mortgages: The Pros and Cons of Paying Your Mortgage Bi-weekly Vs. Monthly
- 06/04/21 12:18 PM
When applying for a new mortgage or after closing, many may have the option to choose between a single monthly mortgage payment or smaller bi-weekly payments. There are benefits and drawbacks associated with both options, and some personal financial considerations may need to be reviewed in order to make a decision that is best for the individual. With a closer look at the pros and cons of both options, homeowners or home mortgage applicants can make a more informed decision.
Easy Budget Management For Some
With a single monthly mortgage payment, there is often a need for those who get paid two or … (0 comments)
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mortgages: Follow This Easy Guide to Speeding Up the Mortgage Process
- 05/28/21 11:40 AM
If you’re buying a home, you’ll want to try to get your mortgage processed as quickly as possible. Improperly filed mortgage applications are one of the biggest reasons why home sales get delayed, and if you have a hard move-out date already set, it’s critical that your mortgage process goes smoothly.
With careful planning, though, you can shorten the mortgage process and get your financing approved faster. Here’s what you need to do to speed up the approval.
Get Your Paperwork in Order Before You Apply
One of the biggest reasons why mortgages get delayed is because the applicant is missing a vital piece … (1 comments)
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mortgages: What’s Ahead For Mortgage Rates This Week – May 3, 2021
- 05/03/21 11:27 AM
Last week’s economic reporting included readings from Case-Shiller Home Price Indices, data on pending home sales, and a statement from the Fed’s Federal Open Market Committee. The University of Michigan released its Consumer Sentiment Index and weekly reports on mortgage rates and jobless claims were also published.
Case-Shiller: February Home Prices Rose at Fastest Pace Since 2006
National home prices rose at a seasonally adjusted annual pace of 12.00 percent, which was the fastest pace of year-over-year home price growth in 15 years. Case-Shiller’s 20-City Home Price Index reported 11.90 percent home price growth year-over-year and 1.20 percent growth month-to-month. All 20 cities … (0 comments)
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mortgages: 3 Ways to Put Aside Some Extra Cash to Pay off Your Mortgage Faster
- 04/15/21 11:05 AM
If your personal budget is similar to many other people’s budgets, your home mortgage payment is by far the largest expense that you pay for each month. In fact, this payment may easily account for 20 or 25 percent or more of your take-home income.
Understandably, you may be focused on trying to pay this expense off early. By focusing on this payment, you can build equity and may be able to achieve financial security more quickly. You simply have to find a way to put aside a bit of extra cash regularly so that you can make extra payments, and there … (2 comments)
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mortgages: Understanding Mortgage Lenders and How They Assess Your Credit
- 04/06/21 03:12 PM
One of the most significant factors a mortgage lender will review when you apply for a new mortgage loan is your credit history and rating. While some people have stellar credit, others have a troubled credit history with lower scores.
If you fall into the latter scenario, you may be wondering how lenders will assess your credit situation when you apply for a mortgage in the near future.
Reviewing Your Credit Scores
Initially, lenders will review your credit report to determine your credit scores. Your scores will have a direct impact on the interest rate that you qualify for or if you qualify for … (1 comments)
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mortgages: What’s Ahead For Mortgage Rates This Week – March 22, 2021
- 03/22/21 11:57 AM
Last week’s economic reports included readings from the National Association of Home Builders on housing markets and Commerce Department data on housing starts and building permits issued. Weekly reports on mortgage rates and jobless claims were also released.
NAHB: Builder Confidence Slips as Materials Costs Rise
The National Association of Home Builders reported that its Housing Market Index fell to an index reading of 82 in March as compared to February’s index reading of 84. Analysts forecasted a reading of 83. Builder concerns included rising materials costs and mortgage rates, which impact home pricing and affordability. Robert Dietz, Chief Economist for NAHB, said … (0 comments)
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mortgages: Variable-Rate VS. Fixed-Rate Mortgages – Which Is Better?
- 02/19/21 07:23 AM
When applying for a new home mortgage, many loan applicants initially consider applying for a 30-year fixed rate mortgage. This is perhaps the most common and traditional type of mortgage available. It allows you to enjoy the opportunity to pay for your home over the course of 30 years with equal payments every month. While this is one option, there are actually multiple choices available. For some applications, a variable rate mortgage may be more advantageous. If you are comparing the options between a fixed rate and a variable rate mortgage, you may consider a few points.
