Most people can't pay for a home outright, so they finance it with a mortgage loan. 30-year mortgages are more conventional, but they also come with a significant interest price tag. People who have a stable career and the income to afford larger payments, or who are nearing retirement, may want to take out a 15-year mortgage. Here are some reasons to consider one. Save Money Over The Life Of The Loan The total interest paid on a 30-year loan can be nearly as much as the principal. While it can … [Read more...]
What’s Ahead For Mortgage Rates This Week – November 18th, 2019
Last week’s economic reporting included readings on inflation, testimony by Federal Reserve Chair Jerome Powell, and weekly readings on mortgage rates and new unemployment claims. Rising Gas Prices Fuel Jump in Inflation Consumer inflation increased at its fastest pace in seven months according to the Consumer Price Index for October. Consumer prices rose 0.40 percent and exceeded analysts’ forecast of 0.30 percent and September’s reading of 0.00 percent inflationary growth. … [Read more...]
Common Reasons Why Buyers Are Denied A Mortgage
When you are buying a new home, it is an exciting process. You have spent months searching and have found the home you want to purchase. You are ready to move into the home of your dreams. Unfortunately, you have found out that your request for a mortgage has been denied. This can be a deflating experience. Fortunately, there are ways to avoid this by understanding the most common reasons why a buyer is denied for a loan. The Loan Requirements Have Changed One of the most common reasons … [Read more...]
3 Ways To Avoid Mortgage Insurance
When you are buying a home, you may run into a number of hurdles to complete the purchase. One of the items that you may be asked to purchase is called private mortgage insurance, often shortened to PMI. This is a unique insurance policy that your lender, such as the credit union or bank, may ask you to buy in order to protect themselves. In this insurance policy, the bank protects themselves against losing money if you end up defaulting on your loan. Unfortunately, if you are asked to purchase … [Read more...]
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