Tag: <span>mortgage</span>

2023 FHFA Conforming Loan Limits For Fannie Mae and Freddie Mac Mortgages Exceed $1 Million in Some Areas

The maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac has significantly from last year, per Federal Housing Finance Agency (FHFA) guidelines as shown in the table below. The conforming loan limits (CLL) are established under the terms of the Housing and Economic Recovery Act (HERA), and are…

Should I Refinance My Mortgage and Do I Qualify

With interest rates on 30 year fixed-rate mortgage loans below 4%, the lowest level since the 1950s, many borrowers are keen to refinance their home loans and other mortgages. By any long-term measure, current rates are a great deal and could result in tens of thousands of dollars in savings…

How Much Higher Will Mortgage Rates Go This Year

With the Fed's aggressive actions in raising rates to tackle inflation, economists are predicting that rates will continue rising for the remainder of the year. This is based on the dramatic rise of the 10 year Treasury yield over the last month to which mortgage rates are loosely tied. The…

2016 HARP Program Extension and Other Government Housing Refinance Programs

[Updated for 2016] - The Home Affordable Refinance Program (HARP) has been extended to the end of 2016. Under this program home owners may be able to reduce their mortgage payments by as much as $3,500 each year. The program benefits those with little to no equity in their home homes (LTV>80%) and are struggling…

Saving $95,000 by Refinancing into a Lower Rate and Shorter Duration Mortgage

Many homeowners with good credit are ditching their old 30-year fixed rate mortgages for the 15-year or 20-year versions. This is primarily to leverage historically low rates for these shorter duration loans and benefit from the significant interest savings over the life of the loan. In fact, a friend of…

Should You Pay Off Your Mortgage Early or Invest The Extra Cash?

Many of us dream about how it would feel to not have a monthly mortgage payment. Owning your home free and clear is the aspiration of numerous homeowners. But even without – in most cases – that hefty payment leaving your checkbook every 30 days, there are actually some reasons…

15 Year Versus 30 Year Fixed Rate Mortgages – How to Determine Which is the Better Option

As mortgage rates continue to hover at 30 year lows, many people are wondering whether a 15-year or a 30-year mortgage term is a better option. After all, even though payments on the 15-year option would be higher, the lower interest rates on the shorter term loan are keeping payments,…

Looking Beyond the Monthly Payment Saving and Calculating the True Cost of Your Mortgage Refinance

Mortgage lenders often attract homeowners seeking to lower their mortgage interest rate with some simple math, usually presented in one of two ways: 1) Comparing the nominal closing costs to the total savings from 30 years of a lower monthly payment, or 2) How few months it will take before…

Solving the Housing Foreclosure Crisis by Cutting Mortgage Principal Balances – Big Mistake

Mortgage interest rates are at their lowest point in decades (about 4.5%) and the housing credit has been in effect for more than three years, yet the housing market is tepid at best, with foreclosures at record highs and government housing institutions having to put more distressed assets on their…

5 Steps to Take Now in Preparation for Higher Inflation in The Coming Year

There is an important debate brewing around inflation in terms of its rise and sustainability. Many believe we are headed to significantly higher inflation in the coming months as Trump cuts taxes and imposes tariffs. Ultimately, whether we see inflation as a significant or permanent risk is a decision we…

2022-2023 High Yield, Money Market Account Savings and Mortgage Rates Rising as Fed Hikes Rates

Rates on all things financial are heading up. This is good news for some and bad news for others. Savings rates on high interest savings and money market accounts are up after falling to multi-year lows. My recent CIT savings account is now paying nearly 4%, which is a lot…

Pros and Cons of Reverse Mortgages – Is This The Right Option and Factors to Consider

Reverse mortgages are becoming an increasingly popular financing offering with our aging baby boomer population, looking for ways to unlock the value from their homes. Simply defined, reverse mortgages are a special type of home loan that lets a homeowner convert a portion of the equity in his or her…

Paying off Your Mortgage Early- What Would You Do With The Spare Cash

Not having to pay rent or a mortgage is one of the key steps to financial freedom. It frees up what is most likely your biggest expense and allows you to channel that money to other wealth building pursuits. I currently pay about $3500 a month in rent (including taxes), and have…

Repay Your Mortgage up to 7 Years Earlier By Making Extra Payments versus 401K or IRA Contributions

We all want to get out from under our massive mortgage debt. So what is the best way to pay off the mortgage quicker – and not significantly impact your ability to retire? The answer is a variation on the good old “Pay every two weeks instead of once a…

Tag: mortgage