Fairway Independent Mortgage Corporation - Company New England Region USA

Mortgage rates increased sharply for the second straight week and are flirting with 3.5% for the first time since March 2020, according to the Freddie Mac Primary Mortgage Market Survey (PMMS). But the sharp rise in rates doesn’t necessarily signal the end of the pandemic era homebuying frenzy – nor should it. An understanding of what’s causing rates to rise and a sense of what’s coming next may help homebuyers plan their next moves. Why are rising mortgage interest rates today in USA? The short answer: investors are reacting to policy changes at the Federal Reserve and creating market conditions for higher mortgage rates. Here’s the long answer: In addition to your personal borrower profile (credit score, debt-to-income (DTI), down payment, etc.), mortgage rates are set by supply and demand on the secondary mortgage market, where investors buy and sell bundled-mortgages much like stocks. These mortgage bundles, known as mortgage-backed securities (MBS), are considered safe investments...

The Biden administration gave millions of student loan borrowers in the U.S. a last-minute holiday gift by extending the student loan moratorium until May 1. The COVID student loan forbearance relief that went into effect in 2020 was set to expire Jan. 31 after several previous extensions. But President Biden said in a statement that he pushed the deadline out because “millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments.” The most recent extension means borrowers have a few more months to prepare for student loan payments to resume. That may be a relief for new homeowners in particular, especially if you bought a home while your student loans were in forbearance. But the clock is still ticking. What should you do when the day arrives that you have to resume payments? New homeowners and COVID student loan forbearance While your lender would have factored student loan payments into your debt-to-income ratio...

Mortgage rates are projected to rise and so are home prices. Experts are forecasting buyer demand will remain strong as people try to capitalize on rates and prices before they climb, creating another strong year for home sales. As always, we are happy to answer any questions that your clients may have. Fixed rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. Plus, you have the flexibility of selecting a 10, 15, 20, 25 or 30-year term (depending on the loan type). The main difference is the lower term options have higher monthly payments, which also means you are building home equity faster. Keep in mind you can use equity as a down payment for a new home if you sell your existing home or take out equity with a cash-out refinance. Let’s connect so your clients can make their best move in the new year. So, If you want to know mortgage interest rates today in USA , Contact to our loan officer. Source by: https://www.f...

As a buyer in a sellers’ market, sometimes it can feel like you’re stuck between a rock and a hard place. When you’re ready to make an offer on a home, remember these five easy tips to help you rise above the competition. Remember to ask us about the Fairway Advantage Pre-Approval™* which can help you compete with cash offers. Know Your Budget - Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved* for a loan. As Freddie Mac puts it: “This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.” Showing sellers you’re serious can give you a competitive edge, and it helps you act quickly when you’ve found your perfect home. Be Ready To Move Fast - Homes are selling quickly in today’s competitive housing market. According to the Existing Home Sales Report from the National Association of R...