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Mortgage & Refinancing Information |
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Mortgage Terminology for the First Time Home Buyer
Buying a Home for the first time can be a little "nerve racking". Mortgage terminology that brokers use everyday can leave you scratching your head or shaking your head pretending that you know what they're talking about. Here are some mortgage terms and definitions that you"ll be hearing when shopping for a first time home buyer loan: Adjustable-rate loans, also known as variable-rate loans, usually offer a lower initial interest rate than fixed-rate loans. The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement generally sets maximum and minimum rates. When interest rates rise, generally so do your loan payments; and when interest rates fall, your monthly payments may be lowered. Annual percentage rate (APR) is the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, broker fees, and certain other credit charges that the borrower is required to pay. Conventional loans are mortgage loans other than those insured or guaranteed by a government agency such as the FHA (Federal Housing Administration), the VA (Veterans Administration), or the Rural Development Services (formerly know as Farmers Home Administration, or FmHA). Escrow is the holding of money or documents by a neutral third party prior to closing. It can also be an account held by the lender (or servicer) into which a homeowner pays money for taxes and insurance. Fixed-rate loans generally have repayment terms of 15, 20, or 30 years. Both the interest rate and the monthly payments (for principal and interest) stay the same during the life of the loan. The interest rate is the cost of borrowing money expressed as a percentage rate. Interest rates can change because of market conditions.Loan origination fees are fees charged by the lender for processing the loan and are often expressed as a percentage of the loan amount. Lock-in refers to a written agreement guaranteeing a home buyer a specific interest rate on a home loan provided that the loan is closed within a certain period of time, such as 60 or 90 days. Often the agreement also specifies the number of points to be paid at closing. A mortgage is a document signed by a borrower when a home loan is made that gives the lender a right to take possession of the property if the borrower fails to pay off the loan. Overages are the difference between the lowest available price and any higher price that the home buyer agrees to pay for the loan. Loan officers and brokers are often allowed to keep some or all of this difference as extra compensation. Points are fees paid to the lender for the loan. One point equals 1 percent of the loan amount. Points are usually paid in cash at closing. In some cases, the money needed to pay points can be borrowed, but doing so will increase the loan amount and the total costs. Thrift institution is a general term for savings banks and savings and loan associations. Transaction, settlement, or closing costs may include application fees; title examination, abstract of title, title insurance, and property survey fees; fees for preparing deeds, mortgages, and settlement documents; attorneys' fees; recording fees; and notary, appraisal, and credit report fees. Under the Real Estate Settlement Procedures Act, the borrower receives a good faith estimate of closing costs at the time of application or within three days of application. The good faith estimate lists each expected cost either as an amount or a range When shopping for a first time home buyer loan make sure you shop around and find a broker or a loan officer that's responsive to your needs. And don't be afraid to ask question. Remember, it's the questions you don't ask that could keep you from saving money. Mortgage Terminology for the First Time Home Buyer was written by Dale Ronewicz (American-Lenders.org). For more on First Time Home Buyer Loans please visit:http://www.american-lenders.org/firsttime_home_buyer_loans/
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Refinance mortgage rate moves higher for Monday Bankrate.com Refinance rates were mixed, but one key rate ticked up. If you're shopping for a mortgage, see how your payments might be affected. Can You Use a Mortgage Refinance to Pay Down Debt? The Motley Fool Find out if you can use a mortgage refinance loan to pay down debt -- and if it's a good idea to do so. Refinance rates ease for Thursday Bankrate.com Multiple key refinance rates decreased today. If you're shopping for a home loan, see what that means for you. Should I Refinance My Mortgage Loan? What You Need to Consider Zing! Blog by Quicken Loans Thinking of refinancing your mortgage to lower your rate or monthly payment? Here are the pros and cons to consider to help you decide. Refinance rates ease for Friday Bankrate.com Several closely watched refinance rates ticked downward today. If you're shopping for a mortgage, see