Marco Santarelli

MAY 27, 2025

Finding the best rate can save you thousands over the life of your loan, so let's dive into what's driving these differences across states and how you can snag the best deal. Lenders perceive less risk when lending to areas with strong credit histories. Larger loan amounts might come with slightly different rates than smaller ones.

Mortgages

Marco Santarelli

APRIL 4, 2025

Heres a breakdown of todays refinance rates: Refinance Type Average Rate Today March Average 30-Year Refinance 6.49% 6.49% 15-Year Refinance 5.80% 5.80% These rates allow homeowners to save considerably through refinancing, particularly if they secure a rate lower than their existing loan. How Does the Fed Rate Affect Mortgage Rates?

Mortgages

AAOA

JUNE 12, 2025

Residential vs Commercial Multifamily Get a Free Multifamily Loan Quote Access Non-Recourse, 10+ Year Fixed, 30-Year Amortization GET A FREE QUOTE 1. Bonus: Many lenders also offer non-recourse loans for larger commercial properties, which can protect your personal assets if the deal goes south. Managing a duplex?

Commercial

The Mortgage Report

JULY 11, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? How Much Home Can I Afford?

FHA 203k rehab loan

Lighter Side of Real Estate

MAY 26, 2025

For many college grads, student loan debt can feel staggering. Six figures of debt isnt unusual, and on paper, it can make buying a home seem like a pipe dream. But that mountain of debt doesnt automatically put you at a disadvantage. They dont just glance at your current balance sheetthey factor in your trajectory.

Debt-to-income ratio

Redfin

MARCH 14, 2025

A mortgage commitment letter is a formal assurance from your lender that your loan has been reviewed and is on track for approval, pending final conditions. A mortgage commitment letter is a formal document issued by a lender stating that your loan application has been reviewed and approved, pending final conditions.

Debt-to-income ratio

Marco Santarelli

FEBRUARY 7, 2025

While market adjustments are always possible, the key differences in supply and demand, lending practices, and overall market psychology make a repeat scenario highly unlikely. Lending Standards: A Post-Crisis Reformation 2008: Lax lending standards were a major culprit. Conventional loan requirements vary by lender.

Pre-approval

The Close

JULY 1, 2025

However, some will struggle with getting approved for a loan, which is something that could result in the transaction falling through for you as a real estate agent. That’s where FHA loans can save the day for everyone. This makes it possible for buyers who might not qualify for traditional loans to still secure financing.

FHA loan

Marco Santarelli

JULY 25, 2025

Average Loan Size: The size of the average mortgage in a state can also affect rates. For example, states with higher property values tend to have larger loan sizes. State Regulations: Mortgage lending is regulated at both the federal and state levels. One point equals 1% of the loan amount, so it can add up quickly.

Mortgages

Marco Santarelli

MAY 9, 2025

The median monthly income is about $6,717.50. That means the monthly mortgage payment eats up a staggering 31.36% of their income! Year Loan Amount Interest Rate Monthly Payment Monthly Income Payment-to-Income Ratio 1974 $24,000 9.19% $196.39 $925 21.2% 2024 $320,000 6.9% $2,107.20 $6,717.50

Debt-to-income ratio

Redfin

JULY 24, 2025

According to Redfin Real Estate, the minimum down payment for first-time homebuyers varies depending on the type of loan. Many loans offer down payments as low as 3% or even 0%. Here’s a quick breakdown: FHA loans, for example, typically require 3.5% VA and USDA loans may offer 0% down for eligible borrowers.

FHA loan

Marco Santarelli

MAY 24, 2025

Federal Reserve Policies : The Federal Reserve's decisions regarding interest rates and quantitative easing have significant effects on lending rates. Consumer Sentiment : Market perceptions can alter demand for loans, impacting overall rates. For instance, if a homeowner with a $300,000 mortgage refinances from a 7.5%

Mortgages

Marco Santarelli

JULY 11, 2025

State-level regulations, credit scores, and average loan sizes also play roles. Lenders perceive lending in such regions as riskier. Average Loan Size: Loan size correlates with rates. This is because operational costs are the same, regardless of the size of the loan. Each point equals 1% of the loan amount.

