Redfin

FEBRUARY 28, 2025

From the down payment to closing costs, there are a lot of expenses to consider. Whether youre buying a house in Seattle or a home in Denver – this Redfin guide will break down every major cost to help you budget effectively and avoid surprises. home price about $420,000as a benchmark for estimating these costs.

Earnest money deposit

Redfin

JULY 23, 2025

It represents the portion of the home’s cost not covered by the mortgage. Reduces the mortgage principal, leading to lower monthly payments and total interest over time. If you’re considering buying your first home, then you’re likely trying to determine how much house you can afford – and how much down payment you need.

FHA loan

The Mortgage Report

JULY 11, 2025

Ralph DiBugnara , president at Home Qualified : What’s most unique for first-time buyers is the competitive nature of today’s markets combined with higher rates and costs. Ralph DiBugnara , president at Home Qualified : What’s most unique for first-time buyers is the competitive nature of today’s markets combined with higher rates and costs.

FHA 203k rehab loan

Redfin

JUNE 13, 2025

Example cost impact: At a 6.8% rate, financing a $400,000 home with a typical 20% down payment, your monthly principal and interest would run about $2,050—compared to roughly $1,435 at a 4% rate (all else being equal). Even with experience under your belt, buying and selling at the same time can feel like a balancing act.

Debt-to-income ratio

Redfin

JULY 24, 2025

It represents the portion of the home’s cost not covered by the mortgage. Reduces the mortgage principal, leading to lower monthly payments and total interest over time. Think of it this way: the less money you have to take out as a loan, the smaller the principal amount that your bank calculates your payments on.

Principal

Redfin

JULY 30, 2025

If you’re wondering if you’re ready to buy a house , consider these three factors: Financial stability: If you have a low credit score, lots of debt, and not enough funds to cover a down payment and closing costs, you may want to wait to buy a home. Closing costs: Typically 2-5% of the home’s purchase price.

Pre-approval

Marco Santarelli

JUNE 2, 2025

Keeping a close eye on these mortgage rate trends and refinance rate trends is crucial for anyone looking to buy a home or adjust their current mortgage. Keeping a close eye on these mortgage rate trends and refinance rate trends is crucial for anyone looking to buy a home or adjust their current mortgage.

Mortgages

AAOA

MAY 22, 2025

Whether youre asking how to buy an apartment complex , wondering how much it costs to buy an apartment complex , or simply exploring if this path is right for you, this guide breaks it all down step by step. And like any business, success depends on how well its operated. But savvy investors go deeper. Where is it underperforming?

Due diligence

The Mortgage Report

JULY 1, 2025

With that price icing out many buyer candidates, sellers are more eager to negotiate lately, agreeing to lower down payments in order to close deals in a cooling market where there are now 34% more sellers than buyers. Buyers across the country are bringing smaller checks to the closing table,” he says. How Soon Can I Refinance?

Loans

Marco Santarelli

APRIL 17, 2025

These rates, though still higher than historic lows, are trending down, signaling potential opportunities for those aiming to lock in favorable borrowing costs in a volatile market. The current average 30-year fixed mortgage rate stands at 6.74% , whereas the 15-year fixed is at 6.06%. 5/1 ARM 6.99% Adjustable rate, fixed for first 5 years.

Mortgages

Marco Santarelli

JULY 8, 2025

Mortgage Rates Today: The States Offering Lowest Rates – July 8, 2025 The Tale of Two Coasts: Rates Coast to Coast While some states enjoy rates below 7%, others are facing higher costs. It's like dangling a carrot only to snatch it away when you get close. You’re probably wondering where to snag the best deal on a mortgage.

Mortgages

Marco Santarelli

APRIL 2, 2025

Factors like closing costs and how long you plan to stay in your home play a big role in whether refinancing will save you money in the long run. This means your principal and interest payment will remain consistent, making budgeting much easier. These rates are also reflecting the general downward trend.

Mortgages

The Mortgage Report

JULY 8, 2025

Fixed‑rate home equity loan Also known as second mortgages , these closed‑end loans let you borrow a lump sum against your home equity, usually up to 80–85% of your home’s value (minus what you still owe on your primary mortgage). How Soon Can I Refinance? How Often Can I Refinance? It Is Worth Refinancing For 0.5%? In this article (Skip to.)