what that means for you. Mortgage refinance booms are a thing of the past: MBA chief economist National Mortgage News The era of plentiful refinance volume is over for the foreseeable future, because mortgage rates remained in a very narrow band for the past decade, said ... Refinance mortgage rate increases for Saturday Bankrate.com Refinance rates were mixed, but one key rate ticked up. See what that means for you if you're in the market for a mortgage. Refinance rates tick lower for Monday Bankrate.com Several closely watched refinance rates dropped today. If you're shopping for a home loan, see what that means for you. Can You Refinance a Reverse Mortgage? | US U.S News & World Report Money Refinancing a reverse mortgage may be best for adding a spouse to the loan, getting a better interest rate or accessing more home equity. Mortgage rates head down for the third week in a row The Washington Post A volatile week in the financial markets had little effect on mortgage rates. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate ... Refinance mortgage rate drops for Friday Bankrate.com Refinance rates were mixed, but one key rate ticked downward. If you're shopping for a refi, see how your future mortgage payments could be affected. What homebuyers and refinancers should know about timing mortgage rate movements Bankrate.com It's important to remember that you have options when it comes to your mortgage and trying to predict interest rate movements. The options, however, get more ... Refinance rates dip for Wednesday Bankrate.com Multiple key refinance rates slid lower today. If you're in the market for a mortgage, see how your payments might be affected. Refinance rates dip for Saturday Bankrate.com Multiple closely watched refinance rates receded today. See what that means for your refinance chances. Mortgage rates move higher for Tuesday Bankrate.com Multiple closely watched mortgage rates rose today. The average for a 30-year fixed-rate mortgage were higher, but the average rate on a 15-year fixed receded ... Kenya launches mortgage refinance firm to offer loans to lenders - Xinhua | English.news.cn - Xinhua Kenya launches mortgage refinance firm to offer loans to lenders - Xinhua | English.news.cn Xinhua NAIROBI, May 22 (Xinhua) -- Kenyan President Uhuru Kenyatta on Wednesday launched the Kenya Mortgage Refinance Company (KMRC), a financial ... Fannie Mae and Freddie Mac are refinancing fewer mortgages than at any point since the crisis HousingWire Recently released data from the Federal Reserve Bank of New York's Center for Microeconomic Data revealed that the first quarter of this year was the mortgage ... Refinance mortgage rate ratchets higher for Tuesday Bankrate.com Refinance rates were mixed, but one key rate climbed higher. See what that means for you if you're in the market for a home loan. Mortgage rates pull back on weak inflation data The Washington Post After a month of increases, mortgage rates retreated this week. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average ... Trade tensions push mortgage rates lower for second week in a row Washington Post Concerns about the U.S.-China trade feud pushed mortgage rates lower this week. According to data released Thursday by Freddie Mac, the 30-year fixed-rate ... Mortgage rates decline for Tuesday Bankrate.com Several benchmark mortgage rates slid lower today. If you're shopping for a home loan, see how your future mortgage payments could be affected. Mortgage applications slightly lower despite three weeks of falling rates CNBC Mortgage hunters were not particularly impressed with the latest drop in interest rates. Mortgage application volume dropped 0.6% last week from the previous ... Why Refinancing Your Mortgage At A Lower Rate Might Be A Bad Idea Seeking Alpha Offers concrete examples of how refinancing your mortgage at a lower rate can increase your interest payments. Gives two reasons for this: The sacrifice of the. Refinance rates decline for Tuesday Bankrate.com Several closely watched refinance rates trended down today. See what that means for you if you're in the market for a mortgage. Weekly mortgage applications drop 4.3%, despite lower interest rates CNBC It may be the heart of the spring housing season, but the mortgage market isn't seeing big business. Refinance rates tick higher for Thursday Bankrate.com Multiple closely watched refinance rates trended upward today. See what that means for your refinance chances. Refinance rates tick lower for Tuesday Bankrate.com Several key refinance rates dropped today. If you're shopping for a home loan, see what that means for you. US Mortgages – Mortgage Rates Fall for a 4th Consecutive Week Yahoo Finance Mortgage rates fell for a 4th consecutive week in the week ending 23rd May. 30-year fixed rates fell by 1 basis point following on from a 3 basis point fall from the ... Mortgage Duration Drop Means Refinancing Concerns Are Back Again Bloomberg Mortgage investors' concern about prepayment speeds