Mortgage Q&A: âHow to get a mortgage with a low credit score.â If youâve got a low credit score, but are determined to buy a home (or are looking to refinance your existing mortgage), you may be wondering how to get a mortgage. Or if it’s even possible. First things first though â how low [&hellip
The post How to Get a Mortgage with a Low Credit Score first appeared on The Truth About Mortgage.
If youâre a homeowner, or just became one during the pandemic, youâve likely heard of mortgage forbearance. Not to be confused with mortgage forgiveness, it allows borrowers to suspend mortgage payments for a period of time if experiencing a hardship related to COVID-19. Eventually those missed payments need to be repaid, likely via a payment [&hellip
The post 5 Things to Know If Considering Mortgage Forbearance first appeared on The Truth About Mortgage.
Today we’ll take a brief look at some mortgage rate history to gain a little context. It’s always helpful to know what came before so you can better guess what might come after. Just about everyone knows that mortgage rates hit all-time record lows over the past year. But do you know what mortgage rates [&hellip
The post Mortgage Rate History: Check Out These Charts from the Early 1900s first appeared on The Truth About Mortgage.
Over the past few years, the term âwalking awayâ was synonymous with strategic default. In short, homeowners who were underwater on their mortgages had very little hope of turning things around. As a result, they would simply walk away from the property (and the mortgage), accepting whatever consequences came with that. Typically, a big fat [&hellip
The post Prospective Buyers Are Beginning to Walk Away from Home Purchases first appeared on The Truth About Mortgage.
The once unstoppable refinance market is expected to cool considerably next year, according to the latest quarterly refinance report released by Freddie Mac this morning. The mortgage financier expects rising interest rates to put a damper on home refinance activity, which experienced a major boom from 2009 to 2013, thanks in large part to Fed [&hellip
The post Refinance Share of Mortgage Market Will Slip to 40% in 2014 first appeared on The Truth About Mortgage.
Itâs been about two weeks since the Fed decided to keep its mortgage purchases going strong, an initiative implemented to keep downward pressure on interest rates. So how meaningful has the decision to keep things unchanged been for mortgage rates? Well, all else being equal, before the non-taper event took place on September 18th, 30-year [&hellip
The post The Fed Non-Taper Doesnât Really Save Homeowners That Much Money first appeared on The Truth About Mortgage.
This morning the FHFA launched a national campaign to educate homeowners about the Home Affordable Refinance Program (HARP). While that sounds like a sensible move to promote the underwater refinancing program, it comes four years after the initiative was originally announced back in 2009. And thatâs why itâs a bit of a head-scratcher. Why now? [&hellip
The post The FHFA Just Launched a National Campaign for HARP Four Years After the Program Was Created first appeared on The Truth About Mortgage.
For those new to the mortgage realm, the number five might feel a little foreign. You see, for the past seven years or even longer, the popular 30-year fixed mortgage has always been in the 3-4% range. Today though, mortgage rates hit yet another setback, a good jobs report. With the economy in full swing [&hellip
The post Allow Me to Introduce You to the 5% Mortgage Rate first appeared on The Truth About Mortgage.