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  According to Bankrate.com today, the average rate on a 30-year fixed mortgage is 3.08% with an APR of 3.30% the rate went down 2 basis points since the same time last week from 3.10%. The 15-year fixed mortgage has an average rate of 2.42% with an APR of 2.71% rose 2 basis points from 2.40%. The 30-year jumbo mortgage average rate is 3.04% with an APR of 3.16% has dropped 3 basis points today from 3.07% a week earlier. The average rate on a 5/1 ARM is 2.82% with an APR of 3.96% it was 2.84% last week. For  purchasing a home , mortgages and mortgage lenders are a necessary part, as it would be difficult to understand what you’re paying for and how much can you actually afford. A  mortgage calculator  helps you estimate your monthly mortgage payment depending on your interest rate, the purchase price, down payment, and other expenses. You will need: The home price Amount of your down payment The interest rate The loan term And any taxes, insurance, and  HOA fees...

What is a Short Refinancing? It is a financial term referring to the refinancing of a mortgage by a lender for a borrower who is currently in default on their mortgage payments. Short refinancing  of a mortgage is done by the lender for the purpose of helping a borrower avoid  foreclosure . A new loan amount is usually less than the existing outstanding loan amount, and the difference is sometimes forgiven by the lender. Even though the payment on the new loan will be lower, sometimes a lender chooses short refinance just because it is more cost-effective than the foreclosure proceedings. How does a short refinance work? The l e nder may be forced to foreclose on the home when a borrower cannot pay their mortgage. As we know the mortgage is a loan that is secured by the collateral of a borrower’s property, the borrower is obliged to pay back the debt with a predetermined set of payments. As mortgage, is one of the most common debt instruments, it is used by individuals and bus...

  If you’re retired and coping with expenses on a fixed income then a  reverse mortgage  may be tempting. But looking up closely reverse mortgages may be less appealing. Apart from a number of reverse mortgage scams, lenders too can charge high fees and  closing costs , and you might need to pay for mortgage insurance. They also come with variable interest rates nullifying the idea of saving in long run. It is ideal to understand the risks and rewards associated with a reverse mortgage so you can make a better-informed decision. WHAT IS A REVERSE MORTGAGE? Reverse mo r tgages are only available on primary residences and for people over the age of 62, and available to homeowners who have paid of all or most of their mortgage and can tap into their  home equity the loan  comes as lump sums or lines of credit that can be accessed when the need arises. The interest accrues on a monthly basis, and the loan need not be paid off until the homeowner moves out or pa...

  According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 9, 2021 mortgage applications increased 16.0 % compared to last week. On a seasonally adjusted basis from last week the Market Composite Index, which is a measure of mortgage loan application volume, increased 16.0 %. On an unadjusted basis, the Index dropped 7 % from last week. There was an increase of 20% in Ref i nance Index from the week earlier and was 29 % lower this time last year. Increase of 8% in the seasonally adjusted Purchase Index from one week earlier. Decrease of 13% in the unadjusted Purchase Index compared to last week and was 29 % lower than the same time a year ago. Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting said overall applications rose last week due to a drop in refinancing rates. Over the past month, treasury yields have trended down due to the COVID-19 variant affecting the speed of economic growth...

  Using Home Equity Loan to Payoff Credit Cards Debt You may be struggling to bring your debt level down if you have large outstanding balances on your credit cards. If you have been able to make only minimum monthly payments it could take years, or maybe decades, to zero out your cards. If you own your home, you have the option of taking out a  home equity loan to payoff credit cards debt . But before taking any action always consider the risks associated and look out for other possible alternatives. What is a Home Equity Loan? Your home has accum u lated equity over the years so a home equity loan allows you to borrow against that equity. For instance, if the current worth of your home is $300,000 and you owe $200,000 on your mortgage, you have an equity of $100,000. Based on your equity a bank, credit union, or other lenders may be willing to issue a  home equity loan  equal to some percentage of it. Factors, such as your credit score will decide how much you can ...

  Laci Jo Littleton-Gomez, a realtor with I Sell Houses, describing the situation said even with a limited number of properties on the market, and a larger number of people interested in buying the real estate market in Southern Oklahoma has been booming. she says there are a lot of shoppers but not many buyers, so it’s definitely a wonderful time to sell, if you have a property to list, you can make lots of money. And if you need to sell your home to  purchase another home  to move into, she says one needs to plan well and strategize. T y ler Mikrot, a realtor with I Sell Houses, noticed that the market for land is more competitive than the market for housing. Mikrot said that the major reason for the land prices going up is because of the cannabis farms coming in. Many people loaded with cash from out of state come in to grow cannabis. these people are able to pay the above list price. So localities who are looking to buy land but do not have that kind of finance, get p...

  To identify and eliminate bias in lending and to develop a more diverse mortgage workforce using technology the National Association of Minority Mortgage Bankers of America ( NAMMBA ) has collaborated with fintech company  Finastra . As Finastra is partnering with NAMMBA, it will have access to a varied talent pool of the association’s members. Finastrawill works with NAMMBA and supports sustainable homeownership in communities across the United States of America by providing training, education, and career development resources. With this, they will support the NAMMBA’s efforts in enriching and improving the situations of women and minorities working in the housing industry. P u ja Agrawal, chief operating officer of Americas for Finastra said, Finastra with its technology wants to tackle significant challenges around financial inclusion, fairness in financial decisions, and support for individuals and communities. While partnering with NAMMBA in its mission to support wome...

  What is FHLMC or Federal Home Loan Mortgage Corporation? In 1970 the Congress chartered the  Federal Home Loan Mortgage Corp (FHLMC) . FHLMC is a stockholder-owned, government-sponsored enterprise (GSE) that is formed to keep money flowing to mortgage lenders in support of homeownership and rental housing for middle-income Americans. The FHLMC, more famously known as  Freddie Mac , purchases, guarantees, and securities mortgages to form mortgage-backed securities. Understanding Freddie Mac When Congress passed the Emergency Home Finance Act in 1970 that is when Freddie Mac was created. This was done with an intention to expand the secondary mortgage market while reducing interest rate risk for banks. In 1989  F reddie Mac underwent a reformation and was turned into a shareholder-owned company, now under the Financial Institution Reform, Recovery and Enforcement Act ( FIRREA ). Freddie Mac was created to improve and intensify the flow of credit to different parts of...