Category: Mortgage

While some experts tell home buyers that the federal funds rate has no direct impact on mortgage rates, there is still some correlation. Though the connection is not obvious, prospective homebuyers may find it worthwhile to investigate the interplay between these rates before making a purchase choice. Understand the Federal Funds Rate: The federal funds […]

Many factors would make house buying so much of a hassle, however, mortgage calculators that are part of this strategy are essential in simplifying the process. They equip you with knowledge of your ability to afford a particular home or amount of mortgage payment thereby building your confidence as you start home searching or applying for mortgage pre-approval.

Many landlords renew their mortgages every three to five years, which can be a complicated process with lots of negotiations and calculations. Banks tend to have too much power in this environment, leaving many feeling confused and financially strapped. But with the right information and strategy, you can approach this process with confidence.

Getting your first home can be a tough job, marking a big life event and a big money choice. This task might seem even harder for young adults because of the mix of increasing home costs and not-growing pay, making it tougher than it was for older generations. Nonetheless, the challenge is significant, but not insurmountable.

The COVID-19 crisis has been going on for over a year, and many people are still having money troubles. If you’ve lost your job or your pay has gone down, you might still be able to get help with your mortgage payments. Good news is, you can still ask for this help even if you got it before during the pandemic.

In this pandemic era, it’s good news that interest rates are down. For the first time in 50 years, the cost of borrowing money for a home has fallen below three percent. Homeowners are considering refinancing their loans for lower monthly payments because of these reduced rates. But will it really save you money if you look over a long period?

Some experts tell people buying homes not to worry about the federal funds rate, saying it doesn’t directly affect mortgage rates. However, there are connections to think about. Knowing what the federal funds rate is important—it shows the interest rate banks use when they borrow money from each other.

Mortgage calculators are helpful for people looking to buy a home. They show how much you can afford to spend and what your monthly payments will be. This information is useful whether you’re just beginning to look for a house or are getting ready to be approved for a loan. Knowing your budget can help you confidently look for a home.

Quicken Loans, located in Detroit, Michigan, is a mortgage lending company founded in 1985 by billionaire entrepreneur Dan Gilbert. Gilbert, who also owns the Cleveland Cavaliers, had a public spat with LeBron James before reconciling with him.

A reverse mortgage can be the solution for you if you’re 62 years or older, own a home and are looking at your options for income in retirement. This financial tool allows you to convert equity in your house into ready cash without having to make fixed or monthly payments.