Mortgage rates are hovering near historically low rates, so it should come as no surprise that we’re expecting another small refinance boom. While there’s nothing that we love more than helping people find their next home (we are Realtors, after all!), we also understand that it often makes sense to stay put in your current…
For the past two or three years, economists and industry insiders have forecasted that mortgage rates would soon increase to 6% or higher. But despite expert predictions, mortgage rates have actually decreased in 2016 and remain near historic lows. Here is what influences our nation’s mortgage rates: 1. Economic Growth One of the best ways…
If you’re in the market for a luxury home, you’ll likely be obtaining a jumbo mortgage. This type of loan covers homes that “exceed the conforming limit,” which is usually $417,000 (note: in some areas of New Jersey, the limit is $625,000). Qualifying for a jumbo loan is a bit different than securing any other…
Have you heard the story about your second cousin’s best friend who submitted nine offers before finally (finally!) securing their dream home? If you’ve heard it once, you’ve heard it a hundred times: buyers are struggling to get offers accepted, especially in hot markets like Lafayette Hill, Ardmore, Glenside and Ambler. This tends to especially affect first time buyers….
It’s not uncommon for married or unmarried couples to have different credit scores. If the difference is just ten or twenty points, it’s unlikely to affect you when buying a home. But what happens if your credit score is a sparkly 760 and your significant other has a credit score of 620, for example? This is where…
If you’re obtaining a mortgage for your new home, you’ll likely be making a down payment. While some loan types don’t require a down payment (namely, VA or USDA loans), the vast majority of borrowers are required to pay at least 3.5% towards their new home at settlement time. If you’re able to pay 20%…
The average 30-year fixed rate conventional mortgage is hovering just above a 3-year low, Mortgage News Daily reports. Borrowers across the nation can expect to lock in at a rate of approximately 3.625% — not too shabby! This rate is close to the all-time lows that the mortgage industry experienced in 2012-2013. FHA and VA loans…
The 30-year mortgage is currently the preferred type of home loan for the vast majority of buyers across the nation. In fact, nearly 95% of EveryHome’s borrowing clients obtain a 30-year loan. However, some financial advisors warn that 30-year loans aren’t in every buyer’s best interest, as they can lead to high levels of debt into…
Generally speaking, you’ll need to put down at least 3.5% when you purchase a home using an FHA loan. If you’re obtaining a conventional loan, you’ll need at least 5%. However, there are some creative ways to buy a home with no money down: The most common way to pay less (or nothing at all!) at…
Mortgage rates continue to defy industry experts who predicted that the 30-year fixed rate loan would hit 5% this year. Instead, the national average 30-year fixed rate mortgage dropped to 3.59% this week – its lowest rate since February 2015! Last week’s average rate was 3.71%, according to government mortgage giant Freddie Mac. “Low mortgage…
The average rate for a 30-year fixed loan has increased for the third week in a row, according to Bankrate’s most recent survey of mortgage lenders across the nation. The current rate currently stands at 3.93%, up from last week’s average of 3.87%. While mortgage rates may continue to fluctuate or increase slightly in upcoming…
If you’re thinking about purchasing a condominium, you may be wondering if you can use an FHA loan. The most simple answer is that many (but not all) condo communities are eligible to be financed with a FHA loan. Because the FHA has specific requirements for condo projects, the community must already be on FHA’s list…
Are the days of strict lending standards over? First Choice Loan Services, Inc. recently introduced an exciting new program for potential home buyers with less-than-stellar credit. The boutique-style lender is now offering FHA loans to borrowers with a credit score of 580 with a 5% down payment. The program is also offering down payments…
Typically, anytime a buyer puts down less than 20% down on a home, they have to purchase private mortgage insurance (PMI). Because this type of insurance can be expensive, many buyers attempt to avoid it by putting down at least 20%. Of course, this isn’t feasible for all borrowers — especially first time buyers! One…
If you’re obtaining a loan and putting less than 20% down, you’ll likely be paying private mortgage insurance (PMI). This pesky fee can range considerably in price, but it typically ranges between 0.3 and 1.5 percent of the original loan amount per year, according to Bankrate.com. While this insurance is paid by the consumer (that…