23 Feb 2022
By 24hr Mortgage

Everything Homeowners Need To Know About Down Payments

Mortgage, ,
Buying a house is an exciting time, but homeowners also need to make the best financial decision to meet their needs. One of the biggest decisions potential homeowners will face is how much money to put down. A down payment is the amount of money that homeowners pay upfront when they purchase a home. Many homeowners believe they need to put down 20 percent; however, this is not always the case. What do homeowners need to know about putting a down payment on a house?  20 Percent Is Not Always Required The reason why homeowners often believe they need to…
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25 Jan 2022
By 24hr Mortgage

Buying A Second Home As A First Home: What To Know

Mortgage, ,
Many first-time homebuyers are having a difficult time finding the right purchase. Therefore, a new trend is catching on. Some people are renting in the city, where property values are more expensive. Then, they buy a vacation home in the suburbs. Is it smart to buy a second home as a first home?  The Advantages Of Buying A Vacation Home First There are several advantages that come with buying a vacation home as a first home. First, buying a vacation home in the suburbs is usually less expensive than purchasing a house in the city. Furthermore, first-time homeowners can rent…
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18 Jun 2021
By 24hr Mortgage

FOMC Statement: Fed Predicts 2 Interest Rate Hikes in 2023

Financial Reports, ,
The Federal Open Market Committee of the Federal Reserve said in its post-meeting statement that the Federal Reserve expects to raise its benchmark interest rate range twice during 2023. No rate changes will be made during 2022 as the economy continues to recover from the Covid-19 pandemic. The Fed’s current interest rate range is 0.00 to 0.25 percent. Fed Expects "Transitory" Inflation The Fed's post-meeting FOMC statement said that although Committee members adjusted their forecast for raising the Fed's benchmark interest rate range, members did not predict long-term inflation and described current upward inflation as "transitory." The Consumer Price Index reported…
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16 Jun 2021
By 24hr Mortgage

Deciding Whether To Move or Refinance: Which Is The Better Option?

Mortgage, ,
There are a lot of people who are wondering if now is the right time to move or refinance their current home loan. With interest rates still favorable, a lot of homeowners have the potential to save a lot of money if they are able to secure a home loan with a lower interest rate. There are two ways homeowners can secure a home loan with a lower interest rate. The first is to refinance. The second is to move. Which option is better? There are a few key points to keep in mind. Taking A Closer Look At Refinancing There…
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18 May 2021
By 24hr Mortgage

3 Reasons Why the Lowest Mortgage Interest Rate Isn’t Always Your Best Option

Mortgage Rates, ,
One of the more common methods that home loan applicants use to find the best loan program available is to compare interest rates, but choosing the lowest rate possible is not always the best option available. In fact, in some cases, it may be one of the least advantageous options when all factors are considered. With a closer look, home mortgage applicants may decide to review other factors in combination with the interest rate to make a more informed decision when applying for a new loan. The Closing Costs Impact The Rate It is important to note that lenders can…
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25 Feb 2021
By 24hr Mortgage

An Overview Of Mortgage Points On Home Loans

Mortgage, ,
Unless someone works in the real estate or mortgage industry, there is a high likelihood that they are going to run into unfamiliar terms. Appraisals, underwriting, and private mortgage insurance are a few of the examples. One of the most common terms that people might run into is termed mortgage points. Even though the term “points” might sound positive, this is not always the case. What do people need to know about mortgage points?  Mortgage Points Refer To Payments Due At Signing When someone is negotiating for a home loan, they want to get the lowest interest rate possible. There are…
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