Mortgages

Mortgage Rates Start Summer Near 2017 Lows … Will It Hold?

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.

What Do Buyers and Sellers Pay in Closing Costs?

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

Do You Qualify for Treasury Down Payment Assistance?

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

Should I Buy Down My Rate After 2017 Fed Rate Hikes?

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

How 2017 Rate Volatility Impacts Home Affordability

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

What Is the Difference Between Interest Rate and APR (Annual Percentage Rate)?

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

5 Questions to Ask Potential Mortgage Lenders

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

Home Buyers: 5 Things to Know As You Wait for Closing Day

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

Home Buyers: 5 Things to Know As You Wait for Closing Day

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

Rates Rising Ahead Of 2017: What Home Buyers and Owners Need To Know

Editor’s note: ‘Tis the season – not only to celebrate the year’s end, but to look back at highlights of the past 12 months and start thinking about what we hope the coming year will bring. This week on Porchlight, we’ll reminisce about some of 2016’s bright spots, and help you get ready to greet 2017.