Self-employed people can get a mortgage like everyone else

Laveta Brigham

It has long been believed that self-employed people always got the short straw when it came to getting a mortgage, however mortgage lenders are not as put off as we thought.

According to data from the Office for National Statistics (ONS) there were more than five million self-employed people in the UK in the last quarter of 2019, constituting more than 15% of the working population, compared to 3.2 million in the year 2000.

In an interview with Yahoo Finance UK, business development director at Hodge Bank, Emma Graham, said: “I don’t think it [being self-employed] makes a big difference these days, it is just as easy to get a mortgage if you’re self-employed than if you were employed.

“Going back a generation ago it was quite tricky, some of the requirements were quite onerous, but self-employment is ever-growing and more popular.

“The challenges can come if you are newly

Read More

How to score the lowest 15-year mortgage rate for your refinance

Laveta Brigham

Given this year’s unbelievably low mortgage rates, refinancing remains at the top of many homeowners’ to-do lists — and it has taken on more urgency as a new refi fee is expected to push rates higher this fall.

A 30-year fixed-rate mortgage might be a borrower’s automatic first choice for a refinance loan. But if you’ve been in your house a few years, refinancing to a 15-year mortgage can keep you from dragging out the debt and piling up massive interest costs.

The monthly payments with a 15-year home loan can be steeper, but the interest rates are lower — currently averaging a record low 2.42%, about one-half of 1 percentage point below the typical 30-year mortgage rate, according to mortgage company Freddie Mac. And this summer, some lenders have even been offering 15-year loans at under 2%.

Here are four tips on how to get the very best deal

Read More

Homeowners must move fast to beat new mortgage refinance fee

Laveta Brigham

With record-low rates flooding the mortgage scene in recent months, you may have thought about refinancing your mortgage — one of these days.

But homeowners need to move quickly if they want to beat a new mortgage refinance fee being imposed by Fannie Mae and Freddie Mac, the government-sponsored mortgage giants that buy or guarantee most U.S. home loans. The companies say they need the fee to offset billions in losses from defaults and other issues related to the coronavirus crisis.

The surcharge was supposed to take effect Sept. 1, but the start was pushed to Dec. 1.

The postponement “may provide lenders a bit more breathing room,” says Christian Wallace, director of purchase sales at online lender Better.com. “For the borrowers, this delay could mean the opportunity to avoid incurring the surcharge fee.”

Even with the extra time, homeowners can’t slack off because lenders are expected to start building

Read More

Homeowners need to move fast to beat new mortgage refinance fee, experts say

Laveta Brigham

With record-low rates flooding the mortgage scene in recent months, you may have thought about refinancing your mortgage — one of these days.

But homeowners need to move quickly if they want to beat a new mortgage refinance fee being imposed by Fannie Mae and Freddie Mac, the government-sponsored mortgage giants that buy or guarantee most U.S. home loans. The companies say they need the fee to offset billions in losses from defaults and other issues related to the coronavirus crisis.

The surcharge was supposed to take effect Sept. 1, but the start was pushed to Dec. 1.

The postponement “may provide lenders a bit more breathing room,” says Christian Wallace, director of purchase sales at online lender Better.com. “For the borrowers, this delay could mean the opportunity to avoid incurring the surcharge fee.”

Even with the extra time, homeowners can’t slack off because lenders are expected to start building

Read More

How to land the cheapest 15-year mortgage rate for your refinance

Laveta Brigham

Refinancing remains at the top of many homeowners’ to-do lists, and it has taken on more urgency as a new refi fee is expected to push mortgage rates higher this fall.

A 30-year fixed-rate mortgage might be your automatic first choice. But if you’ve been in your house a few years, refinancing into a 15-year mortgage can keep you from dragging out the debt and piling up massive interest costs.

The monthly payments can be steeper, but the loans come with lower interest rates — currently averaging a record low 2.42%, according to mortgage company Freddie Mac. And this summer, some lenders have even been offering 15-year mortgages at under 2%.

Here are four tips on how to get the very best deal when refinancing into a 15-year mortgage.

