As someone interested in purchasing a home, one of the most important things to understand is your mortgage rate. Shopping for a good mortgage rate is vital, because even a percent difference on a loan can mean thousands of dollars spent on interest that you'd rather spend on your loan's principal balance. Over time, you could end up spending $20,000 or even $30,000 in interest alone.
Mortgage rates play a major role in how many people take out mortgages and when. When mortgage rates are low, you can purchase a home with less interest, making it more appealing. When they're high, it's harder to get a mortgage with lower interest rates, making it less likely for people to buy at that time.
If you want to sell a home but have lost the deed, don't despair. There are a few steps you can take to find a copy of the deed so that you can begin preparations for the sale. Recorded deeds are part of the public record, which makes it possible for anyone to obtain a copy.
When you're ready to make your first home purchase, it's an exciting time. It can also be confusing. There are programs through the Federal Housing Administration that work to provide mortgages to new home owners.
With any new presidency, there are a number of things that change. Recently, the Trump administration reversed a cut in the Federal Housing Administration that had been implemented by former President Obama. This cut had been intended to decrease monthly payments for thousands of borrowers, which would potentially have helped boost the American economy.
Since the election of President-elect Trump, pending home sales have fallen by 2.5 percent across the United States. The number of pending home sales fell to the lowest level in close to a year in November after the election, according to the National Association of Realtors.
When you owe more on your mortgage than your home is worth, it's called being underwater. This problem has affected many Americans since the recession and continues to affect people all over the United States. According to Zillow, of those who purchased homes in the last five years, 29 percent owe more on those homes than the homes are worth.
If you're considering obtaining a Federal Housing Administration loan, you should understand exactly what it is. The Federal Housing Administration lends to borrowers who obtain mortgage insurance. The insurance protects the lender from a loss if the borrower defaults, which is why FHA loans are issued with lower interest rates and more flexible qualifications.
One kind of loan that you might be considering, especially as you age, is a reverse mortgage loan. This type of loan could be important for people such as seniors, who have equity in their homes.
Millennials, the common narrative runs, have unprecedented debt levels. As soon as they graduate, they owe so much money that it's almost overwhelming.