Redfin

JUNE 13, 2025

Step 3: Research second-time homebuyer programs and loans Step 4: Work with an experienced agent Step 5: Make a strong offer as a second-time homebuyer Step 6: Plan your transition Second-time homebuyer FAQs Is it harder to buy a house the second time? If your finances have improved, you might even qualify for a larger loan or better terms.

Debt-to-income ratio

Redfin

MARCH 14, 2025

A mortgage commitment letter is a formal assurance from your lender that your loan has been reviewed and is on track for approval, pending final conditions. A mortgage commitment letter is a formal document issued by a lender stating that your loan application has been reviewed and approved, pending final conditions.

Debt-to-income ratio

Marco Santarelli

MAY 27, 2025

Finding the best rate can save you thousands over the life of your loan, so let's dive into what's driving these differences across states and how you can snag the best deal. Average Loan Size: The size of the average mortgage in a state can also play a role. But in September, the central bank announced a first rate cut of 0.50

Mortgages

Redfin

JULY 31, 2025

This often leads prospective homebuyers to consider a “down payment loan.” ” But is it really a good option to get a loan for a down payment? While securing a down payment loan isn’t impossible, it’s generally not the most straightforward route, and many mortgage lenders view it with caution.

Loans

Rochester Real Estate

NOVEMBER 5, 2015

When you secure a mortgage loan to purchase a property, your monthly payment involves more than just the principal and interest. It constitutes the initial loan balance you gradually pay off over the loan term. Step 1: Determine Your Loan Amount The first step is to determine the principal amount of your loan.

Debt-to-income ratio

The Close

JULY 1, 2025

However, some will struggle with getting approved for a loan, which is something that could result in the transaction falling through for you as a real estate agent. That’s where FHA loans can save the day for everyone. This makes it possible for buyers who might not qualify for traditional loans to still secure financing.

FHA loan

The Mortgage Report

JULY 14, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford? Check options to remove a name from your mortgage.

FHA 203k rehab loan

Marco Santarelli

MAY 9, 2025

The median monthly income is about $6,717.50. That means the monthly mortgage payment eats up a staggering 31.36% of their income! Year Loan Amount Interest Rate Monthly Payment Monthly Income Payment-to-Income Ratio 1974 $24,000 9.19% $196.39 $925 21.2% 2024 $320,000 6.9% $2,107.20 $6,717.50

Debt-to-income ratio

Marco Santarelli

MARCH 6, 2025

The central bank even started to hint at potential rate cuts. Over the life of a 30-year loan, that difference really adds up. Many buyers today are also banking on the idea of refinancing down the road. Do you have a solid down payment, good credit, and comfortable debt-to-income ratio?

Mortgages

Redfin

MARCH 5, 2025

Below are some of the best ways to find an affordable home without breaking the bank. Review your savings for your down payment , monthly income, and potential loan options to set a realistic price range. At an auction, you might have the chance to bid on a home below its market value, potentially scoring a great deal.

Debt-to-income ratio

Marco Santarelli

JULY 11, 2025

State-level regulations, credit scores, and average loan sizes also play roles. Average Loan Size: Loan size correlates with rates. This is because operational costs are the same, regardless of the size of the loan. Each point equals 1% of the loan amount. This borrower is least likely to default on the loan.

Mortgages

AAOA

MARCH 24, 2025

Get a Free Multifamily Loan Quote Access Non-Recourse, 10+ Year Fixed, 30-Year Amortization GET A FREE QUOTE Advantages of Investing in Multifamily Real Estate Multifamily properties, from duplexes to large apartment complexes, are key to diversifying real estate portfolios. The Seller It will also help to see who the seller is.

Property Management

HomeLight

JULY 24, 2025

This document helps verify that the funds are truly a gift, not a loan that could affect your ability to repay the mortgage. Estimate how much you should put down on a home and learn more about the loan options that work best for you with HomeLight’s Down Payment Calculator. How Much Should You Put Down on a House?

