In the Competitive Coronavirus Housing Market, This Loophole Is Making It Easier to Buy a House

The pandemic’s latest effect on the housing market could be a good one for borrowers: Fewer mortgages are requiring a home appraisal, which is making it a whole lot easier for some people to purchase a home or qualify for a loan refinance.

According to a September report from the public policy think tank American Enterprise Institute, appraisals were waived on 42% of all government-sponsored purchase and refinance mortgages in July, up from roughly 20% in December.

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Procrastinators, It’s Not Too Late to Refinance Your Mortgage and Save Thousands

Mortgage rates keep falling. Freddie Mac’s widely quoted Primary Mortgage Market Survey put rates at 2.86%, the lowest rate since the company began tracking mortgage rates in 1971. Yet, some experts say refinancing right now doesn’t make sense for every homeowner. What are the questions every homeowner needs to ask to determine whether now is the right time to refinance?

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With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here’s Why I Did It Anyway

My mortgage payments are by far my largest monthly expense, so when I recently got the chance to cut them, I cut them as deeply as I could — even though it meant doing something I never thought I’d do: Forgoing the security of a fixed-rate mortgage for an adjustable one.

An ARM, also known as a “variable-rate mortgage,” offers a low introductory interest rate—typically for three, five, seven or 10 years—and when that period ends the rate turns into a floating rate for the remainder of the loan. Once rates adjust, mortgage payments for an ARM can double or even triple. With today’s mortgage rates at or near record lows, future rates may have only one way to go: up.

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The Benefits—and Dangers—of Serial Refinancing

Millions of Americans have taken Refinancing-home-mortgages-rebounded-higheradvantage of today’s record-low interest rates on home mortgages. With rates consistently dropping over the last four years, the housing market has spawned a new group of consumers: the serial refinancers.

But the heyday may not last much longer. The Mortgage Bankers Association projects rates will drift up in 2013, with the 30-year rate on a fixed mortgage rising above 4 percent by the middle of next year, which will curtail retail volume.

However, with interest rates currently hovering around 3.5 percent, now is an opportune time for many to refinance—so long as they land their best offer. Click here to read the article.