Sink or Swim, Locking vs. Floating Your Mortgage Rate

Does locking your mortgage rate make sense? Or should you have a floating rate so you can take advantage of a rate drop?   Here are a few things to keep in mind as you weigh your options. But first, let’s talk about what these terms mean.    Locking Your Mortgage Rate vs. a Floating Rate When you apply for a mortgage, the lender will ask you early on if you want to lock in your rate. They’re essentially saying you can finalize the interest rate you’re willing to pay. From that point…continue reading →

Can a Mortgage Include Renovation Costs?

Buying a home is a big deal. Buying a fixer-upper that needs renovations is an even bigger deal. The question is, can a mortgage include renovation costs so it doesn’t have to come out of your pocket right now?    The short answer is yes - there are actually a few options you have available.    Mortgage Renovation Loan #1: Fannie Mae Homestyle Renovation  This type of renovation mortgage offered by Fannie Mae was created to help lenders have more options to offer their potential clients. Because so many people are renovating their…continue reading →

Are Mortgage Rates Still Low?

The last two years have been crazy in the real estate market. Low mortgage interest rates made it a fantastic time to buy a house. The question is - are mortgage rates still low?   Let’s look at the past, the present, and what is expected to happen over the next few months. That’s the best way to understand where we are right now.    Mortgage Rate History Since we just got out of November, let’s use that as our benchmark. According to FreddieMac here are the average rates we’ve seen over the…continue reading →

2022 FHA Loan Limits Makes a Big Jump

2022 FHA Loan Limits - both “floor” and “ceiling” loan limits will increase from $356,362 and $822,375 in Calendar Year 2021 to $420,680 and $970,800 in CY 2022, respectively, for a one-unit property. These limits are applicable to loan applications taken between January 1, 2022, to December 31, 2022. Low-cost Area 2022 FHA Loan LimitThe FHA national low-cost area mortgage limits, which are set at 65 percent of the national conforming limit of $647,200 for a one-unit Property, are, by property unit number, as follows:One-unit: $420,680Two-unit: $538,650Three-unit: $651,050Four-unit: $809,150 High-cost Area 2022 FHA…continue reading →

Rate Shopping, Good or Bad?

Understanding rate shopping can save you tens of thousands of dollars. Yes, you read that correctly! That’s why so many home buyers take the extra time to shop around before deciding on a lender to work with.  We’ll use this article to help you understand the rate shopping world and why it’s worth your time and energy.  Rate Shopping Basics Let’s start by talking about the basics. What is rate shopping?  The short answer is it’s the process of talking to multiple lenders to get the best rate possible.You know that even a…continue reading →

2022 Conforming Loan Limits – Big Jump for Fannie and Freddie Loans

2022 Conforming Loan Limits for mortgages to be acquired by Fannie Mae and Freddie Mac took a big jump to $647,200, an increase of $98,950 from $548,250 in 2021. But that's just the national baseline. 2022 High Balance loan limit ceiling in some high-cost counties for one-unit properties will be $970,800, a big jump from $822,375 in 2021. Here's a map showing 2022 Conforming Limits across the U.S. As you can see from the map above all the counties in the US will have a minimum (baseline) loan limit of $647,200. Some high-cost counties…continue reading →

How to Choose a Real Estate Agent

Need to choose a real estate agent? Your agent will be your partner throughout the whole process - you want to make sure you hire a great one! Here are the most important things to keep in mind as you make your choice.    Choose a Real Estate Agent After Interviewing a Few Do you think it would be a good idea to buy the very first home that you see on the market? Probably not, right? It makes sense to look around. Even if you really like the first house you see,…continue reading → Named to Top 100 Mortgage Blogs in the World has been named to the Top 100 Mortgage Blogs in the World, by Feedspot. The blog ranked #27 on the list of best mortgage blogs in the world. The list is dominated by blogs and websites in the US, UK, Canada, and Australia. The list features single-author websites like authored by your's truly, multi-author websites like The Mortgage Report, company websites like Better and Movement Mortgage, and major media websites like CNBC and National Mortgage News. Mortgage Blog has been regularly publishing articles on the topics of home buying and refinancing…continue reading →

How to Buy a Home with Student Debt

Buying a home with student loan debt can be tricky. While a lot of people consider student loans “good” debt, it is still something that the credit bureaus consider as they calculate your credit score. It also plays into your debt-to-income ratio, which is important for getting a mortgage.    Don’t let that scare you away though. Here’s everything you need to know about how to buy a home with student debt.    Improve Your Credit Score Your first step is to get preapproved for your mortgage. This is where a lender will…continue reading →