According to Freddie Mac, borrowers who get at least one additional rate quote save around $1,500, while those who get five quotes double those savings over the life of the loan. For borrowers who don’t have the time or interest to comparison-shop, a mortgage broker may be able to hel...
4. Get a shorter-term home loan Getting a shorter mortgage term, such as a 15-year mortgage instead of the standard 30-year term, can be beneficial in many ways. Chief among them is the potential for lower interest rates. According to Freddie Mac, the current national average rate is 6....
Fannie Mae and Freddie Mac loans accept a maximum debt-to-income (DTI) ratio of 45 percent. For those with higher DTI ratios, reducing debt before purchasing a home is advisable. Many financial advisors suggest keeping your DTI ratio closer to 36 percent. Even though a lender may say you ...
Self-employed borrowers are eligible for virtually all the same mortgage types available to others. That means you can qualify for aconventional loanfrom a private lender or a government-backed loan. Here’s a closer look at each: Fannie Mae and Freddie Macmortgages: These are traditional confor...
A decline in mortgage rates is good news for buyers, but there are ways to get an even better deal on your loan.
Business Loan Advice Personal Guarantees for Business Loans What Is Invoice Financing? What Is a UCC Filing? How to Finance Small-Business Equipment Small Business Loans and Advice Is a Business Credit Line a Good Idea? A business line of credit can be a lifeline when cash flow is strained....
Wide range of properties to consider Cons of jumbo loans Stricter credit and DTI requirements Higher interest rates Not guaranteed by Fannie Mae and Freddie Mac Who should get a jumbo loan? Consider a jumbo loan if you live in an area where home prices are much higher than the national avera...
(or 0.06%) to reach 7.44%, according toFreddie Mac. This came a week after the rate plunged by 26 basis points, which was the largest weekly decline in a year. Would-be homebuyerseager to find a housemight look at this dip in rates as a possible opportunity to lock in a (relatively...
What Is a Conforming Loan? A conforming loan is a mortgage that meets the dollar limits set by theFederal Housing Finance Agency(FHFA) and the funding criteria ofFreddie Mac and Fannie Mae. For borrowers with excellent credit, conforming loans are advantageous due to their low interest rates. ...
As a homeowner with a federally backed mortgage loan, you must contact your loan servicer (the company to which you make payments) to request forbearance. You don't have to submit extensive documentation, justaffirmation of your financial hardship. You can do this over the phone. Your initial...