Mortgage Tips and Advice
Remodeling your home? Here are ways to pay for it
Homeowners have plenty of options when it comes to financing new kitchen remodel, spiffed-up bathroom design, new mud room or added wing.
A Closer Look: The 30-year mortgage
The average interest rate on a 30-year mortgage is now 5.35 percent. That’s over two percentage points higher than at the beginning of 2022. These higher interest rates will undoubtedly change the home-buying scene as people weigh the costs of borrowing. But one constant is that the majority of new mortgages are of the 30-year fixed variety. Ever wonder why?
How will the sharpest rise in mortgage rates in three decades affect home prices?
Some mortgage watchers say the 2022 run-up in mortgage rates could be even more dramatic than in 1994.
Fannie Mae and Freddie Mac’s new addendum requirement for condo purchases
While condos can be an excellent choice for many households, it’s important to note that government-sponsored enterprises Fannie Mae and Freddie Mac have recently added an addendum requirement for an extra layer of protection.
FHFA announces fee increases for high-balance and second-home loans
If you’re considering a second home or a property that’s priced above the conforming loan limits for your area, the Federal Housing Finance Agency’s (FHFA) new announcement regarding fee hikes may affect you.
6 ways to save more money in 2022
Improving your diet and health are common New Year’s resolutions, but improving your financial health should be a priority, too.
Homebuyer programs help buyers keep pace with rising home prices
The following are some of the best first-time homebuyer loan options
These are the 5 biggest consumer fintech trends to watch for in 2022
Here are the biggest fintech trends to watch for in 2022 that will help you save time and money.
You can’t outsave the market: the lowdown on low down payments
First-time home buyers frequently face the challenge of saving for a large enough down payment for their first home purchase.
FHFA announces new conforming loan limits for 2022
If you’re thinking about purchasing a home in 2022, here’s what you need to know about the latest conforming loan limits.
Mortgage interest deduction: What you need to know for filing in 2022
Buying a home has never been more expensive, but if you can find one you can afford, there’s some good news after you move in: You might be able to take advantage of the mortgage interest deduction to lower your tax bill.
5 trends that will move mortgages and housing in 2022
Here are trends to watch in 2022 relating to mortgages, housing and real estate.
Real estate new year’s resolutions for 2022
It’s time for New Year’s resolutions! This year, why not add a real estate resolution or two to your list–and see if you can make it happen?
Inflation is back in a big way: What that means for borrowers and mortgages
Today’s combination of low mortgage rates and high inflation is exceedingly rare. So one of those conditions is likely to end soon — and if prices remain elevated, economists say, mortgage rates will rise.
It’s time for your annual real estate checkup
To keep yourself healthy, you make sure to schedule an annual physical. To maintain your financial well-being, it is essential to schedule an annual real estate checkup.
What you need to know about the Federal Reserve’s recent meetings
Whether you’re ready to purchase a home right now or you plan to wait a while, you may be interested in staying apprised of the Federal Reserve’s latest decisions.
The FHFA and Treasury ease restrictions for financing second homes and investment properties
If you’ve been on the search for housing, you’ve probably noticed that the market is incredibly competitive for both renters and buyers. As a result, the restrictions put in place earlier this year have been lifted in an effort to give a boost to the dwindling housing supply across the country.
Tips for getting a mortgage for the self-employed
When you are self-employed, the most challenging part of the mortgage application process often has to do with gathering proof of income and employment verification.
New mortgage qualification help for student debt holders
recent changes in Federal Housing Administration (FHA) make it easier for those with student loans to qualify for a mortgage.
Is an appraisal needed?
A home appraisal is assumed as a compulsory step for any real estate transaction. However, some home loans may not require an appraisal and prospective home buyers and sellers are able to skip this step entirely.
Why now is the time to consolidate your mortgage and HELOC
One strategy for benefiting from these conditions could be to refinance your mortgage and wrap any home equity debt you have — like a home equity loan or a home equity line of credit (HELOC) — into the new loan.
Mortgage rate forecast for Q3: Economic optimism will push rates up slightly in 2021
Rates have mostly climbed since January, and their trajectory for the rest of 2021 depends on a factor that hasn’t played a prominent role in the mortgage market for decades — inflation.
What you should know about mortgage-backed security trading
Both prospective investors and homeowners should familiarize themselves with mortgage-backed securities as they can greatly aid in growing wealth.
Should I co-sign a mortgage for a relative?
Frequently, first-time homebuyers will turn to relatives to help with a down payment or to cosign on the loan. However, all the parties involved need to be very aware of the pitfalls before agreeing to this arrangement.
Financing options for renovation or fix-and-flip
Springtime has arrived and people are thinking about major renovations, repairs, or restorations on their home.
The Rueth Team announces Gabe Bodner as new reverse mortgage division manager
Fairway Mortgage’s The Rueth Team is proud to announce the arrival of Gabe Bodner as the team’s new reverse mortgage division manager.
Rising mortgage rates: Lock or not?
To lock or not to lock, that is the home buyer’s choice. However, buyers need to understand this is a commitment from both the mortgage lender and themselves to close at the agreed upon interest rate.
Fannie Mae Enforcing New Guidelines for Investment Properties and Second Homes
If you’re a real estate investor or thinking about purchasing a second home while interest rates are historically low, it’s important to be aware of new guidelines recently set by Fannie Mae and the U.S. Treasury.
Removing Private Mortgage Insurance (PMI) from your mortgage
As you pay on your mortgage, the loan balance goes down a little each month. Once it is less than 80 percent of the original value, you can request the PMI be removed.
How bidding wars can affect loan-to-value ratio
Bidding wars are becoming increasingly common due to limited inventory, so it’s quite possible you could find yourself submitting one of multiple offers.
