As both mortgage rates and short-term interest rates remain low, many borrowers are now wondering whether moving into a fixed-rate loan makes financial sense for them.
Lenders, banks and credit unions are experiencing higher aggregated volume than their normal operational capacity supports during this time of year.
Here are some of the more common reasons why would-be borrowers face rejection.
If there’s one type of borrower in this credit market whose profile has been scrutinized the most, it’s the sole proprietor.
Whether buying a home or refinancing a mortgage, your mortgage lender will require you to lock your rate on the amount borrowed no later than five days prior to closing.
No-cost mortgages offer consumers the ability to pay no closing fees, but the fees associated with these loans still need to be paid, and the cost comes in the form of a higher interest rate.
Mortgage companies have many designations, and understanding the small differences between the various companies could help you get the most competitive rate on your loan.
How the election’s results will be perceived by the financial markets could cause mortgage rates to gyrate.
When it comes to finances, you might find a disparity between how much house you want and how much house you can purchase given your gross monthly income and other factors.
Simply put, the lower the credit score, the higher the interest rate.
In today’s market, buying a house requires diligence, a little bit of luck and a lot of planning.