Mortgage and Real Estate Articles from Mortgage Research Center
WEB6 days ago · Many first-time buyers hesitate to get pre-approved because it could hurt their credit. But now it's possible to get pre-approved without a hard credit inquiry. by Tim Lucas in Credit. April 4, 2024 4 MIN. Mortgage Research Center features mortgage news and advice for homebuyers from a team of experts in …
How You Might Benefit When Mortgage Lenders Use AI
WEB1 day ago · 2. Tavant. Through its Touchless Lending platform, Tavant allows banks and mortgage companies to automate communication, improve the customer experience, and ensure the completion of necessary documents. According to the Tavant website, its AI loan software increases lender underwriting capacity more than fourfold.
What To Do If You Feel Like You'll Never Afford a House
WEB1 day ago · The USDA Guaranteed Loan program lets borrowers in rural areas skip the down payment completely. To participate, a borrower must earn 115 percent or less of the area’s median income. If the area’s median income is $100,000, a USDA borrower can earn up to $115,000. Borrowers must also buy within areas the USDA defines as rural.
Mortgage Rates Today, Sep. 24, 2024: The Drift Continues
WEB1 day ago · by Peter Warden in Rates. September 24, 2024, 8:30 AM UTC 3 MIN. The average 30-year fixed rate mortgage was 6.14% yesterday, an increase of 0.05% since the day before. The 15-year fixed mortgage rate stood at 5.08%, up by 0.01%. The 30-year FHA mortgage averaged 5.48% yesterday, having risen by 0.05. Meanwhile, the 30-year jumbo mortgage rate ...
Home Loans Articles | Mortgage Research Center
WEBSep 12, 2024 · According to our estimates, FHA loan limits could rise in 2025. Find out how much they could go up. by Tim Lucas. August 27, 2024 4 MIN. All Home Loans Articles.
Rates Articles - Mortgage Research Center
WEBSep 18, 2024 · Buying a $350k Home Just Got $300 Per Month Cheaper. Falling mortgage rates have equated to an estimated $300-per-month drop in the mortgage payment on a $350,000 home. by Tim Lucas. August 31, 2024 1 MIN.
What Is a Mortgage and What Can It Do for You? - Mortgage …
WEBJun 17, 2024 · Mortgages are secured by the underlying piece of real estate. If a borrower fails to make their payments, the lender can take legal action to gain ownership of the property. They can then sell it to recoup their losses. Without a mortgage, buying a home would require you to save up the entire purchase price.
Fannie Mae Rolls Out 5% Down Multifamily Home Loans
WEBJuly 1, 2024, 3:15 PM UTC 5 MIN. It's official: Fannie Mae now allows 5% down payments for owner-occupied 2-, 3-, and 4-unit (multifamily) homes. This is a surprising reversal of the years-long policy of requiring 15-25% down for duplexes, triplexes, and four-plexes. It will be a major benefit to those looking to purchase a multifamily home to ...
Does a Mortgage Recast Save You Money? Yes and No
WEBMar 5, 2024 · 360 Months. Total Interest Paid. $279,438. By recasting, you could reduce your monthly payments by nearly $900 and total interest cost by more than $138,000. This includes the $64,667 in interest you’ve paid so far and the $214,771 due across the remaining re-amortized term. Making an Extra Payment.
Rates Went Up After I Got Pre-Approved. Can I Still Buy a House?
WEBApr 9, 2024 · Some mortgage types allow debt-to-income ratios up to 45%, but as high as 56% for strong applicants using FHA loans. In the below example, the borrower would likely be approved for all scenarios except perhaps the 7.5% rate, where DTI rises above 45%. Assumptions: 5% down conventional loan, $100k annual income, $500 monthly debt payments, $450 ...