Purchasing a home can seem overwhelming, with so many options and industry jargon. Take a few minutes to understand the various types of home loans so you can move forward with confidence. Our mortgage rates calculator will provide you with rates and loan types for your situation. Fixed Loans: A Fixed loan has an interest rate that does not change for the duration of the loan, so your mortgage principal and interest payments stay the [...]
Mortgage rates are driven by movements in the financial markets around the world. When the economy is going strong, bond prices drop, and rates increase. Conversely, when the economy retreats, interest rates will tend to fall. View current mortgage rates for fixed-rate, FHA, and Jumbo mortgages and get custom rates.
To determine how much house you can afford, many experts agree that people should spend no more than 28 percent of their gross monthly income on housing expenses and no more than 36 percent on total debt -- that includes housing as well as things like student loans, car expenses, and credit card payments. There are many types of home loans offering different terms and rates, some requiring lower down payments than others. Use this [...]
Typically, if you’ve never owned a home, you are considered a first-time home buyer. Additionally, if you have not owned a primary residence for the last three years, you may still be considered a first-time home buyer. There is maximum financing and flexibility for first time homebuyers, with as little as 3% down. FHA loans are very popular for first-time buyers due to low down payment requirements of 3.5%.
Pre-approval allows you to get pre-approved for a specific loan amount prior to finding the home you want to purchase. The loan documents are reviewed, and the lender commits to a specific loan amount. A strong pre-approval can provide an advantage if someone else is interested in the same home simultaneously. Drop us your details online or call us (425-748-9990) to get an accurate pre-approval right away. With your loan pre-approved, you can shop for [...]
There’s more to consider than just getting a lower mortgage rate. You should also weigh how long you plan to stay in your home. Use our refinance break even calculator, to determine the number of months to break-even if you refinance the loan. People typically start thinking about a refinance when they notice mortgage rates falling below their current loan rate. But there are some other good reasons for refinancing your home loan: If you’re [...]
Cash-out mortgage refinancing is a way to both refinance your home mortgage and borrow money at the same time. It allows you to borrow more than your current loan, typically up to 80 percent of your home value, and receive cash (cash-out) for the amount that is higher than your current loan balance. To qualify for a cash-out refinance, you'll generally need to get your home appraised. Cash Out Refinance Rates
Refinancing costs with lenders vary and typically include underwriting, appraisal fees, title fees, credit report, processing, doc prep, funding, wire transfer, and origination fees, and average between 2% to 5% of the loan amount. Using Upwell Mortgage, you only pay an Admin Fee ($1,395) and appraisal fee (typically $675 if one is required) so you always know exactly what to expect. If you have enough equity in your home, the fees can even be [...]
With many lenders, mortgage refinance transactions can take 45 to 60 days based on the complexity of the loan. Using our streamlined process, you can refinance your home in as quickly as 15 - 21 days. A dedicated Loan Officer will stay connected with you every step of the way.
Typical documentation needed for a mortgage refinance transaction includes: proof of income (W-2’s, current tax returns), homeowners insurance verification, credit information, your monthly debt amounts, total assets, and an appraisal.