Mortgage rates dropped yet again, and buyers across the country are carefully watching the market to see if rates will increase sharply before the busy spring market. While it’s hard to accurately predict rates more than six months in advance, industry experts speculate that they won’t climb above 4% in 2017. The nation’s most popular…
When you purchase a home with a mortgage, your monthly payment will likely include your loan’s principal and interest, as well as property taxes, homeowners’ insurance, and private mortgage insurance (if applicable). If you’ve owned a home before, this information probably sounds familiar. If you’re a first time buyer, however, this can be a little counterintuitive…
Is fall the new spring when it comes to the real estate market? As borrowers rush to refinance or purchase their new home before November 8th, lenders around the country have been busy processing mortgage applications in time for Election Day. Spring tends to be the busiest time of year for the real estate market,…
Gone are the days of needing 20% down! Instead, lenders are touting low down payment options for qualified borrowers, and some loans don’t even require a down payment. For example, the popular FHA mortgage offers loans for just 3.5% down, and USDA and VA loans don’t require their borrowers to put any money down. Today, the average…
It’s common knowledge that borrowers must have an average or above-average credit score to purchase a home. However, credit scores are far more important when purchasing a home than you might think, as only buyers with the highest scores are eligible for the lowest interest rates. While borrowers with credit scores above 760 are most likely to receive the…
Mortgage rates had been stuck around 3.4% for much of the summer, but they finally took their biggest leap in over two months this week. While they only increased about an eighth of a percent, it was enough to hurt stocks of the nation’s top homebuilders. Significant increases in the average mortgage rate can send shockwaves throughout…
Mortgage rates inch higher this week after Federal Reserve Chair Janet Yellen announced that U.S. interest rates may rise later this year. Currently, the average 30-year fixed rate loan stands at 3.46% according to Freddie Mac, up from last week’s average of 3.43%. Yellen cited the strong labor market and promising economic outlook and inflation as…
The number of households in the United States that are “seriously” delinquent on their mortgage payments has fallen since this time last year, according to Freddie Mac. In the latest piece of good news for the housing market, the government mortgage giant reports that just 1.08% of homeowners are three months behind on their mortgage…
If you’re in the process of buying a home and securing a mortgage, you may have seen both the interest rate and annual percentage rate (APR) expressed on various websites and forms. While they’re similar, there are a few key differences — and they’re definitely not interchangeable terms. Here’s what you need to know: …
While mortgage rates remain historically low, they’re beginning to climb slightly for the first time following the Brexit vote. Currently, the average 30-year fixed rate mortgage stands at 3.42%. The national average rate plummeted following the UK’s announcement, and some industry experts even speculated that they may drop to their lowest rate ever. While that…
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…