Last week, we reported a 7-base point decrease in average rates for the 30-year fixed-rate mortgage. But it doesn’t seem to be the conclusion, or at least not what we expected. For the third consecutive week, 30-year FRM rate dipped, now setting another year-low record according to Freddie Mac's Read more
Does it Make Sense to Refinance After 50?
Of course, you are not restricted from refinancing when you’re over 50. The question lies in whether it is practical or not. For many, being near their retirement years isn’t really a good time to restart a debt anymore. Many individuals wish to be preparing for their golden years when they reach Read more
How Much of Your Income Should Go to Your Mortgage?
Your debt-to-income ratio will help answer that question. This metric measures the percentage of your monthly income that should go toward your mortgage backing your first home purchase that is affordable for you. Mortgage reforms encapsulated by the Dodd-Frank Act aim to help you and other Read more
A Mortgage Rate Buydown Is One Way to Lower Your Rate
Working towards getting a lower rate is a common goal when buying a home or refinancing an existing mortgage. One way to do that is by buying down your mortgage rate. If done right, your mortgage rate buydown could save you on monthly payments and pay less interest throughout the life of the Read more
Is There a Chance That My FRM Payments Will Go Up?
Fixed rate mortgages are attractive for one very common reason: stability. Whatever interest rate you signed in for when you got your mortgage, it will be the same throughout the life of the loan, be it for the whole 15 or 30 years.This kind of security is appealing and makes many people think Read more
