When you take out a home loan, you might have the option to purchase mortgage points. Essentially, this is money that you pay to the lender upfront in exchange for getting a lower interest rate over the life of the loan. If you got a great deal on the house, you might have some extra cash on hand. Should you use that money to buy down the interest rate? This is a math problem that you need to calculate for yourself. How To Do The Math If you want to figure out if the mortgage points are worth … [Read more...]
What’s Ahead For Mortgage Rates This Week – September 6, 2022
Last week’s economic reporting included readings on home price growth, federal data on public and private sector job growth, the national unemployment rate, and data on consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released. S&P Case Shiller: Home Price Growth Slows in June The S&P Case-Shiller National Home Price Index reported slower home price growth in June as home price growth slowed to a year-over-year pace of 18.0 percent as compared to … [Read more...]
Understanding Your FICO Score and Why Small Credit Mistakes Can Cause Huge Headaches
Many people all over the world are dealing with issues involving debt or poor credit history, but most aren't necessarily aware of what exactly makes up their credit score. Unfortunately, it might seem like it's the big stuff that counts when it comes to credit, but little things can have a significant impact on your financial health. If you're looking to improve your understanding and your finances, here's what you need to know about small mistakes and your FICO score. Making Late Payments The … [Read more...]
Consider A Home Renovation Loan To Navigate A Challenging Housing Market
Today, there are many people who are having a difficult time purchasing a house. Even though interest rates have gone up, sales are still happening quickly. Therefore, it can be difficult for people to qualify for a mortgage, purchase a house, and get to the closing table before the property is sold. One potential way to get around the hot housing market is to consider a home renovation mortgage. How can a home renovation mortgage help you? A Renovation Loan Can Help People Buy A Less … [Read more...]
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