Mortgages

While U-turns in UK government policy are expected to calm markets and ease pressure on mortgage rates, this has not fed through to consumers yet, according to research from Moneyfacts. The average rate for two-year fixed rate loan rose to 6.53% on Tuesday, Moneyfacts said. That was the highest rate for such a deal sinceRead more

The current average rate on a 30-year fixed mortgage is 7.22%, compared to 7.10% a week earlier. For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 6.38%, up 0.12% from the previous week. Homeowners who want to lock in a lower rate by refinancing should compare their existingRead more

Make sure the sales contract on your new house or condominium includes a home inspection clause before you sign it. The inspection clause should clearly state that your final obligation to buy depends on the outcome of a professional home inspection. When it comes to the largest single investment you’ll probably ever make, you don’tRead more

Mortgage lenders have begun requiring home buyers to either make a 20 percent down payment or buy private mortgage insurance in the wake of the mortgage meltdown. Some mortgage lenders have reduced the required down payment in the last couple of years, and they will now accept mortgage loans with only 5 percent or 10 percentRead more

Obviously, everyone should know exactly how much house they can actually afford to buy before they end up going online to shop or begin cruising neighborhoods scouting out the “For Sale” signs. Generally, you can expect to acquire a home loan that is roughly two and a half times your gross annual salary. Your gross annualRead more

The median sale price for a home in New York City is $1.2 million. A key factor when deciding whether to buy or rent with incredibly high prices like these, is to know exactly how long you plan on staying in that home. SmartAsset calculated how long it would take to make buying a homeRead more

For homeowners out there- old or new, finally paying off your mortgage is a dream come true. Having this huge financial burden lifted off your back will free up a lot of space in your monthly budget. Be sure to avoid a short-term mortgage as an easy way to keep you out of a financialRead more

Your credit score is absolutely crucial when you are applying for a home mortgage loan because a low credit score will inevitably translate to paying higher interest rates. In fact, a low credit score may even prevent you from attaining a mortgage loan at all from certain lenders. To learn your credit score, you shouldRead more

A C.L.U.E. report stands for a Comprehensive Loss Underwriting Exchange.  The “exchange” in this particular situation represents the information that the home insurance loss underwrites about home insurance claims. Based off an article at Zillow.com, one in every fifteen homes possesses an insurance claim every year.  This is something that could potentially be very importantRead more

Naturally, shopping around for a new home can be a very overwhelming and especially daunting task, as it is a life decision you could be living with for the next 30 years, or even more.  Taking this search seriously is a vital part towards finding your dream home, but there are some signs that mayRead more