Banks will give you a better interest rate if you purchase a more expensive and, presumably, bigger home. The interest rate for a 30-year jumbo loan currently stands at 3.71 percent - a notch below the rate to get a "conforming" mortgage, which weighs in at 3.73 percent, says Greg McBride, senior ... » Learn More about Jumbo mortgages now less expensive than smaller loans
Mortgage Tips
Debt to Income Ratio Why It Matters
Home shoppers wanting to qualify for a home loan may get declined because of a number they’ve never heard of: their debt to income ratio (DTI). If you’re a lttle bit hazy on Debt to Income Ratio (DTI), you’re in good company. According to Fannie Mae’s Economic & Strategic Research (ESR) Group, ... » Learn More about Debt to Income Ratio Why It Matters
Mortgage Rates Continue to keep New 3-Year Lows
Rates on mortgages move lower again following last week's Brexit headlines (the U.K.'s vote to depart the European Union). Indeed it's hard to turn on the TV, computer, or radio without listening to Brexit. Global financial markets are still in the throes of the "initial reaction" time period. That ... » Learn More about Mortgage Rates Continue to keep New 3-Year Lows
11 million People today expend 50 percent of their pay on rent payments
More Americans are struggling to make rent. The volume of renters dedicating at least half of their income toward housing hit a record high of 11 million individuals in 2014, in accordance with the annual State of the Nation's Housing Report from the Joint Center for Housing Studies of Harvard ... » Learn More about 11 million People today expend 50 percent of their pay on rent payments
7 rules of falling mortgage rates
Any downtrend in rates brings temptations and pressures to both professionals and civilians. Hence, a number of rules cribbed from prior declines and adjusted to this one. 7 rules of falling mortgage rates 1. The most powerful is the most obvious, and hence quite possibly the most overlooked: ... » Learn More about 7 rules of falling mortgage rates