When shopping for a mortgage, it’s very important to pick a suitable loan product for your unique situation. Today, we’ll compare two popular loan programs, the â30-year fixed mortgage vs. the 7-year ARM.â We all know about the traditional 30-year fixed â it’s a home loan with a 30-year duration and an interest rate that [&hellip
The post 7/1 ARM vs. 30-Year Fixed Mortgage: Pros and Cons first appeared on The Truth About Mortgage.
Wondering why you didnât receive the low mortgage rate you saw advertised on TV or the Internet? Well, there are a ton of reasons why the quote you obtained was higher than anticipated. Letâs explore a lot of them so you can actually get your paws on that low rate. 1. Low credit score This [&hellip
The post 21 Things That Can Drive Your Mortgage Rate Higher first appeared on The Truth About Mortgage.
Itâs no secret the housing market is hot at the moment, so much so that just about everyone is wondering when the next housing crash will take place. The few homes that are out there are flying off the shelves, and bidding wars are becoming more and more common, if not a foregone conclusion. Instead [&hellip
The post Don’t Be a Desperate Home Buyer first appeared on The Truth About Mortgage.
Some good news for homeowners struggling to make ends meet thanks to COVID-19, which as the name implies has been going on for a while now. The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, has just announced an extension to the COVID forbearance period, which was previously capped at 360 [&hellip
The post You Can Now Request COVID-Related Mortgage Forbearance for Up to 18 Months first appeared on The Truth About Mortgage.
It’s that time again, where I take a look at a pair of popular mortgage programs to determine which may better suit certain situations. Today’s match-up: “15-year fixed mortgage vs. 30-year fixed mortgage.” As always, there is no one-size-fits-all solution because everyone is different and may have varying real estate and financial goals. For example, [&hellip
The post 15-Year Fixed vs. 30-Year Fixed: The Pros and Cons first appeared on The Truth About Mortgage.
We’re all looking for an angle, especially if itâll save us some money. Whether itâs a stock market trend, a home price trend, or a mortgage rate trend, someone always claims to have unlocked the code. Unfortunately, itâs usually all nonsense, or predicated on the belief that what happened in the past will occur again [&hellip
The post When Are Mortgage Rates Lowest? first appeared on The Truth About Mortgage.
With mortgage rates at or near all-time record lows, youâve likely pondered a refinance if youâre an existing homeowner. But you probably have a lot of questions too, especially if itâs your first time refinancing a home loan. Letâs clear up some of the confusion by tackling some of the most common refinance questions out [&hellip
The post The Top 15 Refinance Questions Answered first appeared on The Truth About Mortgage.
Queue the panic. Mortgage rates have officially spiked and the media is all over it. Yep, the average rate on a 30-year fixed mortgage increased from 2.65% to 2.79% this week, per Freddie Macâs weekly survey. Freddie Mac Chief Economist Sam Khater noted in the weekly news release that mortgage rates have been under pressure [&hellip
The post Donât Freak Out About the Recent Mortgage Rate âSpikeâ first appeared on The Truth About Mortgage.
Move allows users to deliver title policies and recorded mortgages to lender partners
Mortgage rates can be pretty volatile. Just like stocks, they can change daily depending on whatâs happening in the economy. Beyond that, mortgage rates can move based on news that doesnât involve a report on the economic calendar, such as a jobs report, GDP, housing starts, inflation, etc. Even if there isnât a direct financial [&hellip
The post Mortgage Rates vs. the Coronavirus: We Might Test New All-Time Lows first appeared on The Truth About Mortgage.