1. Run the numbers on 30- and 15-year loans

Most mortgage lenders offer both 30- and 15-year terms. Compare the current

Read More

15-year mortgage rates are at an all-time low. Here’s how to get the best one

Laveta Brigham

Refinancing remains at the top of many homeowners’ to-do lists, and it has taken on more urgency as a new refi fee is expected to push mortgage rates higher this fall.

A 30-year fixed-rate mortgage might be your automatic first choice. But if you’ve been in your house a few years, refinancing into a 15-year mortgage can keep you from dragging out the debt and piling up massive interest costs.

The monthly payments can be steeper, but the loans come with lower interest rates — currently averaging a record low 2.42%, according to mortgage company Freddie Mac. And this summer, some lenders have even been offering 15-year mortgages at under 2%.

Here are four tips on how to get the very best deal when refinancing into a 15-year mortgage.

1. Run the numbers on 30- and 15-year loans

Most mortgage lenders offer both 30- and 15-year terms. Compare the current

Read More

Mortgage rates are near record low during brief break from new fee, data shows

Laveta Brigham

Mortgage rates are staying close to their all-time lows this week, a popular survey shows, and that’s a blessing for homebuyers who are dealing with overheated prices during what has become a sizzling summer for home sales.

The usual peak spring buying season is underway very late this year because of cornavirus lockdowns earlier in 2020. Dirt-cheap mortgage rates are giving house shoppers more buying power and are partially offsetting the price increases.

But experts say borrowers should move quickly, because rates are likely to rise before long as lenders start dealing again with a new fee that’s currently on hold.

Mortgage rates stick close to all-time lows

Puttachat Kumkrong / Shutterstock

Mortgage rates have ticked up to an average 2.93% for a 30-year fixed-rate loan, from 2.91% last week, mortgage company Freddie Mac said Thursday.

One year ago, the typical 30-year mortgage was going for a steeper 3.49%.

Read More

Homebuyers fired up by low mortgage rates find few open houses to visit

Laveta Brigham

Record-low mortgage rates have helped put more Americans in a homebuying mood in recent months. But with the coronavirus still spreading, many sellers are keeping their social distance.

About 6% of homes that went on the market in July held open houses within the first week, according to real estate brokerage site Redfin. While that marks a rebound from a rock-bottom 1% in April, it’s way down from 16% last year.

“It’s still risky to allow groups of strangers into your home,” says Redfin chief economist Daryl Fairweather. “As a result, more homebuyers have been exploring the world of virtual tours and 3D walkthroughs.”

hook an ultra-cheap mortgage rate and buy a home, get ready for some changes to the traditional open house — or be prepared to attend a virtual tour.” data-reactid=”35″If you’re looking to hook an ultra-cheap mortgage rate and buy a home, get ready for some

Read More

Mortgage rates plunge after refinance fee is put on hold

Laveta Brigham

Mortgage rates have plummeted after a federal agency announced it would postpone a fee on refinance loans that was sprung on lenders a couple of weeks ago.

The coronavirus “adverse market” fee will now take effect Dec. 1, instead of Sept. 1 — and the relief for borrowers has been immediate. Average 30-year rates have sunk to their lowest level since before the new surcharge first became news.

grab a low refinance rate likely have just a few weeks until the fee starts having an effect again.” data-reactid=”34″But one industry expert warns that homeowners who want to grab a low refinance rate likely have just a few weeks until the fee starts having an effect again.

A fee that caused a furor

More

Lenders had been raising rates to start compensating for the new surcharge, but it appears they’ve quickly undone

Read More

How to shop for a mortgage (and get your best deal)

Laveta Brigham

With a typical price tag today of around $350,000, a home is the biggest purchase most people ever make. And the price is just the beginning.

record-low mortgage rates. There’s not only interest to consider, but also lender fees, mortgage insurance and other borrowing costs.” data-reactid=”33″Most buyers need a mortgage to take ownership of a home, and a loan can be expensive — even in this time of record-low mortgage rates. There’s not only interest to consider, but also lender fees, mortgage insurance and other borrowing costs.

Do yourself a favor by shopping around, knowing your options, and more.

Follow these tips to save tens of thousands of dollars over the life of a mortgage loan.

1. Sharpen your credit score

More

Though market forces drive mortgage rates up or down, lenders also consider your own finances when setting your

Read More