A Lower Initial Interest Rate
When … (0 comments)
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mortgages: Understanding The Key Factors That Affect Your Mortgage Interest Rate
- 02/18/21 12:00 PM
When you initially start shopping for a home mortgage, you may be drawn to advertisements for ultra-low interest rates. These may be rates that seem too good to be true, and you may gladly contact the lender or mortgage company to complete your loan application. However, the unfortunate truth is that all too often, mortgage applicants are unpleasantly surprised and even disheartened to learn that they do not qualify for the advertised interest rate. By learning more about the factors that influence your interest rate, you may be able to structure you loan in a more advantageous way.
Your Credit Rating
One of … (0 comments)
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mortgages: 3 Tips for How to Secure a Mortgage if You Are Self-Employed
- 02/04/21 12:41 PM
If you are self-employed, either as a freelancer or as the owner of your own business, your income can fluctuate greatly from year to year. That can make it difficult to get approved for a mortgage, although there are some things you can do to improve your chances. Here are three tips for securing a mortgage if you are self-employed.
Make Sure Your Credit Score Is In Good Shape
While your ability to pay back a mortgage is the most important factor in approval, your credit score is a close second, and that goes for every borrower, not just those who are self-employed. … (0 comments)
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mortgages: What’s Ahead For Mortgage Rates This Week – January 19, 2021
- 01/19/21 12:46 PM
Last week’s economic reports included readings on inflation, retail sales, and a speech by Federal Reserve Chair Jerome Powell. Weekly readings on mortgage rates and jobless claims were also released.
Inflation Rises as Retail Sales Fall, Fed Says Current Monetary Policy Won’t Change
The Consumer Price Index rose to 0.40 percent in December as compared to November’s reading of 0.20 percent. The CPI measures inflation and the Core CPI measures inflation without the volatile sectors of food and fuel. December’s Core CPI reading fell to a rate of 0.10 percent growth from November’s reading of 0.20 percent.
Retail sales were dampened by the coronavirus, … (0 comments)
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mortgages: With Mortgage Interest Rates Low, Should You Refinance?
- 01/13/21 08:19 AM
Do you have a mortgage? You’ve likely seen or heard a lot about mortgage refinancing as interest rates remained low in recent months.
In today’s blog post we’ll explore the topic of mortgage refinancing, including when you should consider refinancing and how to take advantage of low interest rates.
What is Mortgage Refinancing?
In simple terms, refinancing refers to the practice of taking out a new mortgage and using the proceeds to pay off your old one in its entirety. You’ll go through the full borrowing process with your chosen lender, including the credit check, financial history and employment history in order to ensure … (0 comments)
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mortgages: What’s Ahead For Mortgage Rates This Week – January 4, 2021
- 01/04/21 12:51 PM
Last week’s economic news included reports from Case-Shiller Home Price Indices and data on pending home sales. No weekly data on jobless claims were released due to the New Year holiday, but Freddie Mac did issue its weekly report on average mortgage rates.
Case-Shiller Reports Home Prices Reached 6-Year High In October
U.S. home prices reached their highest level in six years according to Case-Shiller’s National Home Price Index. Home prices rose by 8.40 percent year-over-year in October as compared to September’s home price growth reading of 7.00 percent. Demand for homes rose during the Covid pandemic as families moved from congested urban … (0 comments)
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mortgages: 3 Considerations to Make When Applying for a Reverse Mortgage
- 12/31/20 07:30 AM
If you’re a homeowner who is looking to tap in to the home equity that you’ve spent years building you may be interested in a “reverse mortgage” or “home equity conversion mortgage”. While these unique financial tools aren’t for everyone, if you qualify for a reverse mortgage you’ll find that this might be the perfect financial solution which allows you to pay off your existing mortgage, or for some other regular expenses that you have.
Let’s take a closer look at how reverse mortgages work, including how to qualify, what happens to your existing mortgage and what a reverse mortgage might cost.
Do … (3 comments)
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mortgages: What’s Ahead For Mortgage Rates This Week – December 7, 2020
- 12/07/20 07:50 AM
Last week’s economic reports included pending home sales, construction spending, and labor-sector readings on job growth and the national unemployment rate. Weekly readings on mortgage rates and jobless claims were also published.
