Itâs time for another mortgage match-up folks. Today, weâll look at 10-year mortgages versus the 30-year fixed mortgage to see how these home loans stack up against one another. Before we get started, itâs important to note that there are two very different types of 10-year mortgages out there. One a fixed-rate mortgage that is [&hellip
The post 10-Year Mortgages vs. the 30-Year Fixed: Which Is Better? first appeared on The Truth About Mortgage.
Way to rain on our parade, Fannie Mae and Freddie Mac. Just when mortgage rates were hitting record lows, the pair decided to add a new fee to mortgage refinances in light of the ongoing pandemic. Simply put, they expect more losses related to a higher rate of loan defaults, and are adjusting their pricing [&hellip
The post Fannie Mae and Freddie Mac Mortgage Refinances Just Got More Expensive first appeared on The Truth About Mortgage.
Mortgage rates keep on marching lower and lower, with new records broken seemingly every week. But with all the fervor surrounding mortgage rates, some lenders are playing the âhow low can we appear to goâ game. For example, mortgage lenders may be talking about their lowest rates (with multiple points required), as opposed to offering [&hellip
The post Watch Out for Low Mortgage Rates You Have to Pay For first appeared on The Truth About Mortgage.
Mortgage rate Q&A: âWhy are mortgage rates different?â Why is the sky blue? Why are clouds white? Why won’t your neighbor trim their tree branches? These are all good questions, and ones that often puzzle even the most savvy of human beings. First things first, take a look at how mortgage rates are determined to [&hellip
The post Why Are Mortgage Rates Different? first appeared on The Truth About Mortgage.
Thanks to another year of stellar home price appreciation, the 2021 conforming loan limit will increase to $548,250, per the Federal Housing Finance Agency (FHFA). This is the maximum loan amount for mortgages that can be acquired by Fannie Mae or Freddie Mac, known as conforming mortgages. The figure is up from $510,400 for mortgages [&hellip
The post 2021 Conforming Loan Limit Rises to 8,250 first appeared on The Truth About Mortgage.