Redfin

APRIL 11, 2025

When you pay your mortgage each month, the payments go toward a tangible asset rather than a landlord. Owning a home can also bring more financial stability , especially with a fixed-rate mortgage, as it offers predictable monthly payments, compared to rent, which can rise.

Marketing

Marco Santarelli

JUNE 20, 2025

Factor in all the costs involved, such as appraisal fees, closing costs, and any prepayment penalties on your existing loan. Are you looking to lower your monthly payment, shorten your loan term, switch from an adjustable-rate to a fixed-rate mortgage, or tap into your home equity for other financial needs?

Mortgages

Marco Santarelli

MARCH 31, 2025

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

Mortgages

Redfin

JULY 30, 2025

Loans and programs for first-time buyers Loan Who qualifies Minimum down payment Minimum credit score Key qualifications Conventional loans Borrowers with good credit and stable income 3% 620 Strong credit, steady income, low DTI ratio FHA loans Borrowers with lower credit scores and limited savings 3.5%

Debt-to-income ratio

Marco Santarelli

JUNE 26, 2025

Plus, putting down at least 20% can help you avoid private mortgage insurance (PMI). Consider Different Loan Types: Explore different loan types like fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, and VA loans to see which one best suits your financial situation.

Mortgages

Norada Real Estate

JUNE 7, 2025

Notably, FHA loans have seen a more significant jump in their 30-year fixed rate. This could disproportionately affect first-time homebuyers or those with lower credit scores who often rely on these types of loans. For most people seeking stability, a fixed-rate mortgage is still the preferred choice.

Mortgages

Marco Santarelli

JUNE 4, 2025

Several factors influence these rates daily, and even small fluctuations can impact your monthly payments and the overall cost of your loan over time. According to data released by Zillow , as of Wednesday, June 4, 2025, the national average for a 30-year fixed-rate mortgage has edged up.

Loans

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. Why Did Mortgage Rates Jump? Shop Around: Don't just settle for the first rate you're offered.

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.

Mortgages

HomeLight

NOVEMBER 20, 2023

Along with the obvious advantage of a lower interest rate, an assumed loan can also come with fewer transaction fees and greater speed. There are typically fewer fees involved when you do an assumable mortgage rather than a new origination. Generally, government-backed or insured loans are the most common assumable loans.

FHA loan

Norada Real Estate

JUNE 22, 2022

As a cash buyer, you can also save on closing costs. You don't need to pay a bank attorney for the mortgage. Financing turnkey rental properties with cash means you don't need to put real estate taxes in escrow upfront nor pay for a mortgage application and loan origination fees. Fixed-rate mortgages.

Finance

HomeLight

JUNE 22, 2023

If you’re going to buy a home, you’ll need enough savings for a down payment, closing costs, and financial experts advise that you should also have enough money left over in your savings accounts to cover at least three months of expenses in case of an emergency. Q: Should I get a fixed-rate or adjustable-rate mortgage?

Debt-to-income ratio

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. Upfront cost.

Mortgages

Redfin

AUGUST 12, 2024

These loans have more relaxed credit score requirements and lower down payment options, with down payments as low as 3.5% However, FHA loans require both an upfront mortgage insurance premium (MIP) and monthly MIP payments, which can increase the overall cost of the loan.

Loans

Realty Biz

MARCH 30, 2023

Understand the Types of Mortgages, Interest Rates, and Fees Before you can get started, it's important to understand the different types of mortgages available and the associated interest rates. To get the best rate for your situation, be sure to look closely at each type of mortgage.

Mortgages

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”? As a general rule, refinancing closing costs are typically 2-6% of the loan’s value.

Mortgages

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. Types of down payment assistance available in New Jersey.

Land

Realty Biz

FEBRUARY 7, 2023

Figure Out What Mortgage Program Works Best When you start looking for a mortgage , one of the first steps should be deciding what loan terms you want. For example, do you want a 30-year fixed or adjustable-rate mortgage? A fixed-rate mortgage will give you more stability if you stay in the home longer.

Pre-approval

Realty Biz

APRIL 11, 2022

The basic process begins by asking questions like what type of mortgage is best for you? A 30-year fixed rate mortgage is the most common for first-time buyers. I think loan types like 30-year fixed and ARMs, along with discount points are basic places to start asking questions when interest rates are going up.

