Redfin

JULY 31, 2025

State and local programs: Cities and states may offer down payment assistance, forgivable loans, or closing cost help. Fannie Mae’s HomePath Ready Buyer Program : This offers up to 3% in closing cost assistance when purchasing a HomePath property and completing a homeownership course.

Purchase and sale agreement

Marco Santarelli

MARCH 20, 2025

30-Year Fixed: This remains a popular choice for many homebuyers due to its lower monthly payments , making homeownership more accessible. The Purchase Rate vs. Refinance Rate Dynamic: It's not uncommon for refinance rates to be slightly higher than purchase rates.

Mortgages

Marco Santarelli

MARCH 17, 2025

The rate you personally qualify for can vary based on factors like your credit score, down payment amount, the type of property you're buying, and even where you live. The Popular 30-Year Fixed-Rate Mortgage The 30-year fixed-rate mortgage is still the most common choice for homebuyers, and for good reason.

Mortgages

Marco Santarelli

MAY 22, 2025

This difference often arises from closing costs associated with refinancing, which can vary significantly among lenders. Homeowners must weigh these considerations when deciding whether to refinance their mortgage, keeping in mind how current interest rates impact the overall financial landscape.

Mortgages

Norada Real Estate

MAY 22, 2025

This difference often arises from closing costs associated with refinancing, which can vary significantly among lenders. Homeowners must weigh these considerations when deciding whether to refinance their mortgage, keeping in mind how current interest rates impact the overall financial landscape.

Mortgages

Marco Santarelli

MARCH 6, 2025

Decoding Mortgage Jargon: What Does It All Mean? Let's be real, the mortgage world is full of confusing terms. Let me break down some of the most important ones: Fixed-Rate Mortgage: The interest rate stays the same for the entire loan term. Rate locks typically last for 30 to 60 days.

Mortgages

Marco Santarelli

MAY 22, 2025

National Average: The national average for a 30-year fixed-rate mortgage is currently at 7.11%, showing a slight increase due to bond market activity influenced by President Trump's proposed tax bill. These rates are often based on very specific scenarios, like having an excellent credit score or paying points upfront.

Mortgages

Housing Wire

APRIL 7, 2021

A monthly mortgage, on the other hand, doesn’t usually increase for homeowners with fixed-rate mortgages. Because of this, today’s lenders are more than willing to work with potential first-time homebuyers who have debt, just as long as their debt-to-income ratio (DTI) isn’t too high.

Debt-to-income ratio

HomeLight

JUNE 22, 2023

Debt-to-income ratio After looking at how much money is flowing into your household, you’ll want to write down your monthly debts. That’s because lenders will also look at your debt-to-income ratio, or DTI. That number will be your debt-to-income ratio.

Debt-to-income ratio

Realtor.com

FEBRUARY 2, 2022

You need to make sure the person you’re working with is aware of local transfer taxes and closing costs.” Watch your debt-to-income ratio. When you retire, your lack of income may scare some lenders. When you retire, your lack of income may scare some lenders. Crunch the numbers.

Debt-to-income ratio

Marco Santarelli

MARCH 3, 2025

It is also important to know about geopolitical events, which might indirectly influence mortgage rates. Understanding Different Types of Mortgage Rates Let's break down the different types of mortgage rates you'll encounter: Fixed-Rate Mortgage: This is the most common type.

Mortgages

HomeLight

MARCH 11, 2022

What about closing costs? But as Kevin Vitali , who has 14 years of experience selling Massachusetts real estate, explained, “Many first-time buyers don’t account for their closing costs.”. It’s important to remember closing costs when you purchase your first home. MassHousing Mortgage.

Closing costs

Realty Biz

MARCH 15, 2023

Mortgage Rates Interest rates had stayed low for a long time but began rising last year. For a 30-year fixed-rate mortgage, interest rates have averaged between 6% and 7% recently. With higher interest rates, mortgages are more expensive.

Debt-to-income ratio

Redfin

SEPTEMBER 4, 2024

From application fees to closing costs, this Redfin article will discuss everything you need to know to help make this financial decision. What does it mean to refinance a mortgage? What exactly does it mean to “refinance a mortgage”? Learn more about today’s mortgage rates. the short answer is, “It depends.”

Mortgages

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. . Money spent on a mortgage each month is building equity in something you’ll eventually own, and is a foundational means to growing wealth. Student Loan Debt Must Be Paid off.

Debt-to-income ratio

Point2Homes

NOVEMBER 8, 2020

As tempting as the current low rates are, it’s best to start off by asking yourself how refinancing your mortgage will benefit you. Are you trying to switch from an adjustable-rate to a fixed-rate mortgage? Perhaps you’re looking for a lower interest rate, or to turn your 30-year loan into a 15-year one.

Debt-to-income ratio

HomeLight

NOVEMBER 29, 2021

Plus, down payment and closing costs in New Jersey can set you back thousands of dollars. Many people can make their monthly house payments, but it can be difficult to come up with the money for a down payment and closing costs to buy a new home in the first place. Income limits for a family of two is $61,850.

Land

Redfin

AUGUST 12, 2024

These loans offer significant advantages, including no down payment, no PMI, and competitive interest rates. Additionally, VA loans have limited closing costs and no prepayment penalties. Higher credit scores typically secure lower interest rates, resulting in lower monthly payments and less paid over the life of the loan.

