The decision between a 15-year and a 30-year mortgage is one of the most significant financial choices a homebuyer can make, setting the trajectory fo...
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The choice between a 15-year and a 30-year mortgage is one of the most significant financial decisions a homebuyer or refinancer will make. This decis...
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The journey to homeownership is often symbolized by the quest for the perfect mortgage rate, but the financial responsibility extends far beyond that ...
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In the ever-evolving landscape of real estate financing, an often-overlooked option presents a unique opportunity for both buyers and sellers: the ass...
Read MoreHigh inflation erodes the purchasing power of fixed future payments. For lenders, this makes the interest they earn on a 30-year loan less valuable over time. To compensate, they raise mortgage rates. For homebuyers, high inflation and the resulting higher mortgage rates decrease affordability, which can cool down a hot housing market and slow price growth.
For a fixed-rate mortgage, the APR is locked in at closing and will not change. For an Adjustable-Rate Mortgage (ARM), the initial APR is fixed for a set period, but after that, it can fluctuate based on the index and margin outlined in your loan agreement.
Like a primary mortgage, equity loans and cash-out refinances come with closing costs. These can include application fees, origination fees, appraisal fees, title search, and attorney fees. HELOCs may have lower upfront costs but often include annual maintenance fees. Always ask for a full breakdown of all associated fees.
Yes, the most common types are a standard lock (a set rate for a set time), a lock with a float-down option (as described above), and a one-time float option (where you have one opportunity to lock a rate after your application has been submitted).
An appraiser will assess the property’s overall condition, size (square footage), number of bedrooms and bathrooms, layout, and any upgrades or renovations. They also note any health or safety issues, as well as the quality of construction. They will photograph the interior and exterior and sketch the floor plan.
