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. FHA loans require only a 3.5% This is a crucial metric to consider when weighing whether to refinance.

VA loan

Marco Santarelli

JUNE 17, 2025

Exploring Other Mortgage Options In addition to fixed-rate loans, various mortgage options cater to different financial situations and risk profiles. These loans help low-to-moderate-income buyers secure a home with lower down payment requirements.

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%? All these are advantages.

Mortgages

Norada Real Estate

JUNE 7, 2025

When bond prices rise, yields fall, leading to lower mortgage rates and vice versa. In recent weeks, as jobs reports have come in strong, investors shifted capital towards equities, pushing bond prices down and yields up. This upward trend in yields has contributed to the rise in mortgage rates.

Mortgages

Redfin

JULY 30, 2025

This way, you’ll have a chance to build equity. The longer you own your home, the more equity you’ll build, leading to greater financial return when you decide to sell your home. >> It’s important to note, however, that your credit score influences your interest rate and loan options.

Pre-approval

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

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 31, 2025

Loan types for first-time homebuyers include: Conventional Loan: Offers flexible down payment options as low as 3% with private mortgage insurance (PMI). These require a higher credit score and must fall within conforming loan limits. FHA Loan: Designed for buyers with lower credit scores.

Purchase and sale agreement

Marco Santarelli

JULY 1, 2025

VA Loans: These loans are guaranteed by the Department of Veterans Affairs and are available to eligible veterans, active-duty military personnel, and surviving spouses. This is a tough decision as monthly commitments drastically change.

Mortgages

Marco Santarelli

MARCH 27, 2025

Refinance Rates: Generally similar to purchase rates, with the 30-year fixed refinance at 6.61% and the 15-year fixed refinance at 6.00%. VA Loans: Continue to offer potentially lower rates for eligible military-affiliated borrowers. The 30-year VA loan rate is at 6.14%.

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 17, 2025

Exploring Other Mortgage Options In addition to fixed-rate loans, various mortgage options cater to different financial situations and risk profiles. These loans help low-to-moderate-income buyers secure a home with lower down payment requirements.

Mortgages

Marco Santarelli

APRIL 10, 2025

Current Mortgage Rates as of April 10, 2025: Mortgage Type Average Rate Today 30-Year Fixed 6.85% 20-Year Fixed 6.61% 15-Year Fixed 6.21% 7/1 Arm 7.55% 5/1 Arm 7.31% 30-Year FHA 5.95% 30-Year VA 6.45% (Source:Zillow) These rates have climbed from around 6.45% in March, highlighting a considerable shift in the mortgage landscape.

Fixed-rate mortgage

Marco Santarelli

MARCH 17, 2025

Loan Type: 30-Year Fixed, 15-Year Fixed, and Beyond. The most common type of mortgage is the 30-year fixed-rate mortgage. Then there's the 15-year fixed-rate mortgage. Think of it like this: if you put down 20% or more, youre instantly starting with more equity in your home.

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

The Mortgage Report

JUNE 12, 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

The Mortgage Report

JULY 22, 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

The Mortgage Report

JUNE 18, 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

The Mortgage Report

JULY 30, 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

Housing Wire

JANUARY 10, 2022

The Federal Reserve has announced plans to gradually “taper” its supportive monetary policy: Net acquisitions of agency mortgage-backed securities are expected to cease by the end of March and the Federal Open Market Committee has signaled possibly three 25-basis point increases in the federal funds target by yearend 2022.

Marketing

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. Drawbacks of refinancing.

Mortgages

Realty Biz

SEPTEMBER 30, 2023

These lenders understand the challenges you might be facing and are willing to work with you to find a suitable mortgage option with scores down to 500. Government-backed programs: Government-backed mortgage programs, such as FHA loans, VA loans, and USDA loans, often have more relaxed credit score requirements.

Finance

Realtor.com

JANUARY 10, 2022

Government-insured loans are a good option and have a lower down payment requirement, too.” ” One example is the mortgage program run by the Federal Housing Administration (FHA). While a conventional mortgage requires a 20% down payment, an FHA loan requires only 3.5%. ” Tip No.

Mortgages

HomeLight

JUNE 22, 2023

Credit scores typically fall into one of these ratings: 580 and below: poor 580-669: fair 679-739: good 740-799: very good 800-850: excellent The minimum credit score you need to be approved for a mortgage will depend on what kind of loan you are applying for. Q: What is a mortgage rate , and how does it affect my loan?

Debt-to-income ratio

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

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. What is PMI, and do I need to pay it?

Loans

Redfin

SEPTEMBER 4, 2024

Refinancing your mortgage can be a strategic move to either lower your monthly payments, shorten your loan term, or tap into your home’s equity. However, did you know refinancing a mortgage can cost you? Now that you’re wondering, “How much does it cost to refinance a mortgage?” the short answer is, “It depends.”

Mortgages

Redfin

NOVEMBER 18, 2020

Private mortgage insurance (PMI): If your down payment is less than 20%, your lender may require you to have private mortgage insurance until you have acquired 20% equity in your home, usually meaning you’ll need to pay off 20% of the original home loan. Your lender will require you to have homeowners insurance. .

Mortgages

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. Conclusion: The Right Move?

Mortgages

Marco Santarelli

JANUARY 15, 2025

Understanding Mortgage Types Selecting the right mortgage type can significantly impact your financial future. Cons: Generally higher interest rates than shorter-term loans, translating to more interest paid over time. Accelerated equity building means you own your home sooner.

VA loan

Realty Biz

DECEMBER 31, 2020

One of the major benefits of owning a home is that, if you have a fixed-rate mortgage, your payments won’t increase. What’s more, when you have paid off the interest early on in your loan, your monthly payments go toward the value of your home. However, only specific people can apply for these loans.

Loans

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.

Loans

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

HomeLight

AUGUST 31, 2021

Monthly mortgage payments offer built-in savings through equity gains. If you use a fixed-rate mortgage, your principal and interest will remain the same throughout the life of the loan, though your property taxes and subsequent homeowner’s insurance can increase over time. FHA loans: as low as 3.5%.

Closing costs

Marco Santarelli

MARCH 27, 2025

Play the Loan Term Game: You have two main options: 15-year or 30-year mortgages. 15-Year Mortgage: Lower interest rate , higher monthly payments, build equity faster, pay off your loan in half the time! 30-Year Mortgage: Higher interest rate, lower monthly payments, more flexibility in your budget.

Debt-to-income ratio

HomeLight

NOVEMBER 29, 2021

Designed to help homebuyers buy a home in the rural areas of New Jersey, the USDA home loan program , like FHA loans, is issued by local lenders but backed by the USDA. Loans come with low interest rates and low or no down payment. Veterans Administration loans. YourFirst Mortgage.

Land

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