Mortgage and Real Estate Articles from Mortgage Research Center
6 days ago · On Halloween 1981, mortgage rates hit 18% and the typical house payment ate up 73% of a family's paycheck. by Tim Lucas in Real Estate. October 23, 2024 14 MIN.
What Is a Mortgage and What Can It Do for You? - Mortgage …
Jun 17, 2024 · Mortgages are secured by the underlying piece of real estate. If a borrower fails to make their payments, the lender can take legal action to gain ownership of the property. They can then sell it to recoup their losses. Without a mortgage, buying a home would require you to save up the entire purchase price.
A Complete Guide to FHA Refinances: Eligibility, Requirements, …
Aug 23, 2024 · Credit Score and LTV: You can refinance up to 97.75% of your home’s value with a credit score of 580. Borrowers with at least 10% equity in their property may be able to do an FHA refinance with a score as low as 500. Cash-out refinances have a …
FHA Streamline Refinance: 2024 Guidelines and Loan Requirements
Feb 7, 2024 · Although most applicants won't encounter credit score or income requirements, there are still some guidelines that you'll need to meet to be eligible for an FHA streamline refinance. Specifically, your existing mortgage must: Be an FHA loan. Be current on its payments. Have been opened at least six months ago.
Calculators - Mortgage Research Center
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Home Loans Articles | Mortgage Research Center
Oct 30, 2024 · USDA Construction Loans: A Comprehensive Guide for 2024. This comprehensive guide to USDA construction loans will go over everything you need to know about financing your rural home build in 2024, including precisely how a USDA one-time construction loan works, the eligibility requirements you need to meet, and a few alternative mortgage ...
Conventional Loan Refinance Guidelines for 2024 - Mortgage …
Mar 1, 2024 · 25%. *to refinance with 3% equity, your current mortgage must be owned or securitized by Fannie Mae or Freddie Mac. Otherwise, a minimum of 5% equity is required. Also remember that if you’re doing a conventional loan refinance with less than 20% equity, you’ll be required to pay for private mortgage insurance.
How to Refinance Your Home - Mortgage Research Center
If you're providing a down payment or any other closing costs, bring that with you. You'll also need a few forms of identification. You'll sign the refinance paperwork in front of the notary, who will stamp it and provide you with a copy of the paperwork. Make sure you keep your paperwork somewhere safe at home.
The 28/36 Rule: How Realistic Is It? - Mortgage Research Center
Jun 20, 2024 · The median home price in the U.S. was over $420,000 in the first quarter of 2024, according to the Census Bureau and Department of Housing and Urban Development. But someone would have to make nearly $150,000 per year to …
Rates Articles - Mortgage Research Center
Mortgage Rates Report and Outlook, July 1, 2024 — Jobs Report Week. Arguable the most influential economic report comes out Friday. A downbeat report could help mortgage rates, since weaker jobs data gives the Fed stable ground on which to …