HomeLight

JUNE 9, 2023

But you have more questions: “When does the inspection happen? The interest rate for fixed-rate mortgages does not change over the life of the loan. The only way your interest rate would change is through refinancing. Fixed-rate mortgages make it easy to budget and know exactly how much you owe.

Title 105

Title Loans Title search Inspection 105

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. This may be true if you’re planning to rent for a short period of time.

Debt-to-income ratio 98

Debt-to-income ratio VA loan Fixed-rate mortgage Loans 98

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. Source: (Mark Finn / Unsplash).

Mortgages 98

Mortgages Fixed-rate mortgage Equity Loans 98

Marco Santarelli

APRIL 27, 2025

It's clean, simple, and almost guaranteed to close (barring inspection issues). High Mortgage Rates Are the Big Story: As of mid-April 2025, the average 30-year fixed-rate mortgage was hovering around 6.83% , according to Freddie Mac data mentioned in the report. The cash offer? Sellers love certainty.

Finance 52

Finance Loans Inspection Closing 52

HomeLight

JANUARY 27, 2021

You can usually shop around for the home inspection , title and settlement services, and home insurance. Fixed-rate mortgages are more predictable, and they work better for buyers who plan to be in the home for a longer period of time. Adjustable-rate interest. Definitely include an inspection contingency.

Closing costs 119

Closing costs Inspection Loans Earnest money deposit 119

Redfin

JULY 16, 2024

Step 3: Understand your loan options Fixed-rate vs. adjustable-rate mortgages (ARMs): Fixed-rate mortgages have a constant interest rate and monthly payments that never change. ARMs have interest rates that may start lower than fixed-rate loans but can change over time.

Loans 69

Loans Earnest money deposit Pre-approval Mortgages 69

HomeLight

JUNE 22, 2023

A: Your mortgage rate (also known as your interest rate) is the interest that your lender charges you for extending you the loan, and you will have to pay it back in addition to the loan principal. Q: Should I get a fixed-rate or adjustable-rate mortgage? Q: How long will it take to close on a home?

Debt-to-income ratio 98

Debt-to-income ratio Mortgages FHA loan Loans 98

HomeLight

MAY 31, 2022

Interest rates on 30-year fixed-rate mortgages reached their highest since April 2020. Nevertheless, despite rising interest rates and creeping inflation, the housing market continues to enjoy favorable pricing, largely due to low inventory. from March 2022 to April 2022, a nearly 27% drop from a year ago.

Seller concession 124

Seller concession Closing costs Staging Sales 124

Marco Santarelli

AUGUST 3, 2024

Use Online Tools for Neighborhood Analysis: Leverage resources like Google Maps, Zillow Neighborhoods, and similar platforms to gather information about crime rates, schools, and other neighborhood factors. How to Avoid: Schedule a Home Inspection: Make a home inspection a non-negotiable part of your buying process.

Closing costs 52

Closing costs Inspection Pre-approval FHA loan 52

Realtor.com

JANUARY 26, 2023

When Joseph moved in, he noticed the HVAC system, plumbing, and electrical wiring were in need of some costly repairs as he’d skipped having them inspected. Joseph, founder of Parental Queries , a website devoted to pregnancy and child rearing, has since had trouble keeping up with his mortgage payments.

Marketing 91

Marketing Fixed-rate mortgage Closing costs Mortgages 91

Realty Biz

APRIL 8, 2024

No seller wants to take their home off the market if a buyer can’t prove they can obtain a mortgage. What Type of Mortgage Should I Choose? Fixed-rate mortgages keep the same interest rate for the entire loan term, while adjustable-rate mortgages (ARMs) can change. Answer: Yes.

Pre-qualification 56

Pre-qualification Pre-approval Closing costs Title search 56

Realty Biz

AUGUST 22, 2022

Overall, high mortgage rates, tight credit conditions, fixed-rate mortgages, and good employment rates should protect the housing market from a crash. Sellers can expect to negotiate prices, undergo home inspections, and agree to professional appraisals. Consider Appealing Upgrades.

Fixed-rate mortgage 88

Fixed-rate mortgage Construction As-is Sales 88

Rent, Buy & Sell

JANUARY 20, 2023

Today’s Current Mortgage Rates The average APR fell on a 30-year fixed mortgage today, slipping to 6.40% from 6.57%. Meanwhile, the average APR on the 15-year fixed mortgage is 5.66%. This same time last week, the 15-year fixed-rate mortgage APR was at 5.89%. Rates are quoted as APR.

Mortgages 59

Mortgages Lending Fixed-rate mortgage Inspection 59

Windemere Selling

JUNE 13, 2022

Homeowners with Adjustable-Rate Mortgages (ARMs) will often refinance and switch to a Fixed-Rate Mortgage due to fluctuations in interest rates, locking in an established rate for the remainder of the loan term. Refinancing in order to change the length of the loan can be beneficial as well.

Debt-to-income ratio 52

Debt-to-income ratio Fixed-rate mortgage Loans Principal 52

HomeLight

MARCH 22, 2022

They could include a home inspection fee, title search, and mortgage origination fee. NC Home Advantage Mortgage. The state’s Housing Finance Agency supports many new homebuyers with its NC Home Advantage Mortgage. There is so much attention on down payments that we often forget their pesky cousin — closing costs.

