Why Mortgage Payments for New Homebuyers Could See a Big Jump

Mortgages

Why Mortgage Payments for New Homebuyers Could See a Big Jump

Why Mortgage Payments for New Homebuyers Could See a Big Jump

Proposed changes to requirements for private mortgage insurance could increase mortgage costs for many homebuyers, particularly borrowers with relatively poor credit, according to a new report from the Urban Institute and Moody’s Analytics. Borrowers are required to get private mortgage insurance (PMI) when their down payment is less than 20% of the home’s value, to… Read More

The Key to Buying a Second Home

Mortgages

The Key to Buying a Second Home

The Key to Buying a Second Home

If you’re looking to buy an additional home, you may be facing a big hurdle: your other debts. The percentage of your income that you pay toward your debt is a critical factor in determining how much house you can afford. If your total monthly debt payments, including your current house payment and your proposed… Read More

5 Kinds of Mortgages: What’s Right for You?

Mortgages

5 Kinds of Mortgages: What’s Right for You?

5 Kinds of Mortgages: What’s Right for You?

Home buying can be a whirlwind and, unless you are a lottery winner or heir to a fortune, likely includes taking out a mortgage. Choosing the right mortgage loan for your budget includes assessing your income, lifestyle, credit history and qualifications. But it’s not just a matter of finding an affordable option – it’s also… Read More

The 2.9% Mortgage Rate: How to Get It

Mortgages

The 2.9% Mortgage Rate: How to Get It

The 2.9% Mortgage Rate: How to Get It

A 2.9% mortgage rate sound great, but is it too good to be true? Anyone looking for a home loan knows they want to get the best interest rate possible, but getting a great deal has a lot more to it than comparing rates at face value. The current rate for a 5-year adjustable-rate mortgage is… Read More

Why Your Job Matters When Buying a Home

Mortgages

Why Your Job Matters When Buying a Home

Why Your Job Matters When Buying a Home

Did you recently change jobs or receive a promotion? Despite what you might have heard, it is still possible to qualify for a mortgage to buy or refinance a home using your new income. The lending atmosphere is rife with misconceptions about job gaps, job changes and occupational changes within the course of an employment time… Read More

5 Tips to Win a Bidding War for Your New Home

Mortgages

5 Tips to Win a Bidding War for Your New Home

5 Tips to Win a Bidding War for Your New Home

Housing inventory hit a nearly two-year high last month, with 2.28 million unsold homes on the market nationwide. That’s an encouraging sign during a historic dry spell. But macro trends are cold comfort for potential homebuyers on the ground. There are still plenty of communities where low inventory and rising prices mean bidding wars are… Read More

How Many Homes Can I Finance?

Mortgages

How Many Homes Can I Finance?

How Many Homes Can I Finance?

Real estate investors are hit the hardest by “multiple finance property” guidelines, which the majority of lenders enforce. When an individual owns four or more indebted residential real estate properties beyond the primary home — that’s what’s known as a multiple finance property situation. If you have fewer than four financed properties, then you won’t… Read More

Underwater Mortgages Fall in the Third Quarter

Mortgages

Underwater Mortgages Fall in the Third Quarter

Underwater Mortgages Fall in the Third Quarter

The percentage of homeowners underwater on their mortgages has dropped significantly during the past year, according to the quarterly Negative Equity Report from Zillow. Twenty-one percent of of homeowners with mortgages owed more than their homes were worth in the third quarter. That’s down from 28.2% in the same period of 2012, which is the… Read More

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