may increase as a renewed U.S. rate rally helps push the U.S. MBS index duration down to its lowest ... Mortgage rates trend down for Wednesday Bankrate.com Several closely watched mortgage rates ticked downward today. If you're in the market for a mortgage, see what that means for you. Home Equity 101: Deciding Which and How Much Is Right For You Observer-Reporter SPONSORED NEWS: The right kind of home equity lending product can help you reach your goals. Find the best home equity loan for you! US News: How and Why to Refinance a Reverse Mortgage Reverse Mortgage Daily Refinancing an existing reverse mortgage into a new and potentially better one could be an option that works for some senior homeowners, but it's not a ... Adjustable-rate mortgages: Are they worth it? Sarasota Herald-Tribune Adjustable-rate mortgages, known as ARMs, are back, despite having earned a bad reputation at the height of the housing crisis.Post-crisis borrowers saw them ... Mortgage Rates Mostly Hold Near Lows, But Things Could Change Tomorrow Mortgage News Daily Mortgage rates moved microscopically higher today, depending on the lender. In terms of underlying movement in the bond market, however, rates should have ... Interest rates on new federal student loans will dip slightly Richmond.com College borrowers will get a small break in the coming school year, as interest rates on new federal student loans fall slightly this summer. Refinance rates trend higher for Saturday Bankrate.com Multiple key refinance rates climbed today. See what that means for your refinance. Bring on the refis: Freddie Mac expects mortgage rates to remain low all year HousingWire Favorable mortgage rates are expected to boost homebuyer affordability for the remainder of 2019, according to Freddie Mac's April Forecast. According to the ... VA loan series: VA vs FHA vs USDA | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports VA loan *service* requirements are important when it comes time to get a VA mortgage. Depending on your *service* status it's possible to avoid funding fees. Mortgage rates fall for Monday Bankrate.com Several closely watched mortgage rates trended down today. If you haven't locked yet, see how your finances could be affected. Can You Use Home Equity to Buy a Vacation Home? U.S News & World Report Money If you've built up equity in your primary home, you could tap into it for a vacation home purchase. But consider whether using home equity to buy another ... Mortgage rates increase for Thursday Bankrate.com Several key mortgage rates ticked up today. See how that could affect your mortgage payments. HELOC: Understanding Home Equity Lines of Credit NerdWallet A home equity line of credit, or HELOC, is a second mortgage that gives you access to cash based on the value of your home. You can draw from a home equity ... Mortgage rates climb for Monday Bankrate.com Several benchmark mortgage rates notched higher today. If you haven't locked yet, see how your future mortgage payments could be affected. Refinance rates decline for Saturday Bankrate.com Several key refinance rates slid lower today. Average rates nationwide for 30-year fixed and 15-year fixed refinances both tapered off. The average rate on ... Cherry Hill Mortgage Investment Corp: Finally, a Safe 11.5% Yield Income Investors Cherry Hill Mortgage Investment Corp (NYSE:CMI) provides both safety and an impressive dividend yield. Here's the full story. Mortgage rates decrease for Wednesday Bankrate.com Multiple benchmark mortgage rates tapered off today. If you're shopping for a home loan, see how your finances could be affected. Mortgage rates move down for Friday Bankrate.com Several key mortgage rates slid lower today. If you're shopping for a mortgage, see how your finances could be affected. 4 money moves to make with the Federal Reserve on hold Bankrate.com The Federal Reserve may be on hold, but that doesn't mean your financial goals should be. Here are four money moves to consider to best take advantage of ... When will non-QM loans and HELOCs take off? National Mortgage News The shift to nonbank lenders will put the breaks on non-qualified mortgage and home equity line of credit origination growth. The problem with debt 'solutions' is they can sometimes make things worse MarketWatch Consolidations can help, but sometimes these loans can leave you with more debt if you're not careful. 