homeowner: Here's How Mortgage Refinancing Can Save You an Extra $5K With No Adverse Market Fee - 07/27/21 09:29 PM
Homeowners can now refinance their mortgages without worrying about the added costs of a pandemic-era refinance fee.
The Adverse Market Refinance Fee was implemented by the Federal Housing Finance Agency (FHFA) in December 2020 to cover losses due to the COVID-19 pandemic. It added 0.5% to the cost of refinancing certain types of mortgage loans, which was passed on to borrowers in the form of higher interest rates.
But as a way to reduce housing costs, the FHFA announced on July 16 that it has ended the Adverse Market Refinance Fee earlier than expected, and mortgages originated today will not be subject to the fee. 
Now is the … (1 comments)

homeowner: Prepaying Your Mortgage: How Reducing Your Loan Principal Can Lead to Big Savings - 07/26/21 04:45 PM
When you prepay your mortgage, you make extra payments on your principal loan balance. Paying additional principal on your mortgage can save you thousands of dollars in interest and help you build equity faster. There are several ways to prepay a mortgage:
Make an extra mortgage payment every year Add extra dollars to every payment Apply a lump sum after an inheritance or other windfall Recast your mortgage Some combination of the above How much can I save prepaying my mortgage?
The benefit of paying additional principal on a mortgage isn’t just in reducing the monthly interest expense a tiny bit at a … (1 comments)

homeowner: New Mortgage Forbearance Relief Plan Announced by President Biden - 07/24/21 09:11 PM
A moratorium on foreclosures ends July 31, and mortgage forbearance programs phase out Sept. 30, but the economy has yet to fully recover from last year’s coronavirus recession. With that reality in mind, President Joe Biden today announced a new round of relief for mortgage borrowers who are struggling to get back on track.
The program lets borrowers negotiate reductions to their monthly payments of up to 25 percent. The newly unveiled mortgage modifications apply to loans backed by the Federal Housing Administration, the U.S. Department of Veterans Affairs and the U.S. Department of Agriculture. Borrowers with loans backed by Fannie Mae and Freddie Mac already … (1 comments)

homeowner: Don't Get Paid Once Per Month? How Lenders Calculate Qualifying Income - 07/23/21 03:30 PM
Lenders want to make sure you can afford the new monthly payments that come with a new mortgage. Makes sense, right? Well, not only does it make sense but so-called ‘Ability to Repay’ or ATR determinations are the requirement of most every residential mortgage made in today’s environment. Lenders make that determination by comparing gross monthly income with the new mortgage payment, which includes taxes, insurance and private mortgage insurance when required. The key word here is ‘monthly.’
Lenders reviewing someone who gets paid on the 1st of each month have it pretty easy. There’s one paycheck issued each month, hence the … (0 comments)

homeowner: Mortgage Points and How They Can Cut Your Interest Costs - 07/22/21 11:37 AM
Buying a house is the most expensive purchase most of us will ever make, so naturally, anything that can reduce the cost of a mortgage is worth looking at. Besides negotiating a good price and shopping for the best mortgage rates, some savvy homebuyers buy mortgage points, also called “discount points,” to lower the amount of interest they pay.
What are mortgage points?
Mortgage points are the fees a borrower pays a mortgage lender to trim the interest rate on the loan. This is sometimes called “buying down the rate.” Each point the borrower buys costs 1 percent of the mortgage amount. So, … (0 comments)

homeowner: What is a Title Search? - 07/20/21 01:43 PM
When you’re buying a house, it’s often one of the most exciting times in your life. It can also be stressful and overwhelming because there are a lot of steps in the process to get to the closing.
One of those steps is called a title search.
When you buy a home, you probably inherently think that the seller is entitled to sell the property. That’s not always the case, though. There could be someone else with a claim or a lien on the property you want to buy.
That’s where a property title search is relevant.
What Happens During a Title Search?
If you’re going … (0 comments)

homeowner: If You're Considering a Mortgage Refinance, Rates May Be Going Even Lower - 07/19/21 08:48 PM
The Federal Housing Finance Agency is eliminating a major refinancing fee, which could make your next refi even cheaper.
The combination of a housing shortage, the COVID-19 pandemic and historically low interest rates has created ideal conditions for homeowners to refinance their mortgages in many parts of the US. And beginning Aug. 1, the refi deals might get even sweeter. 
Mortgage giants Fannie Mae and Freddie Mac have said they will drop the Adverse Market Refinance Fee for all refinanced mortgages starting next month. The refinance fee translated to a charge of 0.5% on refinanced loans, or roughly $500 for every $100,000 borrowed. 
To learn more about a mortgage refinanced and … (0 comments)

homeowner: How Soon Can a Mortgage be Refinanced? - 07/18/21 06:22 PM
Mortgage rates hit a historical low in 2020, prompting homebuyers to get a new or additional home and homeowners to refinance their homes to lower their interest rates. This phenomenon was brought about by the steady increase in mortgage-backed securities that pushed rates lower than the average. However, it will not last forever. In fact, despite the market being hot, interest rates have grown since 2020 and will continue to do so (albeit at a slow pace but growing nonetheless). 
According to the OC Register, mortgage rates are expected to get to an average of 3.5% by the end of 2021 and increase … (0 comments)

homeowner: You Don't Need to Put Money Down to Refinance Your Mortgage - But There Are Costs - 07/17/21 07:27 PM
When you refinance your mortgage, you rarely need to make a down payment like you did when you obtained the initial loan. However, there are still costs involved in refinancing, so you may need to provide cash when you close. How much largely depends on the type of refinance.
Do you need to put money down to refinance a mortgage?
More often than not, you don’t need to put down money to refinance your mortgage. In the typical rate-and-term refinance, which lowers your interest rate and payments and/or shortens your loan term, lenders generally look for an 80 percent loan-to-value ratio (LTV) or lower and solid … (1 comments)