Paying Off Your Mortgage Faster
Refinance to a Shorter Term: Refinancing your mortgage to a shorter term, such as a 15-year mortgage, can result in higher monthly payments but a lower overall interest cost. Make Extra Payments: One of the most straightforward ways to pay off your mortgage faster is...
No down payment. No problem with the new 0% down program
Down payment assistance programs continue to be a valuable resource for homebuyers across the country. The 0% Down Purchase program for qualified borrowers to receive a 3% down payment assistance loan, up to $15,000. Here's how it works: First lien mortgage meets LTV...
28/36 ratio rule
With home prices so high, you may be wondering what salary you'd need to earn to afford a home costing $500,000. This question can be difficult to answer, but with a few simple calculations, you can get an estimate of how much you need to make to purchase a home at...
Key takeaways from Powell’s press conference on Wednesday May 1st 2024
The Fed still thinks that its next move will be a rate cut, and Powell clearly said that further rate increases are "unlikely." Still, it is not clear how much the Fed will manage to cut rates this year. Inflation is cooling more slowly than officials had expected....
Will the Housing Market Crash?
The notion of falling mortgage applications should likely spark the same question for many hopeful homebuyers: Will this push home prices down? Well, probably not. Mortgage applications overall have been down for much of the past year with interest rates as high as...
Mortgage rates are high, but at least we are not as bad as the 1980s.
Over the past couple of years mortgage rates have risen to the highest rates in 20 years. In March 2024 the current 30-year fixed rate mortgage rate is 6.88% which is more than double what rates were during most of 2020 and 2021. However, when looking at mortgage...
Mortgage rates might not budge much this spring
While mortgage rates don't exactly depend on the Fed's rate decisions, the Fed does have a big influence on the direction they take. And until issues with persistent inflation show more signs of easing, mortgage rates might not drop much. Despite their recent...
Changing real estate commissions will shake up the market
A federal lawsuit has forced changes to the way consumers negotiate and pay real estate agents. In October 2023, a federal jury in Missouri found that the National Association of Realtors (NAR), along with several large brokerages, conspired to inflate Realtors’...
Another interest rate increase. Same old same old Federal reserve.
They are fighting a new type of economic battle with the same approach. Even though they hint the issues may be different this time. On Wednesday May 3rd the Federal Reserve’s policy committee lifted interest rates by a quarter of a percentage point, the 10th hike of...
Things you can do qualify for a lower interest rate
There are several factors that can affect your ability to qualify for a lower interest rate on a mortgage, including: Good credit score: Your credit score is one of the most important factors in determining the interest rate you qualify for on a mortgage. The higher...