Loans

HomeLight

JUNE 16, 2023

If you’re a homeowner with consumer or student debt, it’s tempting to tap into your home’s equity with a cash-out refinance to pay down these balances. In some instances, prioritizing paying off your high-interest debt over your fixed-rate mortgage can expedite your journey to financial freedom.

Fixed-rate mortgage

Redfin

SEPTEMBER 27, 2021

Shopping for a mortgage, you might encounter lenders who pre-qualify you for a higher loan amount than you expected. Many lenders work with standard debt-to-income ratio calculations which don’t take into account other costs of home ownership. Determine your debt to income ratio (DTI).

Debt-to-income ratio

Redfin

FEBRUARY 11, 2021

For example, a fixed-rate mortgage carries less risk than an adjustable-rate mortgage and usually has a lower PMI premium. . These programs assist first-time homebuyers with down payment assistance and closing costs that can in turn help them avoid paying PMI.

Debt-to-income ratio

Marco Santarelli

MARCH 27, 2025

Your Debt-to-Income Ratio (DTI): How much of your income goes to debt payments? Right now, in March 2025, the average 30-year fixed mortgage rate is around 6.65% according to Freddie Mac. However, after a set period (usually 5, 7, or 10 years), the rate adjusts based on market conditions.

Debt-to-income ratio

Redfin

JULY 11, 2023

The interest rate and term length determine the amount of your monthly payments. What are the different types of mortgages? When considering mortgage options, it’s important to understand the different types available. What are closing costs?

Pre-approval

Marco Santarelli

MAY 30, 2025

Looking for the states with the lowest mortgage rates today, May 30, 2025 ? As of today, the states offering the most affordable 30-year fixed-rate mortgages for new purchases are New York, California, North Carolina, Texas, Colorado, Washington, and Florida. Your rate will depend on your individual circumstances.

Mortgages

Marco Santarelli

AUGUST 18, 2024

In the long run, choosing a 15-year mortgage can lead to greater savings and shorter debt obligation. Let’s break this down further: Fixed-Rate Mortgages : The predictability of fixed rates is beneficial for budgeting. Aim to have a score above 740 to access better mortgage terms.

Mortgages

HomeLight

JANUARY 27, 2021

Don’t forget to budget for closing costs. Closing costs are one-time costs that go along with your home purchase, and you pay them on — you guessed it — closing day. A lot of times people have no idea until they get the Loan Estimate that they have $15,000 to $20,000 worth of closing costs,” Ortman explains.

Closing costs

Marco Santarelli

MARCH 24, 2025

This can lead to higher rates. Conversely, if demand is low, lenders may lower rates to attract borrowers. Your Credit Score and Financial Situation: Lenders look at your credit score, debt-to-income ratio, and overall financial health to assess risk. The better your credit, the lower the rate you'll likely get.

Mortgages

Marco Santarelli

AUGUST 8, 2024

Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage: This provides interest rate stability and predictable payments. Tapping into home equity: Cash-out refinancing allows homeowners to access their home equity for various purposes, like debt consolidation or home improvements.

Mortgages

Marco Santarelli

FEBRUARY 27, 2025

Mortgage rates are the cost associated with borrowing money from lenders to purchase a home. Understanding the different types of mortgage rates and their dynamics is vital for making informed financial decisions. Higher credit scores can lead to lower interest rates.

Mortgages

Marco Santarelli

FEBRUARY 20, 2025

A mortgage interest rate is essentially a fee for borrowing money from a lender. Types of Mortgage Rates Fixed-Rate Mortgages : These loans secure a specific rate for the entire term of the loan, meaning your monthly payment will remain steady, regardless of market fluctuations.

Mortgages

Real Estate Finance HQ

AUGUST 25, 2017

Housing Ratio. Debt to Income Ratio. Mortgage Insurance. Interest Rates. Mortgage Limits. As with other mortgages, borrowers are allowed to work with state and local programs that provide help with down payments, closing costs and low-rate loans. Housing Ratio.

FHA loan

Marco Santarelli

JUNE 5, 2025

Individual Borrower Factors : Many aspects of an individuals financial health can influence mortgage rates directly: Credit Score : Higher credit scores generally result in better interest rates, as lenders view these borrowers as less risky.

Mortgages

The Close

DECEMBER 29, 2022

Clients might be interested in an ARM because it allows borrowers to take advantage of interest rate decreases without having to go through a whole refinance process and pay additional closing costs. Closing costs. Clients will need an exact accounting of the total amount owed in closing costs.

Purchase and sale agreement

Marco Santarelli

FEBRUARY 10, 2025

The 30-year fixed-rate mortgage remains the most popular option among homebuyers, providing long-term security against rate increases. However, it's essential for prospective homebuyers to keep a watchful eye on these rates, as they can influence the overall affordability of homes and impact buying power.

Debt-to-income ratio

Marco Santarelli

FEBRUARY 22, 2025

If you locked in a mortgage when rates were higher, say even just a few months ago, refinancing at these lower rates could potentially save you a chunk of money over the long haul. Factor in closing costs and how long you plan to stay in your home to see if the savings outweigh the expenses. Let's Get Real.

Mortgages