'Now Is The Time To Refinance': Low Mortgage Rates Cause Surge In Refinancing Forbes Last week's massive dip in mortgage rates apparently pushed homeowners into action. According to new data from the Mortgage Bankers Association, ... Real estate transactions: Hyatt House coming to Metropark Square mixed-use development Houston Chronicle Austin-based Aspen Heights and partner Safanad, a global investment firm with offices in New York, London and Dubai, have refinanced a construction loan for ... What the plunging 10-year Treasury yield says about the economy and stock market Yahoo Finance The 10-year Treasury yield has major implications for the stock and housing markets. Don’t dig yourself deeper in debt with these ‘solutions’ USA TODAY Americans are slipping ever deeper into hock. To cope, many people turn to debt consolidation loans, cash-out mortgage refinancing and retirement plan loans ... How to Refinance a Small Business Loan U.S News & World Report Money Refinancing a small business loan, compared with a mortgage, has a few more steps and may require as much documentation as your initial business loan. Is a No Closing Cost Mortgage Right for You? U.S News & World Report Money A no-closing-cost mortgage conserves cash upfront when borrowers buy or refinance a home, but you will pay more interest over the life of the loan. Rotich to unveil mortgage refinance company today Business Daily Kenya's first mortgage refinancing company that will make it easier for banks to access long-term funds for cheaper home loans will be launched today after 20 ... May Fed Meeting: Mortgage rates fall as the Fed maintains "patient" stance | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports The third Fed meeting of the year adjourned on May 1 and mortgage rates are benefitting. The group continued on the “patient” path as far as future rate hikes. Liz Weston: How debt 'solutions' could dig you in deeper Valley News Americans are slipping ever deeper into hock. To cope, many people turn to debt consolidation loans, cash-out mortgage refinancing and retirement plan loans ... Plaza Home Mortgage Announces New Product The MReport Wholesale and correspondent lender Plaza Home Mortgage has announced a new High-Balance Access loan program that allows borrowers to qualify for ... Mortgage refinance boom goes bust as rates shift higher CNBC A turnaround in interest rates turned borrowers back on their heels last week, deflating a quick boom in refinance demand. Mortgage rates are low. Here's how to figure out if you should refinance NBC News Low mortgage rates have many people thinking about buying a new home or refinancing their current mortgage. Here’s how much money you’ll save shopping for a mortgage with multiple lenders Bankrate.com Don't just get a rate quote from one mortgage lender. We have proof that it pays to shop around. Mortgage refinancing spree becomes a race against the clock Bankrate.com Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ... Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes Credible News Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind. These are the best (and worst) reasons to refinance your mortgage Bankrate.com Whether you've owned your home for a short time or you've had your mortgage a bit longer, a mortgage refinance involves careful consideration. After all, you'll ... Holistic approach needed to fix vital federal mortgage programs National Mortgage News Housing finance reform cannot be piecemeal, but must be done using a comprehensive approach, an independent mortgage banker says. 5 Signs It's Time To Refinance Your Mortgage Forbes You've probably heard that refinancing your mortgage can save you money. While that's true in many cases, refinancing needs be done at the right time in order ... AfDB Approves EUR 90 million to support Kenya’s Mortgage Refinance Company THISDAY Newspapers Bennett Oghifo. The Board of the African Development Bank has approved a EUR 90 million loan to support the establishment of the Kenya Mortgage Refinance ... What to consider before determining whether to refinance your mortgage Washington Post REAL ESTATE MATTERS | For a home-run refinance, try to find a deal that helps you do these four things: lower your interest rate, shorten your loan term, lower ... Mortgage refinance checklist: what you need to refinance your home | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports This handy mortgage refinance checklist tells you what you need to do before refinancing. Get your paperwork in order and know your refinance goals to speed ... The main reason to refinance your mortgage: Save money Chicago Tribune A substantial drop in interest rate on a fixed rate mortgage could save you money with a refinance. But you must factor in closing costs on the transaction. Refinance mortgage rates mixed for Monday Bankrate.com Refinance rates were mixed today. If you haven't locked a refi yet, see how your future mortgage payments could be affected. Mortgage rates retreat for Thursday Bankrate.com Multiple key mortgage rates declined today. If you're in the market for a home loan, see how your payments might be affected. In mortgages, these banks zigged while many others zagged National Mortgage News While regulation and nonbank competition are spooking some banks, others believe low funding costs and the right relationships can help them succeed. Mortgage refinance applications hit 18-year low CNBC Mortgage refinance applications hit an 18-year low. With no major move in interest rates and continued weakness in home affordability, there was not a lot of ... Refinance mortgage