When mortgage refinance rates drop, many homeowners begin to do the math to see if mortgage refinancing should be in their future.
Refinancing for a lower interest rate can save them money. But how do you get the best mortgage refinance rates?
This post will look at mortgage refinancing pros and cons, what to look for in a mortgage refinance lender, and what steps you can take to get the best refinance rates.
Mortgage interest rates fluctuate often, which can make it frustrating for homebuyers to snag their ideal rate at closing time. This is where a mortgage rate lock comes in.
Locking in your interest rate can save you the stress of losing a great rate while you wait to close on your mortgage.
Generally, the benefits far outweigh the risks, but working closely with your loan officer will help you make the right moves.
Learn what a mortgage rate lock does, when you should do it, and why it is beneficial in most loan scenarios.
If you’re saddled with significant debt, you might wonder if refinancing your mortgage to pay off debt is a good idea.
Millions of Americans are dealing with consumer debt—estimated to have increased to $15.31 trillion in the third quarter (or Q3) of 2021, an increase of 5.4% or $772 billion.
And consumer debt is not the only kind they have to figure out how to repay.
Mortgage rates have been consistently on the rise as the Fed struggles to battle inflation.
With a recession looming in the distance, you might ask yourself: “Is now the right time to buy a house?”
It’s an understandable question considering how inflation has soared, house prices are high, and mortgage rates keep rising in response. No one wants to make a wrong financial decision.
But it might not be a bad financial decision to buy a house right now. Let’s talk through mortgage rates, how they work, and whether or not today is the right time to buy a home, given the state of the market.
Deciding to own a home is not only a major lifestyle change but also likely one of your biggest investments.
When searching for a home, you’ll want to consider your comfort on many levels – including what you can reasonably afford.
We’ve provided a guide to the basic factors that impact how much home you can afford, including details about your personal finances and the costs of a mortgage.
As you move toward buying a home, a loan officer can recommend the most affordable loan options and help you nail down more specific costs of owning a home.
If you’re considering purchasing a new home, you’ve likely been paying attention to mortgage rates.
Unless a homebuyer can make a cash offer to buy a home, mortgage rates can make a big difference toward when they buy and what kind of home loan product they use.
The housing market has been quite volatile over the last couple of years. Mortgage rates had incredible lows at the beginning of the pandemic, but, as expected, rate increases came about this year.
It’s a seller’s market out there.
f you’re a veteran, active duty service member, or surviving spouse, you have specific mortgage loan options available to you.
VA loans are offered through the U.S. Department of Veterans Affairs.
They can be used to build or purchase a home, refinance a mortgage, or make repairs. And they offer numerous benefits to borrowers.
Learn more about the VA loan types available to you, the benefits, and how to qualify.
If you have a credit card, chances are you’ve gotten a letter or email encouraging you to check your FICO credit score.
But what is this score, and where does it come from?
Depending on the types of credit you have, you likely have multiple FICO scores.
Mortgage lenders check these scores to evaluate your creditworthiness when you are looking to buy a home or refinance.
Learn why mortgage lenders look at your credit scores, how they use them, and which scores your lender may use when applying for a mortgage or refinancing.
Primary residences make up a quarter of all assets held by households in America and continue to be the biggest asset for homeowners.
Whether you intend to build equity or get top dollar when you sell, repairs and smart improvements can protect your asset and even increase home value.
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National Association of Insurance and Financial Advisors
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Arlington, VA 22209
Phone: 877-866-2432
info@naifa.org
