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. Important Note: These are illustrative examples.

Mortgages

Marco Santarelli

MARCH 30, 2025

Long-Term Goals Matter: When choosing between a 15-year and 30-year mortgage , consider your short-term cash flow needs versus long-term interest savings. Focus on Financial Health: Improving your credit score and lowering your debt-to-income ratio are key factors in securing a lower mortgage rate.

Mortgages

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?

Debt-to-income ratio

Marco Santarelli

MAY 5, 2025

Today's Mortgage Rates – May 5, 2025: Rates Increase by Nine Basis Points Key Takeaways Mortgage rates increased today, May 5, 2025, with key rates rising. 30-year fixed-rate mortgage is now 6.70% ; 15-year fixed-rate has reached 5.95%.

Debt-to-income ratio

Norada Real Estate

MAY 5, 2025

Today's Mortgage Rates – May 5, 2025: Rates Are Higher Than Last Week Key Takeaways Mortgage rates increased today, May 5, 2025, with key rates rising. 30-year fixed-rate mortgage is now 6.70% ; 15-year fixed-rate has reached 5.95%.

Debt-to-income ratio

Redfin

JULY 30, 2025

A shorter mortgage term will result in a higher monthly payment since you’ll be paying off the principal balance faster. With a longer mortgage term, you’ll have a lower monthly payment because the principal is stretched over more years. What’s the difference between a fixed-rate mortgage and adjustable-rate mortgage?

Pre-approval

Marco Santarelli

MAY 22, 2025

Creditworthiness: A potential borrowers financial profile has a direct effect on the interest rates offered. Lenders assess credit scores, debt-to-income ratios, and down payments when determining rates. Higher credit scores generally yield lower rates. for principal and interest.

Mortgages

Marco Santarelli

MAY 2, 2025

As of today: The national average for a 30-year fixed-rate mortgage for new purchases is around 6.88%. Rates jumped up in early April, hitting a high of 7.14% the highest since May 2024. Small Loan Amounts: The rate might only apply to smaller-than-average loan amounts. What Makes Mortgage Rates Tick?

Mortgages

Norada Real Estate

MAY 22, 2025

Creditworthiness: A potential borrowers financial profile has a direct effect on the interest rates offered. Lenders assess credit scores, debt-to-income ratios, and down payments when determining rates. Higher credit scores generally yield lower rates. for principal and interest.

Mortgages

Marco Santarelli

JANUARY 23, 2025

Monthly Payment Calculation: With the current average rate, for every $100,000 borrowed, the monthly principal and interest payment stands at approximately $668.66. Bond Yields: Mortgage rates typically follow the trend lines set by U.S. Future Trends: Will Rates Continue to Drop?

Mortgages

Marco Santarelli

MARCH 25, 2025

Here is a breakdown of current rates based on the latest information from Zillow: Loan Type Rate 30-Year Fixed 6.58% 20-Year Fixed 6.36% 15-Year Fixed 5.97% 5/1 ARM 6.72% 7/1 ARM 6.76% 30-Year VA 6.10% 15-Year VA 5.63% 5/1 VA 5.13% It's essential to recognize that these figures represent national averages.

Mortgages

Marco Santarelli

MAY 6, 2025

States With the Lowest Mortgage Rates Today May, 06 2025 National Mortgage Rate Snapshot Before we zoom in on the states with the lowest rates, let's get a national overview. As of today, May 6, 2025, the national average for a 30-year fixed-rate mortgage is 7.00%.

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. Loan Term: The length of time you have to pay off your mortgage.

Mortgages

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

Redfin

SEPTEMBER 6, 2024

Mortgage interest vs principal When you take out a mortgage, you borrow money from a lender to purchase a home. The principal is the original amount you borrowed, while the interest is the additional cost you’ll pay for using the lender’s money. This means your monthly payments will be consistent.

Debt-to-income ratio

Redfin

JULY 11, 2024

This interest rate can be fixed or adjustable and is added to your monthly payments throughout the loan term. For example, with a $400,000 mortgage at a fixed 5% interest rate, you would pay $20,000 in interest the first year. As you repay the principal, the interest portion of your payments will decrease.

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

Redfin

SEPTEMBER 4, 2024

There are several reasons you might want to do so like to lower your interest rate, change your loan term, your credit’s improved, debt consolidation, converting an ARM to a fixed-rate mortgage, converting an FHA loan to a conventional loan, or freeing up cash via decreasing your home’s equity.

