HomeLight

DECEMBER 27, 2023

Here, we explore five areas you can cover with a mortgage lender before putting your home on the market that will protect your best interests as a seller and give you a clear view of your current financial picture so you don’t regret the day you sold your house. That starts with determining what it will take to pay off your mortgage.

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Pre-approval Mortgages Equity Principal 109

Realtor.com

APRIL 5, 2021

Getty Images What is an interest-only mortgage? It’s a type of home loan where you start off paying only the interest for a certain time period, followed by a time where you pay back both the interest and principal. But unlike a conventional ARM, borrowers don’t build any equity in their home with an interest-only mortgage. “I

Loans 122

Loans Mortgages Principal Equity 122

Redfin

DECEMBER 15, 2023

In 2020, interest rates took a sharp dive as the Federal Reserve sought to stave off economic collapse amid the pandemic. The resulting low rates sparked a surge in real estate transactions, with numerous homebuyers securing 30-year fixed-rate mortgages below 3%. What is a mortgage refinance?

Fixed-rate mortgage 67

Fixed-rate mortgage Mortgages Title search Equity 67

Realtor.com

JULY 5, 2021

More homebuyers are choosing adjustable-rate mortgages, which offer lower monthly payments initially, to contend with record-high home prices. Those lower monthly payments, instead of traditional 30-year fixed-rate mortgages, are proving to be a strong lure for buyers looking to afford a home in the white-hot housing market.

Mortgages 121

Mortgages Fixed-rate mortgage Principal Loans 121

HomeLight

AUGUST 26, 2020

Now you’re confused because you need a refinance appraisal, but you just got a purchase appraisal before being approved for a mortgage — is there a difference between a refinance appraisal vs. purchase appraisal? The main reason to refinance your mortgage. Converting an adjustable-rate mortgage to a fixed-rate mortgage.

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Fixed-rate mortgage Equity Loans VA loan 143

HomeLight

SEPTEMBER 30, 2020

Mortgage payments can take up a good chunk of your income, especially with a new home. And the interest you pay on that mortgage loan is nothing to sneeze at. In 1982, mortgage rates hit an annual average of 16.03%. That means for a 30-year conventional mortgage loan for $250,000, you’d be paying $962,458.72

Mortgages 98

Mortgages Fixed-rate mortgage Equity Loans 98

Housing Wire

DECEMBER 11, 2023

After hitting a 23-year high of 8% in October, mortgage rates have cooled down to the lowest levels since July. When interest rates hovered around 8%, it really hurt affordability,” Steinway said. So if you look macro versus micro, you’re going to get a very different picture,” said Shane Kidwell, CEO of Dwell Mortgage. “We

Mortgages 454

Mortgages Fixed-rate mortgage Equity Loans 454

Marco Santarelli

JANUARY 23, 2023

With a recession expected to begin in the first quarter of 2023, one plausible scenario is for the Federal Reserve to reduce the federal funds rate in mid-to-late 2023. However, given the Fed's recent statements, we believe there is a significant upside risk to the Fed keeping interest rates higher for longer. Opportunity!

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Equity Due diligence Fixed-rate mortgage Principal 52

Redfin

NOVEMBER 18, 2020

As a first-time homebuyer , you might be confused or even bewildered by the mortgage process and its many moving parts. Here’s what you need to know about what a mortgage is and how it works for all parties – when you peek behind the curtain, you’ll realize it’s just another tool for purchasing a home.

Mortgages 70

Mortgages Principal Fixed-rate mortgage Loans 70

Toronto Realty Blog

JUNE 20, 2022

The previous regime of the US Federal Reserve was trying to combat both recessionary pressures and inflation simultaneously, with interest rates being lowered and raised like a yo-yo, making a mess of the financial markets, consumer expectations and understanding, and the price of goods and services. We are a ways away from the 14.8%

Principal 97

Principal Fixed-rate mortgage Pre-approval Mortgages 97

Realtor.com

JULY 5, 2021

More homebuyers are choosing adjustable-rate mortgages, which offer lower monthly payments initially, to contend with record-high home prices. Those lower monthly payments, instead of traditional 30-year fixed-rate mortgages, are proving to be a strong lure for buyers looking to afford a home in the white-hot housing market.

Mortgages 56

Mortgages Fixed-rate mortgage Principal Loans 56

Realty Biz

JUNE 15, 2022

A fixed-rate mortgage is stable for 15 to 30 years, but rents may increase on average as much as 5% per year. . A fixed-rate mortgage is stable for 15 to 30 years, but rents may increase on average as much as 5% per year. . You Need a 20% Down Payment to Get a Mortgage. It’s Cheaper to Rent Than Own.

