In light of the fact that rates are improving, the Federal Housing Finance Agency (FHFA) announced today that it is also eliminating the Adverse Market Refinance Fee (AMRF). This will drop refi rates about 0.125% immediately. You can read the full article about the FHFA eliminating Refinance Fee here: https://bit.ly/3kvB6Js If you’re thinking of refinancing …
So, you’re self-employed and want to get a mortgage. For traditional W2 employees, this process is pretty cut and dry. But for self-employed borrowers (contractors, freelancers, or independent business owners) the process can be a bit more complicated. Here’s why: The mortgage industry was designed to accommodate conventional W2 employees. Salaried workers are considered to …
Here’s how to get a mortgage if you’re self-employed Read More »
During the past four decades, American consumers could count on this constant: The rate of inflation remained below the average rate of a 30-year mortgage. In many past instances that’s exactly how things play out, but that’s not what’s happening today. While the rate of inflation doesn’t determine mortgage rates, the two metrics are correlated. Inflation is …
Inflation is back, but does that mean mortgage rates will rise? Read More »
In recent years, a popular adjustable rate mortgage option has been a 7/6 ARM and has become more widely available. With a 7/6 ARM, you’ll still have a fixed interest rate for the first seven years of the loan. After that term, your rate is readjusted every six months. These semi-annual rate adjustments are determined …
Unless you’re part of the 25% or so of homebuyers who elect to put in an all-cash offer, you’ll likely need a mortgage (and a down payment) to buy a home. A down payment is the amount of money you pay upfront to buy your home, with the remaining balance (known as the principal) funded …