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Want to Qualify for the Best Mortgage Rate? Do These 3 Things First

Purchasing a home is not only likely to be the biggest investment you’ll ever make, but it is also the largest debt you’ll assume in your lifetime. It pays to do your research when it comes to ways to qualify for the lowest mortgage rate. After all, just a couple of percentage points can make the difference in you paying thousands of dollars more over the course of the loan.

1. Check Your Credit Score

Your credit score is the single most important item when it comes to securing the best mortgage rate. Being able to improve it takes time so ideally. you should start by taking a look at your credit score at least several months before you actually want to apply for a mortgage.

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Why Are 30-Year Mortgage Rates So Popular?

This last week the interest rate on a fixed-rate 30-year mortgage rose a very small amount, so it now sits at 4.86%. Despite being a slight increase when going week-to-week, this is nearly a full point higher than the interest rates on the same mortgages a year ago says Freddie Mac.

These higher interest rates change the entire home buying process, particularly the part where potential purchasers weigh out the real costs of borrowing from lenders. In fact, some real estate markets have begun to see dips in both prices and sales because of rising interest rates.

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Are Rising Mortgage Rates Scaring New Buyers?

It comes as no surprise that rising mortgage rates are impacting purchasing power. A recent study released by Realtor.com shows just how much monthly home loan payments are rising – and the results aren’t very pretty.

Rising costs are obviously restricting the ability of many potential purchasers to afford a new home of their own. Others are being scared away from taking on a home loan thanks to an unstable market. The question becomes if rates continue to rise, will homeowners really be able to afford their loans?

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Is A New Credit Scoring System on Its Way?

A new credit scoring system could make it easier for some select groups of people to obtain a mortgage or any other loan. This applies mostly to people with FICO credit scores ranging between five and six hundred, as well as those who have no (or little) credit history.

The new credit scoring comes by the name of UltraFICO. It is a new scoring system that allows consumers to establish credit based on their savings and banking activity versus the traditional approach, which exclusively used loans (like mortgages and car loans), credit cards, and other forms of debt.

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Are Retirees Having A Hard Time with Financing?

Once employment earnings cease, retirees tend to take a decently sized drop in their incomes. Social security benefits, for example, are but a small percentage of what retirees once made, while pensions are hardly heard of anymore.

The difference, however, is that retirees could potentially have hundreds of thousands of dollars stored away in their IRAs, 401(k)s, personal savings accounts, or other sources. Yet these same people sitting on substantial nest eggs are often shot down when they try to get a new mortgage or refinance their current ones. The reason? They just don’t have a high enough monthly income.

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With Interest Rates on the Rise Now is the Time to Buy or Refinance

Now could be a good time for some mortgage holders to refinance their loans. Unfortunately, that opportunity might soon slip away.

In fact, borrowers taking out new loans right now are still paying more than they would at this time last year. BUT if you can save even one percent on your mortgage rate it would be worth refinancing. Why? Rates are only going to keep going up.

How Much Can You Really Save?

New home buyers will definitely want to jump on a mortgage before the rates rise anymore, but what about those looking to refinance? How much can you actually save by refinancing right now?

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How Will the Fed Rate Hike Impact Us?

The Federal Reserve just increased it’s rate by a quarter point and the word is that the rates will only continue to increase over the coming months and years. But what does this mean for consumers?

What will happen to cash-tied funds like savings, mortgages, or auto loans? Those looking for a home will obviously be most concerned with how mortgages are affected, but the way other cash-tied funds will be altered is also important. This is because the current state of all existing loans will weigh heavily on the financial situation of those who have taken them out or plan to make use of them in the near future.

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Great Resources for First Time Home Buyers

It’s an exciting experience buying your first home. It’s the culmination of years of planning, saving, and dreaming. But for all the excitement, buying your home can be nerve-racking and emotionally exhausting. Having great resources available can help make the process easier. Below we’ve listed just a few of these.

Quicken Loans Mortgage Calculator – This calculator is unique in that it doesn’t just help you figure out how much a mortgage would cost, but can also help you figure out how much you can afford. All it takes is to put in some very basic information.

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Demand in the Mortgage Industry is Causing Shifts

Shifts are rapidly occurring throughout the mortgage industry, thanks to a number of different demands. Mortgage rates are on the rise, while home price skyrocket and homeownership tend towards significantly longer durations. The assumptions of both lenders and borrowers have had to be set aside and a rebirth of the industry is currently being seen.

Limited Housing

One of the major players in this shift is the limited housing availability. For two years now there has been a significant lack of available homes for purchase – especially in large metro areas.

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Mortgage Volume on The Up and Up

After a steep decline for the great part of the past month, things started looking up for the mortgage industry. More borrowers returned to refinance or purchase homes, causing rates to rise once again.

The total application volume for mortgages over this past week rose by just over four percent. While this is great news for mortgage lenders, rates are still fifteen percent lower than they were at this same time last year.

Why is It Increasing?

The rise in loans may be thanks to more stability in the current mortgage market. This follows wide swings (both upwards and downwards) at the start of last month.

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