Mortgage and Real Estate Articles from Mortgage Research Center
WEBSep 28, 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 mortgage, real estate and personal …
Mortgage Rates Today, Oct. 4, 2024: Jobs Report Likely Bad for …
WEB17 hours ago · October 4, 2024, 8:30 AM UTC 3 MIN. The average 30-year fixed rate mortgage was 6.28% yesterday, an increase of 0.06% since the day before. The 15-year fixed mortgage rate stood at 5.24%, up by 0.01%. The 30-year FHA mortgage averaged 5.59% yesterday, having risen by 0.06. Meanwhile, the 30-year jumbo mortgage rate …
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.
USDA Renovation Loans | USDA Rehab & Home Improvement
WEB10 hours ago · The USDA offers a limited renovation loan for non-structural repairs up to $35,000, and a standard renovation loan for structural changes and more costly improvements. Only single-family primary residences in agency-approved rural areas are eligible for a USDA rehab loan. USDA loans require no down payment – even for home …
Mortgage Rates Today, Oct. 1, 2024: Rates Continue Modestly …
WEB3 days ago · by Peter Warden in Rates. October 1, 2024, 8:30 AM UTC 4 MIN. The average 30-year fixed rate mortgage was 6.15% yesterday, unchanged since the day before. The 15-year fixed mortgage rate stood at 5.13%, down by 0.01%. The 30-year FHA mortgage averaged 5.47% yesterday, having dropped by 0.08.
FHA Loan Closing Costs: How Much, Who Pays & What to Expect
WEB2 days ago · There are costs associated with all mortgages, with FHA loan closing costs generally running between 3% and 6% of the total amount financed. The biggest difference between FHA closing costs and other loan types is the 1.75% upfront mortgage insurance premium. Other closing costs can vary by the size of your loan, where you’re …
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 26, 2024 · FHA is already a lenient program, requiring just 3.5% down. But FHA also allows buyers to use a wide variety of down payment assistance programs to make it even more feasible to buy a home. by Jonathan Davis. August 22, 2024 11 MIN.
FHA Streamline Refinance: 2024 Guidelines and Loan Requirements
WEBFeb 7, 2024 · Although most applicants won't encounter credit score or income requirements, there are still some guidelines that you'll need to meet to be eligible for an FHA streamline refinance. Specifically, your existing mortgage must: Be an FHA loan. Be current on its payments. Have been opened at least six months ago.
Rates Articles - Mortgage Research Center
WEBSep 26, 2024 · 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. All Rates Articles.