It’s true that changing jobs can affect your loan approval, but, like most mortgage-related questions, the devil is in the details. So long as you are moving from one position to one with equal or higher income, and you are able to provide documentation of your work and income history, any changes to your loan
This month the Federal Reserve hiked rates for the third time in seven months. Does this mean the end of low mortgage rates? Let’s take a closer look to see how it impacts your home-buying and refinancing plans. What is a Fed rate hike, anyway? The Fed Funds Rate is an overnight bank-to-bank lending rate.
Rarely does a buyer or seller show up to the closing without knowing exactly what their costs of sale will be. In fact, based on the mortgage loan amount of the purchase/sale price, it’s not hard to ballpark either side’s closing costs. Before you get too far along in the process, ask your real estate agent or
It’s spring, and some renters’ thoughts may turn to home buying. Then reality hits: Between paying off student loans, paying rent, and keeping up with other bills, they haven’t saved for a down payment. Renters cite down payments as one of the biggest roadblocks to homeownership. So, if you’re a low- to moderate-income home shopper in
Rates are up .5 percent so far in 2017, and could go higher. This raises the question of whether it makes sense to buy your rate down to control your mortgage costs. Let’s review the market outlook, then answer the question. Where are rates headed from here? Rates are tied to daily trading in mortgage
Rising mortgage rates decrease how much home you can afford, but you have more flexibility than you might think because of how lenders qualify you. Let’s recap the wild ride rates have been on since November, then review how this impacts affordability, and how you can qualify for the most home possible. 2017 rate recap
Home shoppers who have begun looking into mortgages often wonder about the difference between interest rate and APR (Annual Percentage Rate). Basically, think of the interest rate as the starting point in what you will pay for a mortgage loan, then tack on associated fees to calculate the APR. To better understand these concepts, let’s
Buying a home is the largest purchase many consumers will ever make, and many will turn to a lender for financing. But finding a lender you click with can be a challenge, especially if you wait until the last minute. Li-Ning Huang, a research manager on Fannie Mae’s economic and strategic research team, says buyers
For some home buyers, the closing day for a real estate purchase is as formal and complicated as the transaction itself. For others, it’s just a blip on the radar. Either way, there are some important things to keep in mind as you make your way to homeownership. Your mortgage rate could expire Mortgage interest rates
For some home buyers, the closing day for a real estate purchase is as formal and complicated as the transaction itself. For others, it’s just a blip on the radar. Either way, there are some important things to keep in mind as you make your way to homeownership. Your mortgage rate could expire Mortgage interest rates