Mortgages

Rochester Real Estate

NOVEMBER 5, 2015

In my experience as a Webster NY Realtor , not enough buyers understand the impacts of scores until they apply for a loan. Credit mix: The types of credit accounts, such as credit cards, loans, and mortgages. Lenders rely on credit scores to evaluate the risk of lending to borrowers. However, co-borrowing also carries risks.

Debt-to-income ratio

Redfin

JULY 9, 2025

A mortgage pre-approval is a lender’s conditional commitment to lend you a certain amount for a home purchase. The lender reviews your financial information—such as income, credit score , debts, and assets—to determine how much they’re willing to lend. Income and employment history: Pay stubs, W-2s, or tax returns.

Pre-approval

Marco Santarelli

JULY 2, 2025

Federal Reserve's Monetary Policy : The Federal Reserve influences mortgage rates through its setting of the federal funds rate, which affects how much banks charge each other for lending. Understanding Your Financial Position : Your credit score, income levels, and debt-to-income ratio significantly affect the rates you may be offered.

Mortgages

Redfin

JULY 8, 2025

So, when is the last credit check before closing and what does it mean for your loan? They check for new debts, significant drops in your credit score, or changes to your employment. Your credit score hasn’t dropped significantly due to missed payments or increased balances, which could impact your loan terms or approval.

Debt-to-income ratio

Marco Santarelli

MAY 2, 2025

Average Loan Size: This one is pretty straightforward. Texas: Despite its size and varied markets, Texas generally benefits from a strong economy and a competitive lending environment. Small Loan Amounts: The rate might only apply to smaller-than-average loan amounts. More competition usually means better rates for you!

Mortgages

Rochester Real Estate

NOVEMBER 5, 2015

A mortgage lender will check your credit score and financial history to decide how much they can lend to you. Saving a Down Payment While many home loan options allow low down payments, this will mean additional costs. Don’t apply for new credit that might make your debt-to-income ratio worse before you close on the home.

Purchase and sale agreement

Marco Santarelli

JUNE 16, 2025

This announcement could dramatically impact interest rates and, consequently, the mortgage lending world. Current Mortgage Rates Overview To give you a clear snapshot of the current market, let's look at the mortgage rates being offered for different types of home loans. This, in turn, can push mortgage rates down.

Mortgages

Norada Real Estate

JULY 2, 2025

Federal Reserve's Monetary Policy : The Federal Reserve influences mortgage rates through its setting of the federal funds rate, which affects how much banks charge each other for lending. Understanding Your Financial Position : Your credit score, income levels, and debt-to-income ratio significantly affect the rates you may be offered.

Mortgages

Rochester Real Estate

NOVEMBER 5, 2015

It’s unfortunate, but not every prospective buyer is going to be able to qualify for a home loan. In the simplest terms the main difference is that a bank has its own lending criteria and offers loans by using its own funds. You have no control over who you loan gets sold to.

Finance

Marco Santarelli

MARCH 20, 2025

Be prepared for higher monthly payments compared to a 30-year loan. VA Loans – A Benefit for Veterans: Backed by the Department of Veterans Affairs, VA loans offer significant advantages to eligible veterans, active-duty service members, and surviving spouses. Refinance Rates: What's on Offer Today?

Mortgages

Norada Real Estate

JUNE 6, 2025

These differences can affect the costs and risks associated with lending, ultimately influencing the rates offered. Average Loan Size: The average loan amount also matters. Larger loan amounts may carry slightly different rates compared to smaller loans due to market demand and risk considerations.

Mortgages

Marco Santarelli

MARCH 17, 2025

Here's a snapshot of the average mortgage rates you can expect today: Loan Type Interest Rate 30-Year Fixed 6.59% 20-Year Fixed 6.45% 15-Year Fixed 5.93% 5/1 ARM 6.85% 7/1 ARM 7.13% 30-Year VA 6.15% 15-Year VA 5.59% 5/1 VA 6.15% Source: Zillow It's worth noting that these are national averages.