Construction Spending Rises as Demand for Homes Increases
High demand for single-family homes drove construction spending up by 1.30 percent to a seasonally adjusted annual pace of $1.44 trillion in October. The Commerce Department adjusted September’s reading to -0.50 percent. Analysts said that spending for commercial construction was flat after three successive months of lower spending. Business closures and a growing trend for working from home softened demand for commercial developments.
Pending … (1 comments)
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mortgages: Be Ready for Your Pre-approval Interview by Having These 4 Answers
- 12/04/20 10:42 AM
So – you’ve completed an initial mortgage pre-qualification and now you’re ready to take the next step and meet with your lender or mortgage advisor for the pre-approval interview. Are you ready?
At this stage of the application process your lender will dig into your financial background to ensure that you’re fully capable of making your mortgage payments and that you don’t present too high a risk. Let’s take a quick look at a few questions you should know the answers to before you go in for a mortgage pre-approval.
Do You Have a Specific Home in Mind?
If you’ve already picked out the … (1 comments)
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mortgages: What’s Ahead For Mortgage Rates This Week – November 9, 2020
- 11/09/20 07:12 AM
Last week’s economic news included readings on construction spending, the Fed’s Federal Open Market Committee statement, and a press conference by Federal Reserve chairman Jerome Powell. Labor data on public and private sector jobs and the national unemployment rate were reported along with weekly readings on mortgage rates and jobless claims.
Residential Developments Lead September Construction Spending
High demand for homes continued to fuel home construction, but public and non-residential construction spending was slower according to the Commerce Department. Residential construction spending rose by 2.70 percent on a seasonally-adjusted annual basis while public construction spending decreased by -1.70 percent and non-residential construction spending … (0 comments)
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mortgages: Buying a Home? 4 Steps to take to Ensure You Start out w/a Low Payment
- 10/22/20 02:29 PM
Are you thinking about buying a new house or condo? If so, you’ve likely given some thought to your mortgage and as to how you can pay as little as possible in order to own your new home.
Below we’ll share four easy steps that you can take to ensure you start out with an affordable monthly mortgage payment.
Make A Large Down Payment On Your Home
The easiest way to reduce your monthly payment is to invest as much as possible in your down payment. The less you have to borrow, the less you’ll be required to pay back.
If you can put a … (0 comments)
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mortgages: A Guide to Preparing Your Finances for the Pre-Approval Process
- 09/25/20 01:13 PM
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.
The Difference Between Pre-Qualification And Pre-Approval
Pre-qualification is a faster process than pre-approval and is usually a best estimate based on how the borrower answers certain questions about their financial history and status.
Pre-approval is way more valuable to a borrower than pre-qualification because it is a … (1 comments)
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mortgages: What’s Ahead For Mortgage Rates This Week – September 14, 2020
- 09/14/20 11:03 AM
Last week’s economic news included readings on inflation, job openings, and weekly reports on jobless claims and mortgage rates.
Inflation Rate Slows in August
After posting 0.60 percent growth for each month in June and July, the Consumer Price Index rose by 0.40 percent in August. These growth rates offset declines in inflation during the first three months of the COVID-19 pandemic. Used vehicle prices increased after deep discounts offered when the pandemic started; analysts said that rising prices for used vehicles offset losses in previous months and produced low inflation for August.
Core inflation, which excludes volatile food and energy sectors, mirrored results … (0 comments)
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mortgages: How to Choose Between Refinancing Now or Waiting Until You Need Money
- 08/27/20 12:18 PM
Refinancing your existing mortgage may provide you with the opportunity to lower your interest rate, reduce your mortgage payment and adjust your loan term. For those homeowners who have lived in their home for more than a few years, pulling equity out of the property for everything from a luxurious vacation to making home improvements is a tempting potential benefit.
However, with property values and interest rates adjusting frequently, you may wonder if now is the best time to refinance your mortgage.
Using Equity From Your Refinance
One factor to consider when debating between refinancing now and waiting relates to pulling equity out of … (0 comments)
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When applying for a new mortgage or after closing, many may have the option to choose between a single monthly mortgage payment or smaller bi-weekly payments. There are benefits and drawbacks associated with both options, and some personal financial considerations may need to be reviewed in order to make a decision that is best for the individual. With a closer look at the pros and cons of both options, homeowners or home mortgage applicants can make a more informed decision.
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