Redfin

JULY 31, 2025

They cover topics like budgeting, building credit, mortgage options, house hunting, and closing. If you’re unsure where to start, check with HUD-approved counseling agencies, non-profit organizations, and local housing authorities to find available courses. ARMs can help you save early on, but carry the risk of rate increases.

Purchase and sale agreement

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

Marco Santarelli

SEPTEMBER 30, 2023

According to Bankrate, the average FHA loan rate for credit scores of 680-699 is 5.531% as of September 30, 2023. However, it is important to note that interest rates can vary depending on a number of factors, including the loan amount, loan term, and the borrower's debt-to-income ratio.

FHA loan

Realty Biz

SEPTEMBER 30, 2023

Seek professional advice: Working with a mortgage professional, such as a loan officer or mortgage broker, can provide valuable guidance. They can help you navigate the mortgage process and identify suitable options based on your financial situation and provide you with a pre-approval.

Finance

Redfin

AUGUST 12, 2024

Income stability : Lenders prefer borrowers with a stable income and employment history. Documenting at least two years of consistent income can be crucial. Debt-to-income ratio (DTI) : This ratio compares your monthly debt payments to your monthly gross income.

Loans

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. How does the mortgage pre-approval process work?

Pre-approval

Marco Santarelli

MAY 29, 2025

A lender that wants to be more aggressive may offer lower rates to attract more business, while a more conservative lender might charge a premium. Your Financial Profile: Your credit score, income, debt-to-income ratio, and the size of your down payment all play a significant role in determining your mortgage rate.

Mortgages

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

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

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

The Close

DECEMBER 29, 2022

If your clients are concerned about getting approved for a loan, you can remind them that a co-borrower agrees to back the borrower in a mortgage loan. It’s kind of like a fixed-rate mortgage and an adjustable-rate mortgage had a baby. Debt-to-income ratio (DTI). Pre-approval.

Purchase and sale agreement

Marco Santarelli

FEBRUARY 22, 2025

The Good: Lower initial interest rates are the main appeal of ARMs. For a set period (like 5 or 7 years in the case of 5/1 and 7/1 ARMs), your rate is fixed, and often lower than a comparable fixed-rate mortgage. The Not-So-Good: Rate adjustments are the big risk. Dont delay in taking action!

Mortgages

Marco Santarelli

APRIL 6, 2025

Adjustable-Rate Mortgages When considering which type of mortgage to choose, understanding the difference between fixed-rate and adjustable-rate mortgages (ARMs) is crucial. Fixed-rate mortgages maintain the same interest rate throughout the loan term, providing predictability in monthly payments.

Debt-to-income ratio