Mortgages

The Close

MAY 6, 2025

While your specific interest rate and the amount you can borrow depend on your creditworthiness, debt-to-income (DTI) ratio, and equity, Figures interest rates can be lower than most other options. Visit Figure HELOC $25,000-$750,000 Starting at 8.5% Visit Figure HELOC $25,000-$750,000 Starting at 8.5%

Loans

Marco Santarelli

MARCH 6, 2025

Because they directly impact how much you'll pay each month and over the life of your loan! 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. So, let's dive in. A lower DTI is better.

Mortgages

Housing Wire

APRIL 2, 2025

It also provides total lending efforts approaching $700 million annually when including down payment assistance programs. A few years ago, my wife, whos a Realtor, was working with a buyer who had their loan approval and contract set, he said. Lending and grant support NeighborWorks financial support extends beyond education.

Debt-to-income ratio

Marco Santarelli

MAY 13, 2025

Average Loan Size: The typical amount people borrow for a mortgage in a specific state can also have an impact. In areas with higher average home prices (and thus larger loan sizes), lenders might adjust their rates based on the overall risk associated with larger sums. Loan Type and Term: The type of mortgage you choose (e.g.,

Mortgages

Marco Santarelli

APRIL 24, 2025

They do this by setting the federal funds rate, which influences what banks charge each other for lending money overnight. Think of it this way: the Fed funds rate has a more direct impact on short-term interest rates , like those on savings accounts, credit cards, and personal loans. Consider different loan options.

Mortgages

Redfin

JULY 30, 2025

In fact, today’s first-timers are older than ever, thanks to factors like rising home prices , student loan debt, and stricter lending standards. Income stability: Lenders typically want to see at least two years of consistent employment history. VA loans : For eligible veterans or active-duty service members.

FHA loan

Marco Santarelli

MAY 22, 2025

Average Loan Size: The size of the average mortgage loan can also impact rates. Larger loan amounts sometimes come with different risk profiles for lenders. Your Individual Profile Matters: The rate you ultimately secure will depend on your credit score, income, debt-to-income ratio, and the size of your down payment.

Mortgages

Housing Wire

FEBRUARY 28, 2025

The Consumer Financial Protection Bureau ( CFPB ) has voluntarily dismissed a lawsuit against Vanderbilt Mortgage & Finance that accused the Tennessee-based lender of pushing borrowers into unaffordable loans that, in some cases, caused them to lose their homes.

Debt-to-income ratio

Marco Santarelli

JULY 10, 2025

Average Loan Size: Believe it or not, the average loan size in a state can also impact rates. Larger loan amounts might be viewed differently by lenders. Certain states, like California and New York, often have higher average home prices, leading to larger loan amounts. Rate locks usually last for 30 to 60 days.

Mortgages

Housing Wire

JULY 10, 2025

Rate predictions went awry Mark Worthington, a Bend, Oregon-based branch manager for Churchill Mortgage , says that clients were misled by loan officers who thought they could “predict” rates, leading them to push their budgets. “Most loans have a typical debt-to-income ratio of approximately 45%.

Debt-to-income ratio

Marco Santarelli

FEBRUARY 2, 2025

Cost Calculations for Different Mortgage Amounts To provide a clearer picture, let's break down the monthly payments based on various mortgage amounts at the current rate for a 30-year loan. For a homeowner, understanding this breakdown can aid in planning for future financial needs and navigating more extensive financial responsibilities.

Mortgages

Marco Santarelli

FEBRUARY 8, 2025

Mortgage rates are the costs associated with borrowing money to purchase a home, expressed as a percentage of the loan amount. Your Financial Profile: Personal factors such as credit score, debt-to-income ratio, and down payment size all play a significant role in determining what mortgage rate youll qualify for.

Mortgages