Debt-to-income ratio

HomeLight

APRIL 23, 2025

A bridge loan can help with this buy-sell timing conundrum. Bridge loans offer temporary financing that allows sellers like you to buy a new home before selling your old one. In this guide, we’ll explore who offers bridge loans, how they benefit sellers, and alternative solutions that can offer even greater flexibility.

Debt-to-income ratio

Redfin

JULY 30, 2025

Key takeaways: First-time homebuyer: Anyone who hasn’t owned a primary residence in the past three years Common first-time homebuyer qualifications: Credit score, debt-to-income ratio, down payment, income limits, employment history, purchase limits, homebuyer education Buying your first home? Let’s get started.

Debt-to-income ratio

Marco Santarelli

FEBRUARY 26, 2025

It's not just the 30-year fixed that's moving let's take a closer look at what different types of loans are doing. And look at those VA loan rates if you're eligible for a VA loan, those are some seriously attractive numbers, especially the 15-year VA at just 5.30%. Pay down debt to improve your debt-to-income ratio.

Mortgages

Redfin

JULY 1, 2025

Whether you’re co-purchasing a townhome in Seattle, WA or a house in Boston, MA , joint mortgages allow you to split a loan with someone else to help make homeownership more affordable. There’s no legal limit to how many people can be on a mortgage, but most lenders will allow up to four borrowers on a single home loan.

Debt-to-income ratio

Marco Santarelli

MAY 19, 2025

I've seen this firsthand, where smaller, regional banks sometimes offer incredibly competitive rates to gain market share. Average Loan Size: The average loan size in a state can also play a role. Heres a snapshot of national averages for various loan types: Loan Type Rate (%) 30-Year Fixed 7.01 15-Year Fixed 6.05

Mortgages

Redfin

JULY 9, 2025

Standard pre-approvals (1-3 Business Days) Traditional lenders, like banks and credit unions, usually take 1 to 3 business days to process a pre-approval. A loan officer manually reviews your documents and verifies your information. Income and employment history: Pay stubs, W-2s, or tax returns.

Pre-approval

Rochester Real Estate

NOVEMBER 5, 2015

It’s unfortunate, but not every prospective buyer is going to be able to qualify for a home loan. Should I Go With A Mortgage Broker Or A Bank? A common question Realtors get from buyers and home owners looking to refinance is “should I go with a mortgage broker or a bank?”

Finance

Marco Santarelli

FEBRUARY 7, 2025

“Subprime” mortgages were rampant, meaning loans were given to people with poor credit or insufficient income. Banks are much more cautious about who they lend to, requiring higher credit scores and larger down payments. Conventional loan requirements vary by lender.

Pre-approval

Redfin

JULY 2, 2025

This Redfin article explains how job changes impact the mortgage process and what lenders look for—whether you’re applying for a home loan in Raleigh, NC or preparing to close on a house in Denver, CO. Exceptions: Special loan programs for recent job changes Some loan types are more flexible than others: 1.

Pre-approval

Redfin

JULY 24, 2025

We’ll explain how it’s possible to roll closing costs into your new loan, potentially eliminating the need for upfront cash. We’ll outline the key criteria lenders look for, including credit score, debt-to-income ratio, and home equity. How to avoid paying closing costs. What is refinancing a mortgage?

Mortgages

Marco Santarelli

MAY 2, 2025

Average Loan Size: This one is pretty straightforward. Small Loan Amounts: The rate might only apply to smaller-than-average loan amounts. Remember, the rate you ultimately get will depend on your individual credit score, income, debt-to-income ratio, and other factors. Remember September?

Mortgages

Marco Santarelli

MARCH 20, 2025

Be prepared for higher monthly payments compared to a 30-year loan. VA Loans – A Benefit for Veterans: Backed by the Department of Veterans Affairs, VA loans offer significant advantages to eligible veterans, active-duty service members, and surviving spouses. Refinance Rates: What's on Offer Today?