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Debt-to-income ratio VA loan Fixed-rate mortgage Loans 97

Windemere Selling

JUNE 13, 2022

Refinancing your home allows you to renegotiate the terms of your loan and lower your monthly mortgage payment, while selling has the potential to put enough cash in your pocket to pay off your mortgage entirely. If you’re looking to lower your monthly mortgage payment, you could lengthen the loan term.

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Debt-to-income ratio Fixed-rate mortgage Loans Principal 52

Housing Wire

DECEMBER 29, 2023

After nearly two years of trudging through a frozen housing market , the consensus among mortgage professionals is that the worst of it is over. The Federal Reserve recently signaled plans to slash interest rates three times in 2024, shifting toward the next phase in its monetary policymaking. “It There’s still going to be a lag.

Mortgages 446

Mortgages Loan Officer Loans Equity 446

Redfin

JULY 14, 2023

Building equity Owning a home provides a unique opportunity to build equity over time. Equity represents the difference between the market value of your property and the remaining balance on your mortgage. The average rent for a 1-bedroom apartment in Birmingham is $1,060 and $1,300 for a 2-bedroom apartment.

Equity 48

Equity Fixed-rate mortgage Closing costs Inspection 48

Redfin

JULY 11, 2023

Whether you’re a first-time homebuyer in Los Angeles or you’re considering refinancing your home in Tampa , this guide is tailored to equip you with the knowledge and understanding necessary to navigate the mortgage process effectively. What is a mortgage? How does a mortgage work? How is a mortgage rate determined?

Pre-approval 59

Pre-approval Mortgages Pre-qualification Debt-to-income ratio 59

Toronto Realty Blog

FEBRUARY 24, 2021

Those real estate bears out there will suggest that buying a payment plan is recipe for disaster and that when rates increase, we’re all doomed. But when a five-year, fixed rate mortgage could be had for 1.59%, many people would suggest that it’s downright moronic. Now, has that person “bought a house?”

Mortgages 90

Mortgages Fixed-rate mortgage Finance Equity 90

Housing Wire

MARCH 20, 2023

It is often said that the Fed raises interest rates until something breaks. Much as the Fed was blind to the liquidity crises created by its rapid pace of rate increases, we believe the Fed has also failed to appreciate how severely its actions have imperiled the housing market. In 2021, mortgage originations hit a record high of $4.4

Banks 394

Banks Mortgages Fixed-rate mortgage Loans 394

Keeping Current Matters

MAY 20, 2021

The level of equity homeowners have is at an all-time high. Census , over 38% of owner-occupied homes are owned free and clear, meaning they don’t have a mortgage. Those with a mortgage are seeing their equity skyrocket too. Home Equity Report from ATTOM Data Solutions : “17.8 According to the U.S.

Equity 261

Equity Principal Fixed-rate mortgage Loans 261

HomeLight

AUGUST 31, 2021

Monthly mortgage payments offer built-in savings through equity gains. Real estate is location specific however, and appreciation rates can vary significantly from region to region. Investing in your future is one of the paths to financial wellness. Source: (Towfiqu barbhuiya / Unsplash). Then identify your priorities.

Closing costs 77

Closing costs Loans Equity VA loan 77

Housing Wire

AUGUST 29, 2022

After two golden years in the mortgage market during the pandemic period, refis have dried up and the industry has since pivoted toward a purchase market. There is no magic bucket of money,” said Brian Hale, founder and CEO at Mortgage Advisory Partners. “I don’t have on my board my goal is to be the No. million, including $216.2

Equity 407

Equity Loan Officer Loans Mortgages 407

HomeLight

JANUARY 18, 2023

If you’re like most homeowners, you’re eyeing the home equity market with caution – or flat-out worry. That means you’re probably concerned you’ll lose equity and are wondering how much value you might miss out on in the coming year. What is home equity? Home equity is the amount of your home’s value that belongs to you.

Equity 85

Equity Marketing Loans Principal 85

Toronto Realty Blog

MAY 31, 2023

per month mortgage fee there’s principal and there’s interest. In the first year of the mortgage $6,067 of principal is paid down as $15,190 of interest is gone as a sunk cost. The son had money, you see. I told the father that the son should purchase a 2-bed, 2-bath condo and rent it out.

Fixed-rate mortgage 14

Fixed-rate mortgage Principal Investor Mortgages 14

HomeLight

JANUARY 27, 2021

Note that this home budget may not be exactly what you’ll qualify for when you get a mortgage, but it can give you an idea of what to expect. They tend to look for guaranteed income over variable income (that is, they want to be reasonably sure you’ll pay your mortgage for the next 30 years). Source: (Seemi Samuel / Unsplash).

