Category: Refinance

June 25, 2021 Marcus Terry 0 Comments

Mortgage Q&A: “Does a refinance require an appraisal?” A reader recently asked if they needed an appraisal to refinance their existing mortgage, knowing they can often add weeks to the loan process. As with anything in the mortgage realm, the answer is it depends. Mainly, it depends on the type of loan you plan to [&hellip

The post Does a Refinance Require an Appraisal? first appeared on The Truth About Mortgage.

June 25, 2021 Marcus Terry 0 Comments

With mortgage rates at or near all-time record lows, you’ve likely pondered a refinance if you’re an existing homeowner. But you probably have a lot of questions too, especially if it’s your first time refinancing a home loan. Let’s clear up some of the confusion by tackling some of the most common refinance questions out [&hellip

The post The Top 15 Refinance Questions Answered first appeared on The Truth About Mortgage.

June 25, 2021 Marcus Terry 0 Comments

Fundamental mortgage Q&A: “How does mortgage refinancing work?” When you refinance your mortgage, you essentially trade in your old loan for a fresh one with a new interest rate and mortgage term. And possibly even a new loan balance. You may elect to receive this new mortgage from the same bank (or loan servicer) that [&hellip

The post How Does Mortgage Refinancing Work? first appeared on The Truth About Mortgage.

June 24, 2021 Marcus Terry 0 Comments

In an effort to undo some of the damage the Federal Housing Finance Agency (FHFA) basically caused itself, it’s throwing a bone to so-called low-income families to save on their mortgage. It all spurs from the adverse market fee the very same agency implemented back in August 2020 to contend with heightened losses related to [&hellip

The post New Fannie/Freddie Refinance Option Drops Adverse Market Fee, Offers 0 Appraisal Credit first appeared on The Truth About Mortgage.

June 24, 2021 Marcus Terry 0 Comments

To mortgage folk across the country, it’s an age-old question: “Lock or float?” It’s a question loan officers and mortgage brokers get asked on a daily basis, often over and over again by panicked borrowers and first-time home buyers. And it might just be the most important answer a homeowner will come up with during [&hellip

The post Locking vs. Floating Your Mortgage Rate first appeared on The Truth About Mortgage.

June 24, 2021 Marcus Terry 0 Comments

Queue the panic. Mortgage rates have officially spiked and the media is all over it. Yep, the average rate on a 30-year fixed mortgage increased from 2.65% to 2.79% this week, per Freddie Mac’s weekly survey. Freddie Mac Chief Economist Sam Khater noted in the weekly news release that mortgage rates have been under pressure [&hellip

The post Don’t Freak Out About the Recent Mortgage Rate ‘Spike’ first appeared on The Truth About Mortgage.

June 24, 2021 Marcus Terry 0 Comments

Loyalty? Not in the mortgage business. That is, if you actually want to save money on your home loan. A few years back, an HSBC survey revealed that 52% of U.S. homeowners “switched providers” (sorry, they’re British) when obtaining subsequent mortgages. This was mainly driven (53%) by the desire to get a better deal, aka [&hellip

The post Why You May Want to Switch Mortgage Companies first appeared on The Truth About Mortgage.