Mortgage and Real Estate Articles from Mortgage Research Center
WEB5 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 …
Mortgage Rates Today, Oct. 8, 2024: Rates Still Rising As Markets ...
WEB3 hours ago · The average 30-year fixed rate mortgage was 6.59% yesterday, an increase of 0.18% since the day before. The 15-year fixed mortgage rate stood at 5.59%, up by 0.2%.The 30-year FHA mortgage averaged 5.81% yesterday, having risen by 0.09.Meanwhile, the 30-year jumbo mortgage rate was …
How FHA Upfront Mortgage Insurance Premiums (UFMIP) Benefit …
WEB15 hours ago · Mortgage insurance premiums are calculated annually but paid in 12 equal installments. Your annual cost can be between 0.15% and 0.75% of the loan amount. Most buyers pay 0.55% of the loan per year, which is the cost for loan amounts under $726,200 and less than 5% down. Loan Amount.
A Complete Guide to FHA Refinances: Eligibility, Requirements, …
WEBAug 23, 2024 · Conventional Refinances. Conventional loans are not insured by a government agency and, as such, have slightly higher requirements than FHA refis. You can expect to need a minimum credit score of 620 and a maximum debt-to-income ratio of 45%. You'll also need at least 5% equity in most cases.
FHA Streamline Refinance: 2024 Guidelines and Loan Requirements
WEBFeb 7, 2024 · Although most applicants won't encounter credit score or income requirements, there are still some guidelines that you'll need to meet to be eligible for an FHA streamline refinance. Specifically, your existing mortgage must: Be an FHA loan. Be current on its payments. Have been opened at least six months ago.
Home Loans Articles | Mortgage Research Center
WEB5 days ago · FHA is already a lenient program, requiring just 3.5% down. But FHA also allows buyers to use a wide variety of down payment assistance programs to make it even more feasible to buy a home. by Jonathan Davis. August 22, 2024 11 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.
Rates Articles - Mortgage Research Center
WEBBuying 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. All Rates Articles.
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 ...
Is An FHA Cash-Out Refinance Worth It? 2024 Guidelines
WEBMay 24, 2024 · An FHA cash-out refinance will require upfront and monthly mortgage insurance, even though loan-to-value is 80%. With an 80% conventional loan, you do not need upfront or monthly mortgage insurance. Here are FHA’s mortgage insurance rates at 80 LTV. FHA cash-out mortgage insurance per $100,000 in loan amount. Percentage.