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. This way, you’ll have a chance to build equity. What are the closing costs?

Pre-approval

Marco Santarelli

JANUARY 25, 2025

For those of us already owning homes, this means you probably have some decent equity built up that you might be able to tap into or use to lower your monthly payments by refinancing. 30-year fixed (6.75%): If your main goal is to have consistent payments that wont change, this is a pretty safe bet. Its a gamble but can pay off.

Mortgages

Marco Santarelli

JUNE 9, 2025

Understanding Mortgage Types When you explore your mortgage options, understanding different types of loans is critical. Each mortgage type has its own advantages and disadvantages, depending on your financial situation and how long you plan on staying in a home. Fixed-Rate Mortgages : These loans are straightforward.

Mortgages

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. Also keep an eye on equity potential.

Purchase and sale agreement

Marco Santarelli

JULY 1, 2025

ARM Volatility: Adjustable-rate mortgages show mixed movements. Here's a comparison to help you weigh your options: 5-Year ARM: Great Option if you are planning to move within 5 years or expect a significant increase in income that will offset eventual rate adjustments.

Fixed-rate mortgage

Marco Santarelli

APRIL 30, 2025

The lower interest rates mean borrowers can save significantly on interest paid over the life of the loan. Moreover, paying off the loan in half the time allows homeowners to build equity more quickly. At the current rate of 5.91% , a $300,000 mortgage taken over 15 years would incur monthly payments of approximately $2,528.97.

VA loan

Redfin

APRIL 11, 2025

In the past, many homeowners stayed in their starter homes for around three to seven years building equity. However, its now common to see homeowners stay put longer to avoid rising home prices and potentially higher interest rates. When you pay your mortgage each month, the payments go toward a tangible asset rather than a landlord.

Marketing

Marco Santarelli

JUNE 23, 2025

Shorten Loan Term: Switching from a 30-year to a 15-year mortgage can save you a ton of money on interest, even if the interest rate is slightly higher. You'll build equity faster, too! Change Loan Type: Converting from an ARM to a fixed-rate mortgage provides stability and predictability in your monthly payments.

Mortgages

Marco Santarelli

JUNE 20, 2025

Here's my take on it: Assess Your Current Situation: Start by looking at your existing mortgage. What's your current interest rate, loan term, and monthly payment? How much equity do you have in your home? For example, are you paying on an interest rate higher than 8%? If so, refinancing might prove to be advantageous.

Mortgages

Marco Santarelli

JUNE 12, 2025

National Average Mortgage Rates Loan Type Current Rate Change from Last Week APR APR Change 30-Year Fixed 6.91% -0.08% 7.34% -0.11% 15-Year Fixed 5.97% -0.03% 6.25% -0.11% 5-Year ARM 7.30% No change 7.83% -0.17% Key Observations: The national average for 30-year fixed-rate mortgages fell slightly from 6.99% last week to 6.91%.

Mortgages

Marco Santarelli

JUNE 11, 2025

However, potential borrowers must consider various factors before making this decision: Pros: Lower Monthly Payments : A reduced interest rate means lower monthly payments, allowing for increased cash flow. Equity Access : Refinancing can allow homeowners to tap into available equity for upgrades or consolidating debt.

Mortgages

Norada Real Estate

JUNE 14, 2025

Feeling like your current mortgage just isn't working for you anymore? Maybe you're looking to lower your monthly payments, shorten your loan term, or even tap into some of your home equity. So, the big question: what are the mortgage refinance rates today, June 14, 2025 ? That's where refinancing comes in.

Mortgages

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. 30-Year Fixed: This remains a popular choice for many homebuyers due to its lower monthly payments , making homeownership more accessible.

Mortgages

Marco Santarelli

MARCH 31, 2025

This rate environment makes careful shopping and understanding your loan options even more critical. Fixed-rate mortgages (like the 15-year, 20-year, and 30-year options) keep the same interest rate for the entire loan term. Let's quickly touch on the different types of loans listed.

Mortgages

Norada Real Estate

JUNE 21, 2025

Homeowners wishing to tap into their home's equity or lock in a lower monthly payment can still find options that make it worthwhile. Fixed Rate vs Adjustable Rate Mortgages It’s essential to understand the difference between fixed and adjustable-rate mortgages (ARMs) when evaluating mortgage 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

JUNE 15, 2025

Are you looking to lower your monthly payment, shorten your loan term, or tap into your home equity? Refinancing involves closing costs. If you're only planning to stay in your home for a few years, you might not recoup those costs before you move. What is your current interest rate compared to today's rates?

Mortgages

Marco Santarelli

APRIL 27, 2025

Plus, you avoid appraisal fees, loan origination fees, and other costs tied to getting a mortgage. Less Stress, More Control: Owning a home outright means you have no mortgage lender dictating terms or demanding escrow accounts. You control your equity 100% from day one. While this was down from 7.1%

Finance

Redfin

JULY 30, 2025

down; 500 with 10% down Primary residence, mortgage insurance required VA loans Eligible U.S. Down payment and closing cost assistance: Upfront costs can be a major barrier, but grants, loans, and other programs can help cover these expenses.

Debt-to-income ratio

Marco Santarelli

FEBRUARY 21, 2025

Consider an Adjustable-Rate Mortgage (ARM) : ARMs typically have lower initial interest rates than fixed-rate mortgages. However, be aware that the rate can adjust after the initial fixed period, so make sure you understand the risks.

