Mortgages 101: Three things you need to know about fixed vs. variable mortgage rates
3 Things You Need to Know About ARM loans. adjustable rate mortgage (ARM) loans always grow in popularity when interest rates are on the rise. Some borrowers think ARMs are the best way to save money on their mortgage in a higher rate climate.
Should you go for a fixed or variable rate mortgage? January’s base rate freeze came as no surprise after nearly three years of no change. In fact, some experts are now forecasting that interest rates will remain frozen at 0.5% until as late as 2016.
· 6 things you need to know about mortgage pre-qualification and pre-approval As you make your way through your home buying journey, we know that there are a ton of new words that could sound like a different language.
There’s a lot to know: from learning how much you can afford to borrow to understanding the types of mortgages available to first-time home buyers. With that in mind, there are also some great options for those seeking their first mortgage that you’ll want to investigate.
Mortgage Rates Moderately Lower After Yellen Testimony Comments mortgage rates thursday, July 13: Mostly Lower on Yellen Testimony Commenting on NewsOK requires a NewsOK Pro or Oklahoman subscription. Log in or subscribe to read and leave comments.Mortgage rates today,December 1, plus lock recommendations Mortgage rates today, August 7, 2018, plus lock recommendations Mortgage rates today, February 7, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy : The Mortgage Reports Mortgage News , Mortgage Qualification , Mortgage Rates , Uncategorized / By Douglas KatzMortgage rates were unchanged in some cases today and higher in others. Highest rates in more than 7 years in Oct/Nov. Lowest rates in more than 3 months as of mid December This is a bit of a.
To help you get a handle on it, we explain a few of the things you need to know below. Your mortgage. There are three main types of initial rate: Fixed – Your rate will remain at the same level for.
The lowdown on down payment grants Mortgage rates today, November 6, plus lock recommendations Mortgage rates were lifeless today as financial markets drifted sideways. Although rates CAN move during the last week of December when there’s an imbalance between buyers and sellers in bond markets,Low down payment: The "Piggyback Loan" (10% down) The "piggyback loan" program is typically reserved for buyers with above-average credit scores.
The monthly payment (principal and interest) for a 15-year fixed-rate mortgage at 4.18% interest has a monthly payment of $1,872. If you went with a 30-year fixed-rate mortgage with a 4.76% interest rate, the monthly payment comes out to $1,306.
How the Federal Reserve affects mortgage rates. One thing homebuyers sometimes misunderstand is how the federal reserve affects traditional mortgage rates. The Fed doesn’t actually set mortgage rates. Instead, it determines the federal funds rate, which generally impacts short-term and variable (adjustable) interest rates.
Mortgage fees and other factors. Once you’ve been approved for a mortgage, handed the keys to your new house, moved in and started repaying your loan, there are some other things to keep in mind. Some homeowners will need to pay private mortgage insurance, or PMI, if they fail to produce at least a 20 percent down payment on their new home.
· When you take on a new mortgage you will be given a number of options. Among the things you need to decide are what kind of rate you want, how you will pay off the loan and how much you need to.