What if the interest rate goes down in a few years? Can I change the terms of my loan? If you want to take advantage of low-interest rates, you’ll need to go through the refinancing process (for more information, see here). This might make sense if the rate significantly decreases, but keep in mind that you’ll still need to… Read Full Article Share FacebookTwitterLinkedIn
How often do mortgage rates fluctuate? Rates are constantly changing weekly, daily and even hourly. The main factors for this flux are the state of the economy, inflation and the Federal Reserve Board. While these things are out of your hands, you can control your credit… Read Full Article Share FacebookTwitterLinkedIn
Is it ever a good idea to put down less than 20% even if I can afford more? Yes, it is fine to put less than 20% down. In most cases, the cost of PMI is the lowest it has been in years, making a lower down payment a more financially attractive option. Read Full Article Share FacebookTwitterLinkedIn
Can I use a 401(k) loan as part of my down payment? Because the money needed for a down payment is not always easy to come by, lenders of all types allow borrowers to apply money from a 401(k) loan to the down payment and closing costs. Read Full Article Share FacebookTwitterLinkedIn
Are there any loans that don’t require a down payment? USDA and VA loans do not require a down payment. Read Full Article Share FacebookTwitterLinkedIn
What is the typical down payment for a mortgage? A down payment is the initial payment by the borrower on the loan, which is due at closing. In most cases, lenders require at least 5% to 15% down, although the standard is usually 20%. If you put down less… Read Full Article Share FacebookTwitterLinkedIn