File this one under âno correlation,â despite a flood of news articles claiming the Fed’s rate cut directly impacts mortgage rates. Today, the Fed cut the federal funds rate by half a percentage point to a range of 1-1.25% due to the uncertainty surrounding the coronavirus, this despite a strong U.S. economy. That sent mortgage [&hellip
The post Mortgage Rates vs. Fed Announcements first appeared on The Truth About Mortgage.
The leading wholesale mortgage lender in the nation has brought the heat once again, this time offering 30-year fixed mortgage rates below 2% on FHA loans. United Wholesale Mortgage announced that borrowers can now lock in interest rates as low as 1.99% on FHA-backed loans via its popular Conquest program. The new Conquest for FHA [&hellip
The post United Wholesale Mortgage Now Offering FHA Loans with Rates Below 2% first appeared on The Truth About Mortgage.
Mortgage Q&A: âDoes a refinance require an appraisal?â A reader recently asked if they needed an appraisal to refinance their existing mortgage, knowing they can often add weeks to the loan process. As with anything in the mortgage realm, the answer is it depends. Mainly, it depends on the type of loan you plan to [&hellip
The post Does a Refinance Require an Appraisal? first appeared on The Truth About Mortgage.
Well, itâs a new year and it certainly didnât begin quietly. Might as well address the elephant in the room when it comes to your mortgage. This isnât the first time Iâve discussed the possibility of war and its impact on mortgage rates, with the last discussion centered on the Syrian conflict back in 2013. [&hellip
The post Mortgage Rates vs. a Potential War with Iran first appeared on The Truth About Mortgage.
Queue the panic. Mortgage rates have officially spiked and the media is all over it. Yep, the average rate on a 30-year fixed mortgage increased from 2.65% to 2.79% this week, per Freddie Macâs weekly survey. Freddie Mac Chief Economist Sam Khater noted in the weekly news release that mortgage rates have been under pressure [&hellip
The post Donât Freak Out About the Recent Mortgage Rate âSpikeâ first appeared on The Truth About Mortgage.
Mortgage Q&A: âHow to get a wholesale mortgage rate?â Wholesale mortgage rates tend to be considerably cheaper than their retail counterparts, though it’s never a guarantee with so many lenders out there these days. To get your hands on one, you need to shop for your home loan with a mortgage broker, who has access [&hellip
The post How to Get a Wholesale Mortgage Rate first appeared on The Truth About Mortgage.
When it comes to buying a home or renting, there are many things to consider. While there are tons of resources on the financial implications of both options, Iâd like to share my thoughts on buying versus renting from an intentional living and minimalist perspective. The decision to buy or rent is just as much a lifestyle decision as it is a financial one. Ultimately, if the decision to buy is made, a home affordability calculator is a great resource to get started.
Longevity and Flexibility
Itâs important to consider how long youâre planning to be in a certain area and how much location flexibility you need when youâre making the decision to buy or rent. When renting, the leases are typically 12 months or less and there may be options to work out a more flexible move-out date with the landlord or management company. If you end up needing to move to a different area, you have more flexibility to do so.
It becomes a lot more complicated if you need to move away from a home you own. Youâll likely need to sell the house or rent it outâoptions that require more time and resources than if you were renting an apartment. With the amount of investment and time that a house requires, itâs probably best to stay in a location for at least a few years if youâre going to buy.
Think about how you want to spend your time. Similarly, itâs also important to consider how much responsibility youâre willing to take on. During the time I lived in an apartment, I barely changed a light bulb. There were no repairs, no additional investment and no worries.
For the past five years Iâve owned a home, itâs a whole different experience. I spend time cleaning the gutters, mowing the lawn, buying and fixing appliances and other maintenance activities that you never have to think about when youâre renting.Â Â Â Regular or unexpected repairs can quickly add up to large sums when you own a home. Part of the benefit of renting is that you donât have to deal with or budget for anything like that.
Another thing to think about is how much customization and control youâd like to have. A home you own can be customized to your exact liking, a rental on the other hand has more limitations. From painting the wall a different color to making bigger changes to your living space, youâll have greater control if itâs your home. With a rental, any customizations would need to be approved by the owner.
Amenities are another lifestyle consideration when it comes to buying or renting.
Most likely, an apartment will have more amenities than a typical home, such as a workout room, pool, large party room or even a concierge service. Of course, you may have the option of building or adding similar amenities to a home you buy, but it can be pricey and impractical investment. If you want a pool without the cost and maintenance that owning one would require, then renting an apartment with a community pool is the way to go.
From my perspective, whether you buy or rent has a significant impact on your lifestyle, particularly over the long-term. Thinking about whatâs important to you and how you want to spend your time will help you determine what best fits your desired lifestyle.
The post Home Ownership vs Renting As A Minimalist Lifestyle Decision appeared first on MintLife Blog.
Itâs time for another mortgage match-up folks. Today, weâll look at 10-year mortgages versus the 30-year fixed mortgage to see how these home loans stack up against one another. Before we get started, itâs important to note that there are two very different types of 10-year mortgages out there. One a fixed-rate mortgage that is [&hellip
The post 10-Year Mortgages vs. the 30-Year Fixed: Which Is Better? first appeared on The Truth About Mortgage.
I thought it would be helpful to create a post that answers a lot of top “mortgage questions” that consumers tend to ask in one convenient place. You should know the answers to all of these questions if you’re serious about getting a mortgage and ready to buy a home. Additionally, you might be better [&hellip
The post 21 Mortgage Questions You Should Know the Answer To first appeared on The Truth About Mortgage.