Equity

Marco Santarelli

MAY 20, 2025

Molly Boesel, Principal Economist at Cotality, perfectly sums it up: “Uncertainty tied to higher inflation has kept mortgage rates high, which has led to lower affordability of monthly mortgage payments, keeping some potential buyers out of the market.” Increased costs: Tariffs can lead to higher prices for consumers.

Mortgages

Marco Santarelli

MARCH 20, 2025

Therefore, it's essential to carefully evaluate your potential savings and closing costs before making a decision. Are you keeping an eye on mortgage rates? As of March 20, 2025, the mortgage market is showing a slight upward tick , with rates inching up for the second consecutive week. 15-year fixed mortgage rate: Averaging 5.98%.

Mortgages

Redfin

JUNE 10, 2025

Offer seller concessions or financing: Instead of reducing the core price, you might offer seller credits toward the buyer’s closing costs. Pro insight from Redfin principal agent Rachael Wang: “When the appraisal for a home comes in low, setting the right expectation is crucial for sellers.

Purchase and sale agreement

Marco Santarelli

FEBRUARY 26, 2025

Let's see how refinance rates by Zillow are shaping up: Refinance Type Rate 30-Year Fixed 6.36% 20-Year Fixed 6.01% 15-Year Fixed 5.68% 5/1 ARM 6.78% 7/1 ARM 6.74% 30-Year VA 5.82% 15-Year VA 5.47% Interestingly, the refinance rates are pretty close to the purchase rates, and in some cases, even slightly higher.

Mortgages

Marco Santarelli

MAY 22, 2025

For those looking into shorter-term commitments, the 15-year fixed mortgage remains an attractive option at 6.08% , allowing homeowners to build equity faster while still benefiting from lower long-term interest costs. This difference often arises from closing costs associated with refinancing, which can vary significantly among lenders.

Mortgages

Norada Real Estate

JULY 20, 2025

As of July 20, 2025, mortgage rates remain relatively stable but slightly higher , with the national average 30-year fixed mortgage rate standing at 6.87% , up 3 basis points from last week’s 6.84%, according to Zillow data. 15-Tear fixed mortgages show a small drop for refinancing at 5.82% and a stable rate for purchase loans at 5.89%.

Mortgages

Marco Santarelli

MARCH 17, 2025

Let's look at an example provided by Zillow: For a $300,000 mortgage at 6.59% with a 30-year term, your monthly payment for principal and interest alone would be around $1,914. Current Mortgage Rates on March 17, 2025 If you're shopping for a mortgage right now, it's crucial to know where interest rates stand.

Mortgages

Redfin

AUGUST 5, 2025

They usually come in two forms: Standalone construction loan: A short-term loan that finances the building phase; borrowers get a separate mortgage loan once the principal comes due. In high-cost areas, such as Alaska or Hawaii, the limit is $1,209,750 for one-unit properties. What is a jumbo construction loan?

Construction

Marco Santarelli

APRIL 27, 2025

For many, especially given the current market conditions centered around high borrowing costs, yes , buying a home with cash in 2025 presents a remarkably strong position, offering distinct advantages that financed buyers just can't touch, though like any big financial move, it requires careful consideration of your own situation.

Finance

Marco Santarelli

JUNE 16, 2025

These rules can affect things like closing costs, lender fees, and even how quickly a lender can foreclose if something goes wrong. If you're hunting for a home or considering refinancing, you're probably wondering where you can snag the best deal. But why is there such a difference from state to state? Let's find out!

Mortgages

Redfin

AUGUST 5, 2025

In this article, we’ll review the major costs associated with house flipping and the loan options you should know about. How much does it cost to flip a house? Buying any house is costly, but the cost to buy, rehab and flip a house can be costlier. It’s slightly less entertaining when it’s your financial security on the line.

Loans

Redfin

AUGUST 6, 2025

But what does a $1M home really cost in terms of your monthly mortgage paymen t? Example monthly payments for a $1M home These estimates include the main components of a mortgage payment: principal, interest, and average additional costs like taxes and insurance. Let’s break it down. What’s included in a $1M mortgage payment?