Mortgages

Marco Santarelli

MARCH 8, 2025

If you've got your sights set on a $500,000 home, you're likely asking the big question: How much would a $500,000 mortgage cost per month in March 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.

Mortgages

Marco Santarelli

MAY 22, 2025

Current Mortgage Rates Type Rate 30-year fixed 6.93% 20-year fixed 6.59% 15-year fixed 6.08% 5/1 ARM 7.58% 7/1 ARM 7.54% 30-year VA 6.42% 15-year VA 5.87% 5/1 VA 6.48% As the table illustrates, the 30-year fixed mortgage has gained 13 basis points today, reflecting the broader economic sentiments tied to the national deficit.

Mortgages

Norada Real Estate

MAY 22, 2025

Current Mortgage Rates Type Rate 30-year fixed 6.93% 20-year fixed 6.59% 15-year fixed 6.08% 5/1 ARM 7.58% 7/1 ARM 7.54% 30-year VA 6.42% 15-year VA 5.87% 5/1 VA 6.48% As the table illustrates, the 30-year fixed mortgage has gained 13 basis points today, reflecting the broader economic sentiments tied to the national deficit.

Mortgages

Marco Santarelli

JUNE 28, 2025

Even a small reduction in your rate can save you thousands of dollars over the life of your loan. Shortening your loan term: Switching from a 30-year to a 15-year mortgage can help you pay off your home faster and save on interest. A lower LTV (meaning you have more equity) typically qualifies you for better rates.

Mortgages

Marco Santarelli

APRIL 8, 2025

Today's mortgage rates, as of April 8, 2025 , show an average of approximately 6.50% for a 30-year fixed-rate mortgage. This figure reflects a slight decrease in rates following recent political news but remains susceptible to fluctuations due to inflationary pressures. What Influences Mortgage Rates?

Mortgages

Housing Wire

SEPTEMBER 16, 2022

UWM announced that its temporary rate buydowns – fueled by seller concessions – would reduce borrowers’ interest rates by up to 2% for the first two years of a mortgage. Rocket said that a homebuyer with a $400,000, 30-year fixed rate mortgage with 5.75% interest would generally pay about $2,334 in principal and interest.

Mortgages

Housing Wire

AUGUST 10, 2023

Mortgage , and/or Closing Cost Credit. For eligible borrowers at or below 80% AMI, the mortgage program allows a 3% down payment on a fixed-rate mortgage and the closing cost credit program provides up to $5,000 to use toward closing costs.

Fixed-rate mortgage

Marco Santarelli

AUGUST 3, 2024

For many, the allure of a fixed-rate mortgage lies in its predictability – consistent monthly payments and the comfort of knowing your interest rate won't fluctuate. However, life throws curveballs, and sometimes circumstances may force you to reconsider your mortgage strategy.

Fixed-rate mortgage

Realty Biz

JULY 19, 2021

Reasons For Refinancing a Home Mortgage. How Mortgage Refinancing Can Help You. If you refinance your mortgage, you can reduce your monthly outgoings, change the loan terms, or use the equity you have to provide money when you need it. Everyone has different reasons for wanting to refinance a mortgage.

Mortgages

Realtor.com

MARCH 12, 2021

First find the difference between your current mortgage rate and the potential savings of a refinance offer. The rate for a refi will vary based on the particular homeowner. Lenders consider credit history, income and home equity when evaluating applications. What if closing costs are too high?

Fixed-rate mortgage

HomeLight

AUGUST 26, 2020

Lower mortgage rates and lower payments are excellent reasons to refinance, but there are other reasons someone might want to consider refinancing. Converting an adjustable-rate mortgage to a fixed-rate mortgage. Use the equity in your home. Pay off your mortgage faster.

Fixed-rate mortgage

HomeLight

JANUARY 23, 2023

In 2022 alone, the Federal Reserve raised interest rates seven times to try to bring inflation down. Meanwhile, Freddie Mac reports the average interest rate on a 30-year fixed-rate mortgage is 6.27% as of early 2023 — up 3.22 Forbes reports the average 30-year fixed refinance rate to be even higher at about 6.84%.

Mortgages

HomeLight

SEPTEMBER 30, 2020

A refinance is just another way of saying that you’re trading in your current mortgage loan for a new one. That said, if you want to refinance for a 15-year mortgage instead of a 30-year mortgage, or a custom length of time, many mortgage lenders can and will be flexible with your terms. Pay fees and closing costs.

Mortgages

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

SEPTEMBER 13, 2021

With a refinance , you apply for a new home loan to pay off your existing mortgage. Most homeowners refinance to lower their interest rate, lower their monthly payment, or cash out on equity. The decision to refinance doesn’t boil down to simply lowering your interest rate, decreasing your monthly payment, or cashing out equity.

Mortgages

Real Trends

NOVEMBER 7, 2022

To incentivize homeownership, the government offers a 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. Building equity.

Fixed-rate mortgage

Realty Biz

AUGUST 12, 2023

Interest : The cost of borrowing money, expressed as a percentage of the loan amount. Fixed-Rate Mortgage : A mortgage in which the interest rate remains the same for the entire term of the loan. Equity : The difference between the current market value of your home and the amount you owe on your mortgage.

Purchase and sale agreement