More lenders are offering interest-only home loans in 2015. But they’re still as risky as ever. These mortgage products have serious downsides that most borrowers don’t even think about, partly because lenders tend to downplay them in their marketing literature. Here’s what you need to know about them.
Approximately 10,000 homeowners in the Phoenix metro area are eligible for the HARP refinancing program, and they could save $2,400 per year (on average). This is according to a recent report from the Federal Housing Finance Agency, which oversees the popular program.
What can home buyers and homeowners expect in 2016, as far as mortgage rates are concerned? According to the latest forecast from Freddie Mac, borrowers should beware of rising interest costs. The company expects the average rate for a 30-year home loan to approach 5% next year, especially if the Fed backs away from its stimulus measures.
The federal government’s Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP) were originally set to expire in December 2015. The Federal Housing Finance Agency (FHFA), which oversees the venture, announced today that the popular mortgage refinancing and modification programs will be extended through the end of 2016. According to a recent announcement, […]
Yesterday, the Consumer Financial Protection Bureau released the results of an in-depth study into credit scoring practices and trends. As it turns out, many home buyers do not have credit scores, and it could create some additional hurdles when they try to obtain mortgage financing.
The Arizona Housing Finance Authority (AzHFA) has announced a program that offers down payment assistance grants to qualified home buyers across the state. The program is aimed at creditworthy renters who want to make the transition to homeownership. Full details can be found on the AzHFA website and are summarized in this article.
In the market for a home loan? Here’s the good news. The average rate for a 30-year home loan has been hovering below 4% all year. Here’s the better news. This trend may continue until later this year. That’s the forecast issued by Freddie Mac’s market outlook team.
Two new mortgage documents are coming on August 1, 2015. The Loan Estimate form and the Closing Disclosure forms are designed to give consumers a clearer picture of their borrowing costs. Mortgage shoppers should see the full cost of a loan at the time they apply, and have a more detailed breakdown a few days […]
The 2015 conforming loan limit for a single-family home in San Jose, or elsewhere in Santa Clara County, is $626,500. Many home buyers in this area have to use jumbo loans due to the high cost of housing.
What does it take to qualify for the best mortgage rates in the current economy? In short, excellent credit and points. Lenders use something called risk-based pricing when setting interest charges. That’s why your credit situation is important — it’s a numerical indicator of risk. You can also ‘buy down’ your rate by paying discount points at closing.