Archive For The “mortgage” Category

Mortgage Rates Fall to Lowest Level of the Summer

Mortgage Rates Fall to Lowest Level of the Summer

If you’re in the process of purchasing a home, it just might be a good time to lock in your interest rate! The nation’s average 30-year fixed rate mortgage rate fell to 3.67% according to Zillow Mortgages, and the 15-year fixed rate loan also slid lower to 2.92%. Economists speculate that mortgage rates have been…

Freddie Mac Just Made it Easier to Get a Mortgage

Freddie Mac Just Made it Easier to Get a Mortgage

A recent shift by Freddie Mac and Fannie Mae made it easier for borrowers with higher levels of debt to obtain a home loan. The government-backed mortgage giants announced that it will begin accepting borrowers with debt-to-income (DTI) ratios up to 50%.  Previously, lenders were only accepting DTI ratios up to 45%.  This policy change is…

Mortgage Rates Tumble to Seven-Month Low

Mortgage Rates Tumble to Seven-Month Low

Mortgage rates slid lower for the fourth week in a row and fell to their lowest levels since November, prompting borrowers with upcoming settlements to lock in their interest rates.  Currently, the national average for the benchmark 30-year fixed loan stands at 3.78%, down two basis points from this time last week.  The average 15-year…

Mortgage Rates Return to Pre-Election Levels

Mortgage Rates Return to Pre-Election Levels

The average 30-year fixed rate mortgage dropped to 3.85% this week, according to Bankrate.com. A decrease of 8 basis points since this time last week, some lenders have encouraged borrowers to lock in their rates. The average 15-year fixed rate home loan dropped 6 basis to 3.07%, and the 5/1 Adjustable Rate Mortgage (ARM) also…

Buying and Selling at the Same Time? Consider a Swing Loan

Buying and Selling at the Same Time? Consider a Swing Loan

The real estate market is hot in Greater Philadelphia, and competition is fierce among buyers in many suburban neighborhoods.  It’s especially tough for buyers who have a home to sell, as many sellers are less likely to accept offers with a home sale contingency.  However, there are options for these buyers, and one of them is…

Credit Scores Improvement for Home Buyers

Credit Scores Improvement for Home Buyers

Interested in buying a home this spring but concerned about your credit? You’re not alone! Each year, we work with dozens of buyers who  struggle to qualify for a mortgage because of poor credit.  Luckily, there are local, helpful programs to help borrowers increase their credit scores quickly!   Currently, FHA mortgages allows buyers with credit…

Mortgage Insurance Premiums Just Got Cheaper

Mortgage Insurance Premiums Just Got Cheaper

Good news for buyers using an Federal Housing Administration (FHA) loan and making a down payment of less than twenty percent!  Annual mortgage insurance premiums just dropped significantly in price, from 0.85% to 0.6% of the loan balance.  The recent change, announced January 9th, is expected to save the average homeowner approximately $500 per year. The…

Mortgage Rates Finally Fall, Ending 9-Week Streak

Mortgage Rates Finally Fall, Ending 9-Week Streak

Breaking a 9-week streak of increasing mortgage rates, the average 30-year fixed loan tumbled this week to 4.20%.  Last week, the average rate stood at 4.32%.  Government mortgage agency Freddie Mac reported that mortgage rates have fallen for the first time since the presidential election, and that the 15-year fixed rate loan and 5/1 Adjustable-Rate Mortgage…

Underwater and Need to Sell? Here’s What You Need to Know

Underwater and Need to Sell? Here’s What You Need to Know

If you’re “underwater” or “upside-down” on your home, you owe more than it’s worth.  For example, if you still owe $220,000 on your mortgage, and your home’s approximate value (as estimated by a licensed real estate agent or appraiser) is $210,000, then you’re about $10,000 underwater.  For homeowners in this situation, it’s not a big deal…

How Much Equity Do You Have in Your Home?

How Much Equity Do You Have in Your Home?

Whether you’re interested in selling, refinancing, or taking out a home equity line of credit (HELOC), you’ll need to know the amount of equity that you have in your home. The first step is to take a look at your monthly mortgage statement to get a sense of your outstanding balance.  If you’re like most…

What the Federal Reserve’s Rate Hike Means for Buyers

What the Federal Reserve’s Rate Hike Means for Buyers

The Federal Reserve voted to raise the benchmark interest rate one-quarter of a percent on Wednesday, signaling a future uptick in mortgage rates.  The unanimous decision, which was widely predicted by industry experts, was only the second time in a decade that the Federal Reserve raised interest rates. Explains Janet Yellen, the Fed’s chairwoman, “My…

How Will Student Loans Impact Your Ability to Afford a Mortgage?

How Will Student Loans Impact Your Ability to Afford a Mortgage?

Mark Mawby was kind enough to sit down with EveryHome and discuss how to afford a mortgage with student loan debt.  Mark serves as the Vice President of Lending for Freedom Mortgage in Plymouth Meeting, PA and his team has helped countless EveryHome buyers effortlessly secure a mortgage. There have been a lot of changes…

How Will Higher Mortgage Rates Affect the Housing Market?

How Will Higher Mortgage Rates Affect the Housing Market?

The average 30-year fixed rate mortgage jumped another 6 basis points this past week to 4.02%, Bankrate.com reports. Fueled by industry expectations that a Trump presidency will increase corporate profits and cut taxes, the increase in rates have been an unwelcome surprise to buyers across the country.  Just a month ago, the average home loan…

What’s the Best Amount for a Down Payment?

What’s the Best Amount for a Down Payment?

A lot of buyers, and especially first-time buyers, are unsure how much money they should put down on their new home. Down payment amounts can vary greatly among borrowers, and the majority of EveryHome clients put down between 3.5% and 20%. And sometimes there are even opportunities to buy a home with 0% down –…

Mortgage Rates Surge Following the Election

Mortgage Rates Surge Following the Election

Mortgage rates jumped above the 4 percent benchmark in the week following the election, and many industry experts are advising buyers to lock their rate immediately.  Despite being the biggest one-week increase in over three years, the market remains volatile and rates may continue to rise quickly. While we haven’t seen rates above 4 percent since…

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