Mortgage News and Rate Updates
Real estate professionals, including realtors and brokers have noticed a continuous drop in the number of young homebuyers and other first-timers. Generally, Millennials on the house hunt find it hard to come up with sizable down payments, especially when they are still struggling with huge debt accumulated from student loans.Read More
Buying a home is one of the most monumental feats to take on as an adult. It’s no easy task—it takes a lot of planning and preparation to make sure you are in the best position financially to take on the challenge. The best thing you can do for yourself and your family is to go over what not to do before you apply for a loan and try to create some solutions in advance.Read More
If you are a first-time buyer worrying you might not be accepted or qualify for a loan of this variety, know the USDA Rural Housing program can be utilized by first-timers and recurring buyers alike. There is also no maximum loan size with USDA. With a proven ability to save and make timely payments, your amount will only be limited by your own financial actions, past and present.Read More
If you plan on using a fixed rate mortgage, you will have two main options: a 15-year loan or a 30-year loan. Although there are other terms available, the vast majority of lenders offer these two loan options.
So what makes one better than the other? The main difference between a 15-year loan and a 30-year loan is rather obvious. With a 15-year mortgage, you will pay higher monthly payments but less interest overall. By contrast, 30-year loans feature lower payments but more interest. In the long run, you will end up paying more for your home if you opt for a 30-year loan.
Although the differences seem relatively simple, there are other considerations that might make your decision more complicated. Buyers should take a hard look at their finances, budget, retirement plans, and long-term goals. It is also important to run the numbers to determine exactly how much you will pay versus how much you will save.