Interest-only mortgages can be a great tool for the right kind of borrower, but they can be risky. For one, many have aninterest rate that is adjustableafter the interest-only period expires, which can lead to high payments depending on the market. Plus, you might end up taking on a h...
With interest rates beginning to climb again, however, others might be wondering if this is still a good time to refinance home loans — or if it makes more sense to wait. So, let's take a look at where mortgage refinance rates currently sit. We'll also break down how they've changed...
This is especially true when discussingmortgage questions, which tend to be a bit more complex. But we can still talk about what makes one mortgage rate on a certain product better than another. In a recent post, I touched on thedifferent mortgage terms available, such as a 30-year, 15-...
What’s in a monthly mortgage payment? Your monthly payment is typically made up of several parts, depending on the arrangement between you and your lender. Here are some items that might make up your monthly mortgage payment. Principal: The original amount you borrow. Interest: The fee the ...
What Is a Good DTI Ratio for a Mortgage? Debt-to-income ratio requirements vary, but as a general rule, lenders want to feel comfortable that your current debt load is low enough that you'll be able to repay a debt as large as a home loan. "A strong debt-to-income ratio would be...
This manifests itself in two different ways. If you’re buying a property with a high EPC rating, say A or B, some lenders will offer you cashback or a better rate on the mortgage. If you make improvements to your existing home, such as installing solar panels or upgrading your heating...
Updated on: December 20, 2024 / 9:22 AM EST / CBS News To qualify for the best mortgage rates, make sure your credit is in good standing before you apply. Getty Images/iStockphoto If you're in the market for a new home, or you're thinking about refinancing your current mortgage,...
So you might get your loan when the interest rate is low, but find that five years down the line, those rates climb much higher. And that means more for you to repay if you’re on a variable rate (more about variable rates later). That’s where a fixed rate mortgage is useful. ...
The interest rate associated with a subprime mortgage is dependent on four factors: credit score, the size of the down payment, the number of late payment delinquencies on a borrower’s credit report, and the types of delinquencies found on the report. Amortgage calculato...
The term mortgage interest is theinterestcharged on aloanused to purchase a piece of property. The amount of interest owed is calculated as a percentage of the total amount of the mortgage issued by the lender. Mortgage interest may be either fixed or variable. The majority of a borrower's ...