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2023 Housing & Mortgage Market Outlook

The U.S. Housing Market experienced its first real slowdown in the past decade. A big driver for this was the substantial increase in mortgage rates, which negatively impact affordability. According to the Freddie Mac Primary Mortgage Market Survey (PMMS), the average 30 Year Fixed Mortgage Rate approximately doubled, from 3.125% at the start of 2022 to 6.25% … Continue reading “2023 Housing & Mortgage Market Outlook”

How to finance a rental property

The demand for rental housing has been increasing for decades. What does the path to owning a rental property look like, and what are the loan options? Consider a rental property if you are looking to expand your real estate holdings. The renter is helping you pay off the mortgage, upping your equity in the … Continue reading “How to finance a rental property”

The advantages of working with a direct mortgage lender

You have a variety of lending institutions to choose from for your real estate transactions. What is a direct lender, and what are the benefits of working with one? A direct lender does not only take your mortgage application. It funds the loan upon approval and completes every other part of the loan process in-house. … Continue reading “The advantages of working with a direct mortgage lender”

Amortization: what it means, when it’s used, and how to use Lyons’ Payment Schedule Calculator

Amortization is the prevalent method of paying the principal of a loan back on a predetermined repayment schedule. When you pay your mortgage each month, you pay principal and interest on the amount that you borrowed. The principal payment goes toward paying down the outstanding balance of the loan. The interest payment goes toward paying … Continue reading “Amortization: what it means, when it’s used, and how to use Lyons’ Payment Schedule Calculator”

Closing Costs: What are they and how to keep them low

Know what closing costs to expect before starting your application and budget smarter. Many first-time homebuyers don’t consider what they will have to pay apart from the down payment at closing. These charges, known as closing costs, ensure the completion of the transaction. Financing can fall apart for people who haven’t budgeted for what they … Continue reading “Closing Costs: What are they and how to keep them low”

How Mortgage Interest Rates Work

We all want the lowest interest rate possible. How are interest rates determined? Whether shopping for a credit card or an auto loan, everyone is trying to get the best available interest rate. This is especially true when shopping for a home mortgage. Buying a home is the largest transaction many people will make in … Continue reading “How Mortgage Interest Rates Work”

How to save for a home down payment

With mortgage rates at historic lows, now is as good of a time as any to consider purchasing your first home. The benefits of homeownership are plentiful, from both a financial and quality-of-life perspective. People trying to buy their first home face a common obstacle: having the funds for a down payment. If you are … Continue reading “How to save for a home down payment”

What is a jumbo loan?

A jumbo loan is a mortgage with a loan amount that is higher than the conventional loan limits set by the Federal Housing Finance Agency. In 2020, the conforming loan limit is $510,400 in most areas and $765,600 in high-cost areas. Jumbo loans are a good match for applicants that need a bigger loan than … Continue reading “What is a jumbo loan?”

How do self-employed applicants get approved for a mortgage?

There are a handful of differences that make the mortgage approval process quite different for self-employed applicants and salaried employee applicants. Stability of employment and income is a critical consideration for mortgage lenders; this is especially true for self-employed applicants. When a salaried employee applies for a mortgage, the lender verifies employment through the listed … Continue reading “How do self-employed applicants get approved for a mortgage?”

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