by Christy Bieber | Jan. 22, 2021
What happened in the world of mortgages and housing last week? You can find out all the news right here.
Mortgage rates crept upwards early in the week, but fell toward the end -- and they still remain near record lows. Fluctuating rates weren't the only development this week, though. Here's some other mortgage news you should know about.
With rates rising slightly, fewer existing homeowners are submitting new applications to refinance their existing home loans. Find out what factors could be causing this rise in rates and how demand for new mortgage loans has been impacted.
With millions of homeowners still reeling from the coronavirus pandemic, the Federal Housing Financing Agency has extended the moratorium on evictions and foreclosures. While banks and landlords were originally barred from acting only through the end of June 2020, this deadline has been pushed back multiple times -- most recently, to Feb. 28.
When you have an adjustable-rate mortgage, your rate could change over time so you take a risk of monthly payments and total interest costs rising. With mortgage rates still near record lows (but no definite answer on how long that will last) it could be a very opportune time to refinance and lock in a loan at a low fixed interest rate.
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Millions of Americans have paused payments on their home loans -- but this can't last forever. If your forbearance period will soon come to an end, it's important you're prepared for what happens next.
In Denmark, it's possible to secure a mortgage loan at 0%. If you're hoping this will happen in the United States, it's an unlikely prospect because the Federal Reserve would have to set the rate at which banks borrow from each other to below 0%. But while you probably won't pay no interest for a mortgage, rates are still very competitive.
Downsizing to a smaller home might seem, on the surface, to be the best and easiest way to reduce the amount you're paying for housing. But there are reasons why this may not always be the best approach for your situation.
Some mortgage lenders originate far more home loans than others. Find out here which lender is the single most popular issuer of home loans in the entire United States.
Coronavirus relief legislation provided the option for many struggling homeowners to put their loans into forbearance, or temporarily pause payments on them. But the key word is "temporary." Forbearance has ended for many and a shocking number of borrowers have been left floundering without a plan to get back on track.
If you'll be upgrading your home this year, you have many options for how to pay for the costs -- including borrowing against the equity in your home. But which is the right approach to paying for your repairs or improvements?
Is your property located on wetlands? This is just one of several questions it's important to ask before you purchase land. Otherwise, you could find yourself the proud owner of a plot of land that you can't use for your intended purpose.
Want to make sure your home loan is as affordable as possible? Taking these steps could help ensure you don't pay more interest than necessary when you secure a mortgage loan.
If you want to get the most bang for your buck when it comes to spending on housing, it could pay to own your own place. Research has shown that in many markets, it's actually more affordable for you to pay the costs associated with homeownership than it is to rent a comparable property.
Whether you're planning to purchase a home, are considering refinancing your existing mortgage loan, or are simply interested in the mortgage and housing markets, The Ascent's mortgage coverage will ensure you're up to date on exciting developments. Check back weekly to learn all you can about home loans and housing.
Chances are, interest rates won't stay put at multi-decade lows for much longer. That's why taking action today is crucial, whether you're wanting to refinance and cut your mortgage payment or you're ready to pull the trigger on a new home purchase.
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