Mortgages

HomeLight

AUGUST 28, 2020

Your mortgage company lends you $250,000. This $250,000 is called the loan principal. Your mortgage rate is what you’ll pay to borrow that $250,000 over time. It’s a percentage you pay on top of the loan principal. So, let’s say you’ll pay 5% interest on top of the $250,000 principal.

Mortgages

Redfin

AUGUST 12, 2024

Your monthly mortgage payment generally consists of four components: Principal : The amount of money you borrow to buy the home. Interest : The cost of borrowing the money, calculated as a percentage of the principal. Insurance : Homeowner’s insurance and, if applicable, private mortgage insurance (PMI).

Loans

Redfin

FEBRUARY 11, 2021

The good news is that you can discontinue this payment when you have paid off 20% of the loan’s principal amount – the equivalent of that 20% down payment. At that point, you can ask the lender to remove the PMI from your mortgage payments. . These borrowers often carry large student debts, which skew their debt-to-income ratio.

Debt-to-income ratio

Windemere Selling

JUNE 13, 2022

If your finances have improved since you initially secured your mortgage—for example, your debt-to-income ratio has improved, or you’ve bumped up your credit score—you may be able to lock in a better rate with your lender. Refinancing your home could also put cash in your pocket.

Debt-to-income ratio

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. The first step is understanding how much you can afford to spend on a mortgage.

Debt-to-income ratio

Redfin

JULY 11, 2023

Essentially, a mortgage enables individuals to become homeowners by providing the necessary funds upfront, with the property serving as security for the loan. How does a mortgage work? When you take out a mortgage, the lender provides you with a specific amount of money to buy a home. What are the different types of mortgages?

Pre-approval

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

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

MARCH 24, 2025

What's Your Monthly Payment on a $150,000 Mortgage? If you're looking at a smaller mortgage of $150,000 with a 30-year fixed rate of 6.51% , your estimated monthly payment would be around $948. That includes principal and interest, before taxes and insurance. This can lead to higher rates.

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

MAY 16, 2025

Your income: Lenders want to see that you can comfortably afford your mortgage payments. Your debt-to-income ratio: This compares your monthly debt payments to your gross monthly income. What's Driving Mortgage Rate Fluctuations? Principal & Interest: $2,264.38

Mortgages

HomeLight

NOVEMBER 29, 2021

First-time homebuyers can apply for a forgivable loan of up to $15,000 to assist with closing costs and down payment or principal reduction. Many VA loans offer a 30-year fixed-rate mortgage loan, competitive interest rates, and generally require no down payment. May need to show income and debt-to-income ratio.

Land

HomeLight

JANUARY 27, 2021

Your mortgage payment is more than just the cost of the principal and interest on your loan. It includes your property taxes and mortgage insurance, too. Mortgage insurance — required for buyers putting down less than 20% on a home — typically adds around 0.5% Adjustable-rate interest. This can spell trouble.

Closing costs

The Close

DECEMBER 29, 2022

How else would you and your clients understand how much is being paid in principal and interest over the years? Annual percentage rate (APR). Clients may be confused about the difference between an interest rate on their mortgage loan and an APR. Debt-to-income ratio (DTI). Fixed-rate mortgage.

Purchase and sale agreement

Marco Santarelli

FEBRUARY 5, 2025

Here's a rundown of the most common options: 30-year fixed-rate mortgage: This is the most popular choice. The interest rate remains the same for the life of the loan, providing stability and predictability. There are many online mortgage calculators that can help you do this.

Mortgages

Marco Santarelli

FEBRUARY 14, 2025

As of February 14, 2025, mortgage rates have slightly increased. The average rate for a 30-year fixed-rate mortgage is now 6.92%, a small uptick of 0.01% from the previous week. This slight increase in rates is just one aspect of a complex and evolving housing market.

Fixed-rate mortgage

Marco Santarelli

FEBRUARY 11, 2025

As of today, February 11, 2025, mortgage rates have experienced a slight decline, providing a glimmer of hope for prospective buyers in a challenging housing market. The average 30-year fixed-rate mortgage stands at 6.94% , which is a decrease of 0.06% from last week.

Mortgages

Marco Santarelli

FEBRUARY 22, 2025

Let's break down some examples to see what these 6.50% rates mean for different loan amounts on a 30-year fixed mortgage. Remember, these are just estimates for principal and interest and don't include property taxes, homeowners insurance, or potentially private mortgage insurance (PMI).

Mortgages