Mortagage Tips

What’s Ahead For Mortgage Rates This Week – August 29, 2016

Last week's economic reports included readings on new and existing home sales, a speech by Fed Chair Janet Yellen, and a report on consumer sentiment. Weekly reports on mortgage rates and new jobless claims were also released.

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The Type of Home You Want to Buy Determines Your Closing Cost and Here’s Why

Savvy home buyers who are preparing to make a real estate purchase should do their research and understand that they need to save money for not only the down payment but the closing costs as well. The closing costs can account for as much as three to five percent of the sales price in some cases, so this can be a rather sizable amount of money. Some home buyers however, may not realize that the amount of closing costs can vary considerably based on the home that is purchased. With a closer look at why this is, home buyers can make a more educated decision when selecting a home to purchase.

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What’s Ahead For Mortgage Rates This Week – August 22, 2016

Last week's economic news included the NAHB Housing Market Index, Commerce Department releases on housing starts and building permits issued. Weekly reports on mortgage rates and new jobless claims were also released.

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Video: What Is “Prime”?

What Is Prime? The Prime Lending Rate - sometimes just called "Prime" - is the interest rate that banks charge each other for overnight loans. Some consumer rates - like ARMs - are set in relation to Prime.

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Who Is Exempt From The VA Funding Fee?

Who is NOT required to pay the VA funding fee? This video could save some veterans thousands. VA loan applicants pay a funding fee - as of 2014, 2.15% of the total loan amount - which can be thousands of dollars. Some veterans and spouses are eligible for exemption.

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Video: What Steps Need To Be Taken To Secure A Loan

What Steps Need To Be Taken To Secure A Loan You'll see some pictures in this video to help you remember later, but the first step in securing a loan is to complete a loan application. To do so, you'll need the following information.

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How Are Pre-Qualifying And Pre-Approval Different?

How Are Pre-Qualifying And Pre-Approval Different? Watch this video and it'll make sense. Pre-qualification is an informal way to see how much you maybe able to borrow - but not a commitment by a lender.

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Assessing Your ‘Debt-to-Income Ratio’ and Why This Number Matters When Getting a Mortgage

For those who are looking to buy a home soon, keep in mind that the Debt-to-Income ratio of the borrower plays a huge role in the approval of your mortgage application. A low DTI may make it easier for the lender and the underwriter to justify making a loan to the borrower.

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