Should you refinance to a 15-year mortgage in 2021?

Competitive rates could save homeowners thousands, experts say For many middle-aged and older homeowners with several years of equity on their homes, 2021 could be a prime time to refinance from a 30-year fixed-rate mortgage into a 15-year mortgage. The three primary reasons homeowners refinance to shorter-term loans are to save money on interest, to pay…

Should I Buy a Foreclosure for My First Home?

First-time homebuyers with an above-average tolerance for risk (and the wherewithal to do some fixing up) may be able to nab a major bargain by buying a foreclosed home. Foreclosures typically sell below market value, but there are complications to consider. How Does Buying a Foreclosed Home Work?  Foreclosure occurs when a mortgage borrower fails to…

How much house can you afford to buy?

For many, the homeownership journey logically begins by trying to figure out how much house you can afford. But there’s an even better question you should ask yourself first. Instead, start by answering the question, “What do I need from my future home and why?” It’s your answer to that question that really dictates why…

Mortgage rates drop on Fed intervention

The average U.S. rate for a 30-year fixed mortgage fell to 3.33% this week, according to Freddie Mac, as the Federal Reserve’s bond-buying program created demand for securities backed by home loans. Together with the prior week’s drop, it was the largest two-week decline since December 2008 when the Fed shocked the financial world with its first-ever…