rates mixed for Thursday Bankrate.com Multiple benchmark refinance rates were flat today. If you're in the market for a mortgage, see how your payments might be affected. Cash-out mortgage refinancing: Here’s where homeowners are using it most Bankrate.com Homeowners who snagged a low-interest mortgage in recent years generally avoid refinancing the loan because interest rates are higher now. When they need ... Still haven’t refinanced your mortgage? You still have an opportunity to save big Bankrate.com Mortgage rates seem to be the only thing that's affordable in today's low-inventory, high-priced housing market. This is good news for both homebuyers and ... Five states set to adopt housing law The Punch Maureen Ihua-Maduenyi Five states of the federation are expected to conclude the passage of their draft housing bills into law before the end of y... Refinance mortgage rate drops for Tuesday Bankrate.com Refinance rates were mixed, but one key rate trended down. If you're shopping for a refi, see how that could affect you. Did you refinance your home mortgage last year? You can still qualify for often-overlooked deductions MarketWatch f you refinanced your home mortgage last year, you may be in line for some often-overlooked tax deductions on your yet-to-be-filed 2018 Form 1040. LendingTree partners with Military.com to offer VA home loans Mortgage Professional America LendingTree has collaborated with Military.com, a news and benefits information site for the military and veteran community, to provide options that allow military ... Homeowners are rushing to refi mortgages as rates drop The Real Deal Homeowners throughout the country are looking to refinance their mortgages thanks to lower borrowing costs, contributing to a sharp government bond rally. Shelter Afrique invests Sh200mn in mortgage refinancing firm Capital FM Kenya NAIROBI, Kenya, May 6 - Pan African housing development financier, Shelter Afrique has invested Sh200mn in the Kenya Mortgage Refinance Company to ... Ask the Economist: Moody's Analytics' Andres Carbacho-Burgos DSNews.com Editor's note: This piece originally appeared in the May issue of DS News. Andres Carbacho-Burgos analyzes the U.S. housing market, U.S. residential ... 5 million homeowners suddenly "in the money" to refinance | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Millions of homeowners could now save each month on their mortgage payments, according to a new report. That's because they're suddenly “in the money” to ... Succinct Summation of Week's Events 5.24.19 Forex Factory Succinct Summation of Week's Events 5.24.19 - Succinct Summations for the week ending May 24th, 2019 Positives: 1. All things considered, this week could ... Refinance mortgage rate slides for Wednesday Bankrate.com Refinance rates were mixed, but one key rate declined. If you're in the market for a mortgage, see what that means for you. Refinance mortgage rate dips for Saturday Bankrate.com Refinance rates were mixed, but one key rate declined. See what that means for you if you're in the market for a home loan. Refinance mortgage rate moves lower for Wednesday Bankrate.com Refinance rates were mixed, but one key rate fell. The average for a 30-year fixed-rate refinance trended down, but the average rate on a 15-year fixed refinance ... Refinance rates trend higher for Monday Bankrate.com Several key refinance rates floated higher today. See what that means for you if you're in the market for a home loan. Refinance rates rise for Friday Bankrate.com Multiple closely watched refinance rates notched higher today. See what that means for you if you're in the market for a home loan. Mortgage rates drop below 4.5%. Homeowners scramble to refinance | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports There is a quiet refinance boom brewing, as mortgage rates sink to 9-month lows. Not since April 2018 have rates been this low. Freddie Mac, in its weekly ... Freddie Mac Enhanced Relief Refinance (FMERR) 2019 guidelines, rates, and benefits | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports The Freddie Mac Relief Refinance Program (FMERR) allows homeowners to refinance with little or no home equity. Home value dropped since you purchased? Refinance mortgage rate eases for Monday Bankrate.com Refinance rates were mixed, but one key rate slid lower. See what that means for you if you're in the market for a home loan. Mortgage application increase led by higher refinance volume National Mortgage News Mortgage applications increased last week but unlike the prior period, it was driven by refinance volume as interest rates fell to a one-year low, according to the ... How should I apply for a mortgage refinance: in person, by phone or online? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports You can apply for a mortgage refinance in person, over the phone or online. Just make sure that the company is legitimate before providing personal information ... |
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