As we move into the last month of 2024, many potential homebuyers are eagerly awaiting a drop in mortgage rates. With inflation numbers looking promising, there's hope that the Federal Reserve will lower the federal funds rate, which typically drives mortgage rates down as well. If you're planning to buy a home or refinance when rates drop, now is the perfect time to start preparing. Here are five key steps to get ready for the mortgage rate decrease and ensure you’re in the best possible … [Read more...]
What Is A Mortgage Par Rate And How Does It Work
Think of the par rate as the raw, default rate offered by a lender. It’s not the lowest rate you can get, nor is it inflated by any adjustments. Lenders determine the par rate based on a variety of factors, such as current market conditions, your credit score, the loan type, and the loan amount. Discount Points: Lowering Your Rate When you're negotiating your mortgage, you can choose to buy "discount points" to lower the interest rate below the par rate. Each discount point typically costs … [Read more...]
What Borrowers Need to Know About Mortgage Rate Locks
When it comes to securing a mortgage, timing is everything—especially when it comes to locking in an interest rate. Mortgage rates can fluctuate daily, and even a small change can have a significant impact on your monthly payments and the total cost of your loan. To protect yourself from rising interest rates while you’re in the process of buying a home or refinancing, you can use a mortgage rate lock. What Is a Mortgage Rate Lock? A mortgage rate lock is an agreement between a … [Read more...]
The Impact of Inflation on Mortgage Rates and Homebuying Power
In today's economic climate, inflation has become a hot topic, especially for potential homebuyers. Understanding how inflation affects mortgage rates and your homebuying power is crucial. Let's see how it can impact your journey to homeownership. What is Inflation? First and foremost, inflation refers to the rate at which the general level of prices for goods and services rises. When inflation is high, purchasing power decreases because each unit of currency buys fewer goods and services. How … [Read more...]
- « Previous Page
- 1
- 2
- 3
- 4
- …
- 27
- Next Page »
