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%.
You can lock or float your interest rate at any time once you are in contract to buy a home and a closing date has been determined. Your loan officer will advise you and discuss options at the appropriate time.