Due diligence 105

Due diligence Closing costs Earnest money deposit Loans 105

Marco Santarelli

MAY 24, 2024

For example, let's say you were looking to finance a $300,000 house with a 30-year fixed-rate mortgage at 6.4%. With a rate of 7%, that payment jumps to $1,950. You might also have more time to inspect potential homes and negotiate repairs with sellers. Your monthly payment would be around $1,800.

Mortgages 52

Mortgages Pre-approval Fixed-rate mortgage Principal 52

Redfin

JULY 14, 2023

Stable monthly payments One of the biggest advantages to buying a home in Birmingham with a fixed-rate mortgage is that you’ll have the same monthly mortgage payment throughout the duration of your mortgage. Maintenance costs With homeownership comes the added responsibility of maintaining your home and property.

Equity 58

Equity Fixed-rate mortgage Closing costs Inspection 58

Marco Santarelli

FEBRUARY 27, 2025

Mortgage rates are the cost associated with borrowing money from lenders to purchase a home. Understanding the different types of mortgage rates and their dynamics is vital for making informed financial decisions. Understanding the Home Buying Process Knowing about mortgage rates is only one aspect of home buying.

Mortgages 52

Mortgages Debt-to-income ratio Fixed-rate mortgage Loans 52

Real Estate Finance HQ

AUGUST 25, 2017

Mortgage Insurance. Interest Rates. Mortgage Limits. Home Inspection Guidelines. Credit Score: FHA loans feature very lenient credit requirements; the following score ranges should give you an idea of what you can qualify for: 500 and below: likely cannot get an FHA mortgage. Home Inspection Guidelines.

FHA loan 40

FHA loan Debt-to-income ratio Inspection Loans 40

HomeLight

AUGUST 31, 2021

That may be around the same or double what you’ll pay again in closing costs when you eventually get a mortgage on the house. Finally, even if — perhaps especially if — the home is to be sold as-is, or if you’ll be responsible for the cost of maintenance and repairs during your rental period, do not skip the home inspection.

Purchase and sale agreement 124

Purchase and sale agreement Due diligence Closing costs Mortgages 124

HomeLight

NOVEMBER 29, 2021

Many VA loans offer a 30-year fixed-rate mortgage loan, competitive interest rates, and generally require no down payment. A professional can also help you navigate the inspection and closing process and with any number of other needs. Veterans Administration loans.

Land 110

Land Closing costs Purchase and sale agreement Loans 110

Redfin

FEBRUARY 10, 2023

Stable monthly payments When you buy a home with a fixed-rate mortgage, you lock in your monthly housing expenses for the life of your mortgage. For example, when buying a home, you will need to come up with a down payment, closing costs, and often pay for property inspections, insurance, and other associated fees.

Equity 59

Equity Closing costs Mortgages Pre-approval 59

HomeLight

JUNE 14, 2023

Escalation clauses were especially popular from mid-2020 to mid-2022 when low interest rates and the pandemic’s emphasis on home drove housing demand through the roof. Even though, as of this writing, mortgage interest rates are at 6.4% Since then, they’ve become less prevalent but are still fairly common.

Finance 94

Finance Agents As-is Proof of funds 94

Redfin

JULY 10, 2023

Stable monthly payments Buying a home with a fixed-rate mortgage means that your monthly mortgage payments stay the same over the duration of your mortgage. While other monthly expenses may fluctuate, you’ll have peace of mind that your mortgage payments will stay stable.

New Construction 59

New Construction Equity Purchase and sale agreement Closing costs 59

Marco Santarelli

AUGUST 2, 2020

About 1 percent of Redfin customers waived either a financing or inspection contingency last month. It seems they want to cash in on the opportunity to purchase their favorite properties amid a historically low-interest rate of 3.3 percent on a 30-year fixed-rate mortgage. percent in May, from 6.1 months to 5.4.

Marketing 142

Marketing Sales Pre-approval As-is 142

HomeLight

AUGUST 25, 2020

If you have a mortgage on your home, your housing payment will be the same every month — but in the first couple of years, the vast majority of that overall payment will likely go toward interest and will barely touch the principal balance. Inspection and repair fees (varies). The standard 5% – 6% Realtor commissions for the sale.

Principal 96

Principal Equity Title Seller concession 96

Realtor.com

JANUARY 19, 2022

We waived the traditional home inspection and instead asked for one that would evaluate the structural and engineering components of the home, such as the roof, boiler, foundation, electrical, and plumbing. This meant we weren’t going to back out of the deal unless there was a big, expensive-to-fix issue. So we put in our offer.

Pre-approval 110

Pre-approval Banks Closing Mortgages 110

Realtor.com

MARCH 22, 2021

And, just maybe, buyers may no longer be pressured to do things that over a year ago would have seemed ludicrous: waiving inspections, agreeing to pay closing costs, and sometimes buying homes across the country via video calls, sight unseen. What resulted was the lowest interest rates we’ve ever seen.

Marketing 145

Marketing Fixed-rate mortgage Construction Mortgages 145

The Close

DECEMBER 29, 2022

A contingency might be the buyer selling their current house, requiring certain repairs to be made, or obtaining a clean termite inspection. Don’t you love it when the co-borrower is the client’s dad who comes along on the inspection and is suddenly an expert on chimney engineering? Got Clients With Interest Rate Questions?

Purchase and sale agreement 98

Purchase and sale agreement Title Pre-approval Proof of funds 98