Mortgages

Norada Real Estate

JUNE 26, 2025

This estimate includes principal and interest but does not encompass additional costs like property taxes and homeowners insurance, which can significantly affect the total monthly obligation. Economic Influences : Inflation, investor sentiment, and Federal Reserve policies heavily influence mortgage rates.

Mortgages

Norada Real Estate

MAY 22, 2025

For those looking into shorter-term commitments, the 15-year fixed mortgage remains an attractive option at 6.08% , allowing homeowners to build equity faster while still benefiting from lower long-term interest costs. This difference often arises from closing costs associated with refinancing, which can vary significantly among lenders.

Mortgages

Redfin

JULY 30, 2025

To assess your DTI, lenders often use the 28/36 rule: first-time homebuyers should not spend more than 28% of their income on housing costs, and their total debt should not exceed 36% of their annual income. Whether you’re purchasing a home in Lincoln, NE or Hartford, CT , this guide will help you navigate the process with ease.

Debt-to-income ratio

Marco Santarelli

APRIL 15, 2025

Rate Monthly Payment (Principal & Interest) Total Interest Paid (over 30 years) 7.2% $2,717 $578,084 6.86% $2,624 $544,535 Over the life of the loan, you'd save over $33,000 ! However, it's important to factor in closing costs, which can range from 2% to 6% of the loan amount. Well, there's some good news to share!

Mortgages

Marco Santarelli

APRIL 5, 2025

However, the reality is that even with these lower borrowing costs, the overall cost of buying a house remains stubbornly high, hovering near record levels. Rising Construction Costs: Building a new home isn't cheap. For that same $400,000 home, your monthly principal and interest payment would be closer to $1,910.

Mortgages

Marco Santarelli

MARCH 8, 2025

Well, based on the latest data from early March 2025, you could be looking at a principal and interest payment of around $3,200 to $3,300 for a 30-year fixed-rate mortgage. How Much Would a $500,000 Mortgage Cost Per Month in March 2025? Your total monthly mortgage payment will likely be higher because it includes other costs.

Mortgages

Marco Santarelli

JUNE 11, 2025

As of today, June 11, 2025, the states with the lowest 30-year new purchase mortgage rates are New York, Colorado, California, Virginia, Connecticut, and New Jersey , closely followed by Florida and Texas. Look at the total cost of the mortgage, including origination fees, appraisal fees, and other closing costs.

Mortgages

The Close

JULY 1, 2025

As a real estate agent, understanding FHA loan requirements can allow you to guide your clients towards homeownership, close more deals, and earn the trust of first-time homebuyers. A home is the largest purchase most people will ever make, and many buyers rely on mortgage financing. That’s where FHA loans can save the day for everyone.

FHA loan

Marco Santarelli

MARCH 6, 2025

Principal and Interest (P&I): The portion of your monthly payment that goes towards paying down the actual loan amount (principal) and the cost of borrowing the money (interest). APR (Annual Percentage Rate): This is the true cost of your loan, including the interest rate, plus any fees and other charges.

Mortgages

Marco Santarelli

MAY 6, 2025

This approach can provide flexibility while still enabling them to pay down their principal faster. As of May 6, 2025, mortgage rates have seen a slight increase compared to recent weeks, reflecting economic conditions and Federal Reserve actions. Refinance rates : Averages are higher, with the 30-year refinance rate at 6.81%.

Mortgages

Marco Santarelli

JULY 25, 2025

For example, here’s a basic calculation for a $400,000 home loan with a 20% down payment ($80,000 down): At a 6.89% interest rate (30-year fixed), monthly principal and interest payments come to approximately $2,373. Example: For a $1 million home, monthly costs could drop by nearly $400 if rates decrease from 7% to 6.25%.

Mortgages

Redfin

FEBRUARY 19, 2025

Mortgage credit certificate : A tax credit for qualifying homebuyers that reduces the cost of taxes. The maximum mortgage principal eligible for deductible interest is $750,000, or $375,000 if youre married and filing separately. Buying a home is a major life milestone and can provide numerous benefits.

Equity