Since April 1, 2009, roughly 16.2 million American homeowners have refinanced their mortgages, according to the latest Housing Scorecard released by HUD. But as you may or may not know, there are still millions of homeowners who have not, for one reason or another. Some may not be eligible, while others may be going through [&hellip
The post Pros and Cons of Refinancing Your Mortgage Right Now first appeared on The Truth About Mortgage.
There are a lot of good reasons to buy a house, and probably a lot of bad ones too. But all too often, folks seem to get fixated on the investment side of things above all else, as if theyâre playing the stock market. This is especially true at the moment, with home prices up [&hellip
The post 10 Reasons to Buy a House Other Than for the Investment first appeared on The Truth About Mortgage.
Every week, mortgage financier Freddie Mac comes out with a mortgage rate survey, which reveals the average interest rate (and points) charged by lenders for popular types of home loans. About 125 lenders from across the nation, including thrifts, mortgage lenders, credit unions and commercial banks, take part in the survey that dates back to [&hellip
The post The Problem With Mortgage Rate Surveys first appeared on The Truth About Mortgage.
Letâs face it, these days it takes a while to get a mortgage. And by a while, I mean months in some cases. Why? Because everyone and their mother is well aware of the record low mortgage rates, and they all want a bite. As a result, both purchase and refinance transactions are averaging 48 [&hellip
The post A Long Mortgage Process Can Be Your Friend or Your Worst Enemy first appeared on The Truth About Mortgage.
Week after week, mortgage rates continue to shatter records, and dip to levels no one thought was possible. It seems as if every month we have to revisit the conversation because what seemed like a bottom wasnât. In fact, not too long ago a 30-year fixed mortgage in the 3% range seemed absurd. Now itâs [&hellip
The post Is a 2% 30-Year Fixed Mortgage a Real Possibility? first appeared on The Truth About Mortgage.
Last Friday, the Federal Housing Finance Agency (FHFA) announced plans to increase guarantee fees (g-fees) on loans sold to Fannie Mae and Freddie Mac. Banks and lenders pay Fannie and Freddie so-called âg-feesâ in exchange for purchasing their loans and bundling them into mortgage-backed securities, which are then sold to investors on the secondary market. [&hellip
The post Why Your Mortgage May Get More Expensive first appeared on The Truth About Mortgage.
Seeing that itâs Election Day, I figured Iâd take a look at historic mortgage rates to see if there is any correlation between their direction and elections. Specifically, I wanted to see if there was any significant movement after an election took place, as a new Republican or Democrat (or Roseanne) could potentially sway the [&hellip
The post Is There Any Correlation Between Elections and Mortgage Rates? first appeared on The Truth About Mortgage.
At the start of each year, the financial pundits weigh in on the direction of many things for the 365 days that lie ahead, including mortgage rates. And seeing that rates began 2013 at near all-time lows, the obvious (and conservative) prediction is to say that rates will rise. Most individuals also seem to believe [&hellip
The post Last Chance to Get a Mortgage Rate Under 4%? first appeared on The Truth About Mortgage.
It sounds like we just hit the housing recovery trifecta, all in one stellar news day. The 30-year fixed fell to its lowest point on record, 3.34%, according to the latest survey from Freddie Mac. Thatâs down from 3.40% last week and 4% a year ago, not that those prior high mortgage rates were a [&hellip
The post Mortgage Rates, Delinquencies, and Negative Equity All Drop first appeared on The Truth About Mortgage.
Itâs no secret that fixed-rate mortgages have dominated the mortgage market in recent years, mainly because theyâre just so darn cheap. Theyâve been breaking records left and right thanks to the bleak economic outlook and the Fedâs continued buying of mortgage-backed securities. But they arenât the only types of home loans benefiting â unfashionable adjustable-rate [&hellip
The post Making the Argument for an Adjustable-Rate Mortgage first appeared on The Truth About Mortgage.