Interest rates are at all time lows, I’m sure you’ve heard. But what exactly is an interest rate? Why does it matter if they’re low? How can you get an interest rate even lower? In this edition of Open House, I’ll address all these common questions and more as you prepare to buy or refinance a home. Read More
“Open House: Guide to Interest Rates”
Category: Mortgage and Refinance
Physician Mortgage Refinance | Save on Closing Costs
When you bought your home, you took out a mortgage loan for the cost of your house. If it was your first home, maybe your credit score was lower, and you had a higher interest rate. If it was a few years ago, you almost surely had a higher interest rate, as current rates are at or near historic lows. Maybe you’ve put a lot of work into renovating your house, and it will appraise for more money. All of these are good reasons to refinance your mortgage as a physician. You’ve heard it can save you money, but what does refinancing your mortgage even mean? Read More “Physician Mortgage Refinance | Save on Closing Costs”
Conventional Home Loans for Healthcare Workers
With interest rates currently near all-time lows, more and more people are looking to buy a home. Almost everyone will need to secure a loan to pay for the house once they find one. One of the most common mortgage loan options is a conventional home loan for healthcare workers. Find out what makes a conventional home loan so popular, and how Homes for Heroes can help you secure one.
Is It Possible to Buy a House with Bad Credit?
It IS possible to buy a house with bad credit! But under the current housing market conditions, it is much tougher. There is a chance you may need to improve some things before it can happen. Here we will provide you with what you need to know about buying a home with bad credit, what it will take to qualify for a home loan and what you can do to improve your credit to make your home buying experience a reality.
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Refinancing Costs Savings with Homes for Heroes
Refinancing your mortgage is supposed to save you money or free up some cash so you can pay for home improvement projects or other needs. But refinancing can also be expensive. That’s because refinance closing costs add up in a hurry, potentially costing you thousands of dollars. In fact, the average cost to refinance a mortgage is $4,345. Thankfully, there are ways to avoid some of these costs and keep more money in your pocket. Here’s a look at some common refinancing costs and what you can do to save money.
Refinance Closing: Checklist and What to Expect
Even at its best, refinancing your home can still be a long, difficult process. So, when it finally comes time to close on your new mortgage, it’s almost always a huge relief. But the work isn’t quite done yet. There are a number of steps you’ll need to take to ensure a successful refinance closing. Here’s what to expect from the refinance closing process as well as a checklist to keep everything in order.
Home Mortgage Refinancing Options | 4 Main Types and How to Save
There are four main types of home mortgage refinancing options to consider that can help lower your monthly mortgage payments or put some cash in your pocket. You could save money on interest, lower your monthly mortgage payment, or get cash for home improvements, just to name a few. Due to some stipulations and conditions with some mortgage refinancing options, it can be challenging to know which is right for you. Here’s a closer look at the four most common types of home mortgage refinancing options and a great way to save some money when going through the process.
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Is Refinancing Your Mortgage Worth It?
When considering the process of refinancing your mortgage, many people choose not do it because they hate filling out financial paperwork and the closing costs are too much. The key question to refinancing your mortgage is will you save money if you do it? The hope is that by getting a better interest rate, home owners can lower their monthly payments and come out ahead. But that isn’t always the case, and sometimes the timing just isn’t right to refinance. Here are five reasons why you may consider not refinancing your mortgage and some other helpful tips.
Low Mortgage Interest Rates Call for Refinancing
In 2020, mortgage interest rates dropped to an all-time low and went under three percent for the first time ever. In fact, the mortgage interest rate dropped 14 times in 2020. This was in response to the global coronavirus pandemic, after rates had been declining for years prior. The Federal Reserve, who is responsible for influencing interest rates, has said that rates will remain low, potentially for several years. With these historic low rates, now is an excellent time to consider buying or refinancing your home.
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How to Submit a Winning Offer with an FHA Loan
Many first-time home buyers use FHA loans because of the significant benefits they provide. But there are some unique considerations you have to keep in mind, particularly when it comes to actually writing an offer. Here’s a quick introduction to FHA loans as well as some tips on how to submit a winning offer using one of these loans.