Tag: home loans

Mortgage Declined? Here’s What to Do

Posted in Realtor.comTagged , ,

No one likes to be told “no.” (Rejection hurts—we get it.) And having your application for a mortgage declined is particularly devastating, because it throws your entire dream of homeownership into doubt. Still, just because one lender rejects your mortgage application doesn’t mean you’ll never be able to buy a home.

So if you’ve been denied a home loan, the first step is to ask the lender why you had your mortgage declined, to know what you’re up against. Todd Sheinin, mortgage lender and chief operating officer at New America Financial in Gaithersburg, MD, says there are three main reasons why people get rejected.

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Is Paying Off Your Mortgage Before Retirement a Good Idea?

Posted in Kiplinger'sTagged , ,

In a recent conversation with a long-term client, Rush Griffith, a Schwab financial planner in Dallas, discussed a decision she was grappling with: paying off her mortgage or keeping her money in the stock market. Rather than watch her investments weather the ups and downs of the market, the soon-to-be retiree sold a significant portion of her stocks and paid off her roughly $135,000 mortgage. 

“When I asked her, ‘Which scenario would make you most happy?’ she quickly shouted out that no longer having a mortgage would be reaching a milestone she never thought was possible,” says Griffith. 

No brainer. Many people strive to pay off their mortgage before they retire. It’s a legitimate objective, especially when you consider that 73% of seniors said their home is their most valuable asset, a 2021 survey by American Advisors Group found. “When you buy a home, your goal is to own it one day, and retirement is a good goal post for paying off your mortgage,” says Rob Williams, managing director of financial planning at Charles Schwab.

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How to Shop for a Low Mortgage Rate

Posted in Kiplinger'sTagged , , ,

Good news, house hunters: Home prices have started to cool. Prices are still rising, but annual home price appreciation slowed from April to June, with June marking the strongest single-month deceleration in home price growth ever, according to Black Knight, a mortgage data analytics firm. 

The bad news: Rising mortgage rates are making homeownership less attainable for some buyers.

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A First for the Housing Market: Mortgage Rates Below 3%

Posted in Money magazineTagged , , ,

It’s no secret mortgages are cheap right now. For some borrowers they’re hitting levels many experts might have thought impossible just a few months ago. Welcome to the world of the sub-3% mortgage.

The 30-year fixed-rate average sank last week to 3.15% with an average 0.8 percentage points paid, according to Freddie Mac. That’s the lowest level recorded since the mortgage giant began tracking mortgage rates in 1971. But 3.15% is just the average rate—some buyers and refinancers are qualifying for rates below 3%, something even mortgage pros are seeing for the first time.

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