Closing costs 117

Closing costs Loans Inspection Earnest money deposit 117

HomeLight

JUNE 22, 2023

All of these things are stressful and confusing, but you’d be surprised by how many people struggle with the mortgage process. All of these things are stressful and confusing, but you’d be surprised by how many people struggle with the mortgage process. And they need answers to their mortgage questions.

Debt-to-income ratio 86

Debt-to-income ratio Mortgages FHA loan Loans 86

Real Trends

NOVEMBER 7, 2022

Claiming the mortgage interest tax deduction. Let’s say you get a 30-year fixed-rate mortgage of $350,000 with a 6.5% interest rate to buy a condo. Your payment for principal and interest would be close to $2,200 a month or $26,400 a year. But you can’t itemize and claim the standard deduction.

Fixed-rate mortgage 92

Fixed-rate mortgage Agents Equity Principal 92

Toronto Realty Blog

MAY 26, 2022

The recent drop in Toronto home prices is solely due to the increase in interest rates. TorontoRealtyBlog. Let’s start with a bang, shall we? Yay or nay? Well, I suppose before we confirm or deny, we must first address this “drop in Toronto home prices,” since many home-sellers are in denial. She’s fine with that.

Fixed-rate mortgage 91

Fixed-rate mortgage Purchase and sale agreement Banks Mortgages 91

Realtor.com

APRIL 26, 2021

-Oxford-/iStock If you have a mortgage , you may wonder whether you should refinance, having heard that everyone’s doing it these days. Mortgage refinancing is where you apply for a new loan on a home you already have. You’re underwater on your mortgage. Your current mortgage interest rate isn’t great.

Mortgages 109

Mortgages Fixed-rate mortgage Equity Loans 109

Toronto Realty Blog

JANUARY 6, 2022

Am I really that predictable? I mean, “Burning Questions” again? We did this after Labour Day, right? To start the fall market? And we did this to start off January 2021, not just as a stand-alone blog, or even a two-part series, but rather a three-part series that spanned the entire first week back! Well, what can I say?

Fixed-rate mortgage 98

Fixed-rate mortgage Banks Mortgages As-is 98

HomeLight

AUGUST 25, 2020

Most homeowners purchase a house with the intention of staying put for the long haul. According to statistics from the National Association of Realtors (NAR), the median tenure for American homeowners is 13 years , up three years from 2008. But sometimes, life goes in an unexpected direction, leading to the need to sell sooner than anticipated. “If

Principal 68

Principal Equity Seller concession Title 68

HomeLight

JANUARY 31, 2022

Still, to make your dream a reality, determining how to estimate a mortgage loan and how much you can spend is something you’re going to have to do. To make it a little easier, and with follow-along math, we’re mapping out the steps you should take to estimate a mortgage loan and understand how much house you can afford.

Loans 93

Loans Mortgages FHA loan Principal 93

Marco Santarelli

JULY 11, 2022

Prices are increasing as a result of enough money on the sidelines and very low mortgage rates. This indicates that one-fourth of purchases were conducted with cash, indicating that there is a sizeable group of buyers who are not impacted by mortgage rate changes. compared to last year, according to Realtor.com.

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Sales Marketing Fixed-rate mortgage Mortgages 98

HomeLight

JULY 29, 2022

Building equity. Building equity , or increasing your home’s value minus the amount you owe on it, is something every homeowner strives for. From a financial standpoint, Ruiz says that owning a home in retirement can have multiple advantages, including having fixed costs rather than varied, like you would if you were renting.

Purchase and sale agreement 82

Purchase and sale agreement Equity Renovation Mortgages 82

HomeLight

NOVEMBER 29, 2021

Some mortgage programs require no down payment but can have strict eligibility requirements. “In Neighborhood comps can also influence home prices, as can housing inventory, the size of the lot and square footage of the home, the home’s age and condition, interest rates, taxes, and the overall economy.”. What determines home prices?

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Land Closing costs Purchase and sale agreement Loans 90

The Close

DECEMBER 29, 2022

Make sure clients who see an acceleration clause in their mortgage contracts understand that this allows their lender to demand repayment of the loan in full if they default on the loan. There is always a chance a sale might not go through, especially in today’s wild interest rate market. Active contingent. Sure, deals can fall apart.

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Purchase and sale agreement Title Proof of funds Pre-approval 97

Toronto Realty Blog

SEPTEMBER 8, 2022

Now, having said the preceding, there were a lot of awesome suggestions and even better comments to pick-and-choose from, so let me continue with my “Top Ten” discussion points for the fall market, picking up with our fourth point… – 4) Mortgage Matters. Wow, y’all went all out on last Friday’s blog!

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Marketing Fixed-rate mortgage Banks Principal 91