Refinance

Assumable Mortgages: A Little Known Tool You Can Use Now That Interest Rates Have Surged Higher

Everyone knows mortgage rates are no longer super cheap. The popular 30-year fixed was in the 2% range just last year and today is closer to 5.5%. And it’s possible mortgage rates could move higher before they move lower, though they could be close to peaking. For existing homeowners, this has created a strange dynamic… Read More »Assumable Mortgages: A Little Known Tool You Can Use Now That Interest Rates Have Surged Higher

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Now That We’ve Got 5% Mortgage Rates, Is the Seller’s Market Finally Over?

We’ve got 5% mortgage rates and record high home prices. Does this mean the seller’s market is finally over? You would think so, given the massive increase in monthly housing payments since last year. And the fact that the 30-year fixed now averages 5%, well above the sub-3% range seen six months ago. Surely it’s… Read More »Now That We’ve Got 5% Mortgage Rates, Is the Seller’s Market Finally Over?

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Is an Adjustable-Rate Mortgage a Good Short-Term Strategy Until Interest Rates Cool Off?

We know mortgage rates are projected to keep rising, so what’s a cost-effective solution if you need a home loan today? Well, one idea is to look beyond the popular 30-year fixed, which is no longer a screaming bargain. For the past several years, fixed-rate mortgages were often priced the same or even lower than… Read More »Is an Adjustable-Rate Mortgage a Good Short-Term Strategy Until Interest Rates Cool Off?

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New Bill Aims to Make Refinancing a No-Brainer

Have you wanted to refinance, but don’t have the money for closing costs? Or feel the costs involved may not justify the lower rate? Some of you must, considering the fact that 17.5 million homeowners with Fannie Mae and Freddie Mac-backed loans still have mortgage rates north of 5%. Well, a new bill being floated… Read More »New Bill Aims to Make Refinancing a No-Brainer

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Have Mortgage Rates Peaked?

Two weeks ago, I wrote about how mortgage rates jumped, something just about everyone is aware of. But I also attempted to quantify the actual impact in terms of monthly mortgage payment. For the typical home, the principal and interest payment went up about 20%, or $230 per month. Not great news, but not necessarily… Read More »Have Mortgage Rates Peaked?

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Is the Best Cure for High Mortgage Rates, High Mortgage Rates?

There’s an old adage in the commodities market that says, “the best cure for high prices is, high prices.” No, it’s not a typo. The logic is basically that an elevated price over time will naturally lead to a decrease in demand. And as we all know, if demand for something falls, prices must come… Read More »Is the Best Cure for High Mortgage Rates, High Mortgage Rates?

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Cash Out vs. HELOC vs. Home Equity Loan: Which Is the Best Option Right Now and Why?

Cash Out Your First Mortgage or Take Out a HELOC/Home Equity Loan Instead? If you already have a mortgage and need cash You’ve got two main options to access your home equity Either refinance your first mortgage and take cash out above the existing balance Or take out a second mortgage (HELOC or home equity… Read More »Cash Out vs. HELOC vs. Home Equity Loan: Which Is the Best Option Right Now and Why?

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What Is a Streamline Refinance?

Mortgage Q&A: “What is a streamline refinance?” While qualifying for a mortgage refinance is generally a lot harder than it has been in the past (now that lenders actually care how your home loan performs), there are less cumbersome options available. In fact, many lenders offer “streamlined” alternatives to existing homeowners to lower costs and… Read More »What Is a Streamline Refinance?

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Number Who Say It’s a Good Time to Buy a Home Hits an All-Time Low, However…

You may have heard that home buying sentiment is horrible at the moment, what with home prices and mortgage rates rising in tandem. The continued lack of inventory coupled with rising prices and eroding affordability isn’t making many prospective buyers happy. And it’s apparently the worst for young households, who are having to put their… Read More »Number Who Say It’s a Good Time to Buy a Home Hits an All-Time Low, However…

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