Mortgage and Real Estate Articles from Mortgage Research Center
WEBSep 16, 2024 · Many first-time buyers hesitate to get pre-approved because it could hurt their credit. But now it's possible to get pre-approved without a hard credit inquiry. by Tim Lucas in Credit. April 4, 2024 4 MIN. Mortgage Research Center features mortgage news and advice for homebuyers from a team of experts in …
A Complete Guide to FHA Refinances: Eligibility, Requirements, …
WEBAug 23, 2024 · Conventional Refinances. Conventional loans are not insured by a government agency and, as such, have slightly higher requirements than FHA refis. You can expect to need a minimum credit score of 620 and a maximum debt-to-income ratio of 45%. You'll also need at least 5% equity in most cases.
Mortgage Rates Today, Sep. 20, 2024: Lower Rates Reviving Home …
WEB2 days ago · Mortgage Rates Today, Sep. 20, 2024: Lower Rates Reviving Home Listings and Refis. The average 30-year fixed rate mortgage was 6.08% yesterday, an increase of 0.46% since the day before. The 15-year fixed mortgage rate stood at 5.05%, up by 0.4%. The 30-year FHA mortgage averaged 5.43% yesterday, having risen by 0.41.
Mortgage Rates Today, Sep. 18, 2024: Fed Day Finally Arrives
WEB4 days ago · by Peter Warden in Rates. September 18, 2024, 8:30 AM UTC 4 MIN. The average 30-year fixed rate mortgage was 5.59% yesterday, a decrease of 0.01% since the day before. The 15-year fixed mortgage rate stood at 4.58%, down by 0.08%. The 30-year FHA mortgage averaged 4.97% yesterday, having dropped by 0.06. Meanwhile, the 30-year jumbo mortgage ...
What Is a Mortgage and What Can It Do for You? - Mortgage …
WEBJun 17, 2024 · Mortgages are secured by the underlying piece of real estate. If a borrower fails to make their payments, the lender can take legal action to gain ownership of the property. They can then sell it to recoup their losses. Without a mortgage, buying a home would require you to save up the entire purchase price.
Home Loans Articles | Mortgage Research Center
WEBSep 12, 2024 · According to our estimates, FHA loan limits could rise in 2025. Find out how much they could go up. by Tim Lucas. August 27, 2024 4 MIN. All Home Loans Articles.
Fannie Mae Rolls Out 5% Down Multifamily Home Loans
WEBJuly 1, 2024, 3:15 PM UTC 5 MIN. It's official: Fannie Mae now allows 5% down payments for owner-occupied 2-, 3-, and 4-unit (multifamily) homes. This is a surprising reversal of the years-long policy of requiring 15-25% down for duplexes, triplexes, and four-plexes. It will be a major benefit to those looking to purchase a multifamily home to ...
Rates Articles - Mortgage Research Center
WEB5 days ago · Buying a $350k Home Just Got $300 Per Month Cheaper. Falling mortgage rates have equated to an estimated $300-per-month drop in the mortgage payment on a $350,000 home. by Tim Lucas. August 31, 2024 1 MIN.
FHA Loans: The Comprehensive Guide - Mortgage Research Center
WEBThe FHA loan is a type of government-backed home mortgage insured by the FHA, aka the "Federal Housing Administration." The FHA designed this program for borrowers who may be unable to make a sizeable down payment or meet conventional credit and income requirements.. FHA loans are popular with first-time homebuyers and other budget-oriented borrowers for their less stringent credit ...
How to Refinance Your Home - Mortgage Research Center
WEBIf you're providing a down payment or any other closing costs, bring that with you. You'll also need a few forms of identification. You'll sign the refinance paperwork in front of the notary, who will stamp it and provide you with a copy of the paperwork. Make sure you keep your paperwork somewhere safe at home.