Mortgages

Redfin

JULY 30, 2025

Most homebuyers will need to think ahead about the following costs when estimating how much money is needed to purchase a home: Down payment: The down payment is a percentage of the home’s purchase price, anywhere from 0% to 20% depending on your loan. Several loan options, such as FHA or VA loans, only require a down payment of 3.5%

Pre-approval

Marco Santarelli

JULY 2, 2025

Federal Reserve's Monetary Policy : The Federal Reserve influences mortgage rates through its setting of the federal funds rate, which affects how much banks charge each other for lending. Understanding Your Financial Position : Your credit score, income levels, and debt-to-income ratio significantly affect the rates you may be offered.

Mortgages

Marco Santarelli

JUNE 16, 2025

Current Mortgage Rates Overview To give you a clear snapshot of the current market, let's look at the mortgage rates being offered for different types of home loans. Remember that these are just averages , and the specific rate you'll qualify for will depend on factors like your credit score, down payment, and debt-to-income ratio.

Mortgages

Norada Real Estate

JUNE 6, 2025

Average Loan Size: The average loan amount also matters. Larger loan amounts may carry slightly different rates compared to smaller loans due to market demand and risk considerations. Loan Type: Different types of mortgages come with unique rate structures. Back in September, we even saw a two-year low of 5.89%.

Mortgages

Marco Santarelli

JUNE 9, 2025

Average Loan Size: Differences in property values and loan sizes can influence rates. Larger loans might come with slightly different terms. Different lenders operate in different regions, and rates can be influenced by state-level variations in credit score, average loan size, and regulations. A lower DTI is preferable.

Mortgages

Norada Real Estate

JULY 2, 2025

Federal Reserve's Monetary Policy : The Federal Reserve influences mortgage rates through its setting of the federal funds rate, which affects how much banks charge each other for lending. Understanding Your Financial Position : Your credit score, income levels, and debt-to-income ratio significantly affect the rates you may be offered.

Mortgages

Marco Santarelli

MARCH 6, 2025

The central bank even started to hint at potential rate cuts. Over the life of a 30-year loan, that difference really adds up. Many buyers today are also banking on the idea of refinancing down the road. Do you have a solid down payment, good credit, and comfortable debt-to-income ratio?

Mortgages

Marco Santarelli

JUNE 18, 2025

You'll find regional banks and credit unions that focus on specific states. Average Loan Size: The size of the average mortgage in a state plays a role. Take the time to compare offers from multiple lenders – banks, credit unions, and online mortgage brokers. The level of competition in your state directly influences rates.

Mortgages

Marco Santarelli

MARCH 17, 2025

Here's a snapshot of the average mortgage rates you can expect today: Loan Type Interest Rate 30-Year Fixed 6.59% 20-Year Fixed 6.45% 15-Year Fixed 5.93% 5/1 ARM 6.85% 7/1 ARM 7.13% 30-Year VA 6.15% 15-Year VA 5.59% 5/1 VA 6.15% Source: Zillow It's worth noting that these are national averages.

Mortgages

Redfin

JUNE 27, 2025

Key takeaways: Your first-time home buyer benefits include down payment and closing cost assistance, grants, tax benefits, and low-interest or forgivable loans. Eligibility depends on factors like income, location, home price, and use of an approved lender. Grants Unlike loans, grants don’t need to be repaid.

Debt-to-income ratio

Marco Santarelli

JUNE 11, 2025

Here's a breakdown of the key influences: Lender Presence: Not every bank or mortgage company operates in every state. Average Loan Size: The size of the average mortgage loan can also play a role. This isn't just some random occurrence – several factors contribute to these differences. Staying informed is key!

Mortgages

Marco Santarelli

MARCH 6, 2025

Because they directly impact how much you'll pay each month and over the life of your loan! Let me break down some of the most important ones: Fixed-Rate Mortgage: The interest rate stays the same for the entire loan term. Loan Term: The length of time you have to pay off your mortgage. So, let's dive in. A lower DTI is better.

Mortgages