Mortgage Rates

Mortgage Rates

Credit Myths Exposed

Myths About Multiple Mortgage Credit Inquiries The 3 credit bureaus say it plainly - Borrower scores will not drop when a mortgage lender pulls their credit more than once. Credit Inquiries: They are not weighted equally A "credit inquiry" is a formal request to review a person's credit
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Elusive Private Mortgage Capital

For several years, we have heard policymakers lament that there is too much government involvement in the mortgage market and about the need to bring “private capital” back. While it is true that there is some government involvement in roughly 90 percent of mortgage transactions, nearly all of
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Consumers Feel Good about Mortgage Credit

More Americans now believe it would be easy for them to get a mortgage, according to Fannie Mae’s January 2014 National Housing Survey results. Consumer attitudes regarding the ease of getting a mortgage climbed 2 percentage points to an all-time survey high of 52 percent, while those who think
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Heading in 2014 Where Are Mortgage Rates heading?

Mortgage rates will likely rise above 5 percent in 2014 and average 5.3 percent by the end of 2015, according to the Mortgage Bankers Association’s forecast. That would mark a big jump over where mortgage rates stand now. The MBA reported this week that the 30-year fixed-rate mortgage averaged
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From Negative Equity 2.5M Mortgages Emerge

More home owners are edging above water with their mortgages: 2.5 million U.S. properties emerged from underwater or negative equity in the second quarter, according to CoreLogic. The total number of residential properties with a mortgage with equity stands at 41.5 million. However, some home
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5 questions to help you choose between a 30-year mortgage or 15 – Part 6

Do you have a strict savings plan? Choosing a 15-year mortgage over a 30-year mortgage also may be a worthwhile choice if you are not a disciplined saver. But many people may lack the discipline needed to save long-term, Cecala noted, especially in amounts that would offset what they would save
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5 questions to help you choose between a 30-year mortgage or 15 – Part 5

Are you planning on retiring soon? How close a borrower is to retiring plays a major role in whether to take out a 15-year mortgage. Typically, borrowers who take 15-year mortgages are at least 40 years old, according to Cecala. These borrowers are often willing to pay off the balance on their
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5 questions to help you choose between a 30-year mortgage or 15 – Part 4

Are you looking to refinance? If you already have a mortgage and would like to refinance, now may be a good time. Cecala noted that if your current payments on a 30-year mortgage are high enough, you might be able to refinance into a 15-year mortgage and make similar monthly payments while
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5 questions to help you choose between a 30-year mortgage or 15 – Part 3

Are you buying your first home? First-time home buyers often benefit from selecting a 30-year mortgage because the monthly payments are lower. A longer-term mortgage can make a more expensive home more affordable for a new buyer. According to Cecala, most first-time home buyers "are trying to
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5 questions to help you choose between a 30-year mortgage or 15 – Part 2

Can you afford to pay off the mortgage in 15 years? Although a 15-year mortgage offers a lower rate relative to a 30-year mortgage, thereby allowing borrowers to pay interest for only half as long, a 15-year mortgage comes with a higher total monthly payment. This is because the principal must
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