Best Mortgage Refinance Rates
How much does the average American pay on their mortgage each month? According to data from the Federal Reserve, the average household that has a mortgage pays about $1,300 per month or $16,800 per year. That’s nearly 19% of the average American’s total income! Fortunately, there are solutions to help lower your monthly mortgage payment while still paying off your home loan early. In fact, if you know how to refinance your mortgage, you may be able to lower your interest rate and pay off your loan in less than half the time it would take at your current interest rate.
10 Things To Know About Buying A House
If you’re currently in a period of financial stability, you might be thinking about purchasing a home. Don’t worry, we’ve got you covered with some useful tips to take into consideration. Here are ten things you should know before buying a house
What Is An ARM Loan?
Adjustable-rate mortgages have lower interest rates than fixed-rate mortgages, but because their rates adjust to market changes, they’re subject to more risk. With an adjustable-rate mortgage (ARM), you agree to pay a set interest rate over a specific period of time—often 15 or 30 years—and then your rate resets based on prevailing market conditions.
The Advantages of Buying A Home
There are a lot of benefits to buying a home over renting. Some of these advantages include tax advantages, increased equity and building wealth over time through appreciation. And even if you’re not planning on staying in your home for 30 years or more, buying can be cheaper than renting in many parts of the country.
Why It's Important To Shop Around For A Mortgage Lender
New mortgage rates are going to be released in September of 2022. By refinancing now, you will lock in these current low rates and save yourself a lot of money when your new loan comes due. Make sure to shop around to find your best rate and not jump into just any offer because it might not be as good as you think. Get free quotes today and find out if refinancing is right for you!
How Long Does It Take To Close On A Loan?
The time it takes to close on a loan varies greatly depending on how long your credit report has been pulled, and how much money you want to borrow. For example, if you’re financing a $200,000 home and you have excellent credit history (600+ score), then you can expect to close within 10 business days. A home buyer with average credit might be able to get approved in under 30 days; if their FICO score is below 650, then it could take up to 60 days or more.
Closing Costs Explained
Closing costs are fees charged by lenders and third parties to complete a loan. They’re tacked on to your loan amount, and they can take a significant chunk out of your cash. In many cases, closing costs could cost you thousands of dollars over time because some of them apply over time to your overall principal balance. Here’s what you need to know about closing costs so you can make sure you don’t pay too much for home ownership.
5 Essential Items to Include on Your Credit Report
When applying for a new mortgage, it’s crucial to make sure your credit report is as accurate and comprehensive as possible. Doing so will help you save time and money and increase your chances of getting approved for a mortgage at a great rate. A comprehensive report contains all of your credit activity—including loans, mortgages, payments, collections and public records—and all of these items can impact what rate you qualify for.