Mortgages

HomeLight

JANUARY 31, 2022

There are many mortgage programs that offer you the ability to put down far less — even nothing in certain cases! If you need to have a smaller down payment, see if you meet the criteria for any of the following loan programs: FHA loans can be approved with just 3.5% as a down payment. Are you getting an ARM or an FRM?

Loans

Marco Santarelli

AUGUST 3, 2024

Many first-time buyers underestimate the true cost of homeownership, overlooking the hidden expenses beyond the mortgage payment. Not Saving Enough for a Down Payment: Many assume a 20% down payment is mandatory, but with options like FHA loans, you might be able to secure a mortgage with a smaller down payment.

Closing costs

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

HomeLight

AUGUST 31, 2021

You’ll want to be sure you’ve kept the home long enough to recoup your transaction costs — real estate agent fees, closing costs, and any repairs or maintenance done to the home to prepare for sale. Homeownership is a way to hedge against inflation by keeping housing costs static and predictable.

Closing costs

Marco Santarelli

AUGUST 8, 2024

Here are some scenarios where refinancing could be beneficial: Homeowners with Existing Mortgages Above 6% : If you currently have a 30-year fixed rate mortgage at 7.5% , refinancing to a 30-year fixed rate at 6.56% can result in substantial monthly savings.

Mortgages

Marco Santarelli

APRIL 24, 2024

Refinancing essentially allows you to replace your current loan with a new one with a lower interest rate, potentially bringing substantial relief to your monthly payments. It's important to consider any associated fees with refinancing, such as closing costs, to ensure it makes financial sense in your situation.

Pre-approval

Realty Biz

APRIL 8, 2024

What Are Closing Costs? Answer: Closing costs are fees for finalizing the mortgage, including appraisal fees, title insurance, and more. They typically range from 1% to 3% of the loan amount. No seller wants to take their home off the market if a buyer can’t prove they can obtain a mortgage.

Pre-qualification

Marco Santarelli

FEBRUARY 24, 2025

Before you jump into refinancing, take a hard look at your current mortgage. Is your existing rate lower than what's available today? Also remember to factor in closing costs when assessing the true cost of refinancing! Fixed-Rate Mortgages: The interest rate stays the same for the entire life of the loan.

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. Interest Rates : Compare the offered rates and terms from multiple lenders.

Mortgages

Redfin

JULY 31, 2024

Follow the 28/36 rule: Housing costs should not exceed 28% of your gross monthly income, and total debt payments should not surpass 36%. Calculate potential costs: Include property taxes, insurance, lender fees, closing costs, and down payments in your budget. Can I negotiate mortgage terms with a lender?

Pre-approval

Real Estate Finance HQ

AUGUST 25, 2017

This guide outlines the types of, as well as the necessary qualifications for, FHA loans. What is a FHA Loan? The FHA, a unit of the Department of Housing and Urban Development, was created in 1934 specifically to help low- and moderate-income families obtain financing for home ownership. Mortgage Insurance.

FHA loan

Marco Santarelli

MARCH 27, 2025

Adjustable-Rate Mortgages (ARMs): Proceed with Caution: ARMs typically start with a lower interest rate than fixed-rate mortgages. However, after a set period (usually 5, 7, or 10 years), the rate adjusts based on market conditions. FHA Loans: Lower credit score requirements and down payment options.

Debt-to-income ratio

Marco Santarelli

JUNE 5, 2025

Fixed-rate mortgages allow borrowers to lock in their interest rates for the loan's duration, ensuring predictability in monthly payments. The attractiveness of these loans becomes evident when compared to the inconsistencies of adjustable-rate mortgages (ARMs).

Mortgages

Marco Santarelli

AUGUST 16, 2024

Understanding the Current Market: The Federal Reserve has been steadily raising interest rates to combat inflation, which has impacted mortgage rates. A year ago, in August 2023, the average 30-year fixed-rate mortgage was around 7.58%. Are there any government programs that can help me afford a home?

Pre-approval

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're looking for something shorter, a 15-year fixed is significantly lower at 5.83%. For our veterans, VA loans are looking particularly attractive with rates under 6%. And FHA loans, often popular with first-time buyers, are also offering competitive rates. Refinancing? Let's Get Real.

Mortgages