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Why Federally Backed Mortgages Are Important for Minorities

The Consumer Financial Protection Bureau recent released a report of the previous year’s mortgages. What it showed was that minorities held very few of the overall mortgages, and those who did manage to get loans almost exclusively got them through non-conventional loans.

Non-conventional loans are those who are insured by the federal government, like FHA, Farm Service Agency, Rural Housing Service, or VA. If it were not for these alternative mortgage options, minorities would make up little to none of the total loans given in the previous year.

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High Income Households in Pennsylvania Are Increasing in Mortgages

Recently revealed statistics show a trend of high income households holding a growing number of the current mortgages. What has not been revealed, however, is why the traditional middle class are owning less homes. Experts have yet to come to a solid conclusion, but an array of suggestions have been made. This impact could be a result of rising mortgage costs, the decline of our economy, a growing generation of people who wait longer to purchase homes, something else entirely, or a combination of any of the above.

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Ways to Know you Can Trust your Mortgage Office

Taking out a home loan is a big deal, as you will be tied to your mortgage for quite some time. You only have one chance to get it right, which is why finding the perfect broker is so important. How do you know if you can trust your mortgage office? Here are some things to look for.

Mortgage Brokers

When applying for a loan, you have two options: a mortgage broker or a lender. A mortgage broker is someone who “shops” various financial institutions to find rates and terms that are most favorable for you. By using a mortgage broker, you can avoid a great deal of comparison shopping; however, you will want to know answers to the following questions:

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Is the Time now for a Mortgage in Greater Philly?

As the number of job opportunities and amenities in a given city increase, so does the demand for housing, resulting in a drastic increase in home prices. In some areas of the country, the laws of supply and demand have resulted in a lack of affordable housing for middle and low-income families. That’s not the case in the Philadelphia metropolitan area, a city where housing is typically very affordable across the board. If you have been considering home ownership in the Greater Philly area, now is an excellent time for a number of reasons.

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What Recent Dow Numbers Mean for Mortgages

With the Dow Jones Industrial Average setting records early in 2017, there’s some speculation that mortgage rates will be on the rise. Although the stock market and the housing market don’t perform in perfect synchronicity, the two are somewhat related. Here’s what the current Dow numbers might mean for mortgages throughout 2017.

The Relationship between the Stock & Housing Markets

The interest rates associated with mortgages are determined in part by the bond market and the overall demand for mortgage-backed securities. This means that mortgage rates significantly influence the trends of the 10-year Treasury. Although the Federal Reserve does not set mortgage interest rates, mortgage interest rates climb alongside the Federal Reserve rates, and they fall alongside them, too. It’s also important to note that stocks and bonds typically move in opposite directions, as well. When bonds increase in value, stock values plummet.

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Some Things to Keep in Mind when Getting a Mortgage in 2017

In the months since President Trump won the election, the housing market – and the mortgage industry in particular – has gone through some serious changes. If you’re rethinking your plan to buy a house this year, or if you’re wondering whether it’s worth it to buy, here are a few things you should keep in mind.

Interest Rates are Up

The main change that has everyone talking is the Federal Reserve’s decision to increase its interest rates and the record-breaking Dow Jones Industrial Average that topped out at over 20,000 points in January. These two factors combined have pushed mortgage rates ever higher, and the popular 30-year fixed mortgage is now associated with an interest rate of over 4%. These climbing interest rates will undoubtedly add to the amount you’ll pay for your home over the course of 30 years, but the small increase will have only a very small impact on monthly mortgage payments – at least for those who obtain traditional mortgages.

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Mortgage Applications See a 3.2% Drop

President Trump started his career in real estate, and many people believed that this would lead him to make wise decisions that would ultimately benefit both home buyers and sellers. The administration’s very first move in the real estate market has caused FHA mortgage applications to drop 3.2%, and many people are wondering if FHA loans are still worth it.

What Are FHA Loans?

An FHA loan is a mortgage loan offered by most traditional lenders and insured by the Federal Housing Administration. Because the loan is insured, lenders are often willing to extend FHA loans to borrowers who have less-than-perfect credit and who may be turned down for traditional mortgages. These loans come with low down payments and reasonable interest rates, but there’s one major caveat – borrowers must also pay for mortgage insurance, which protects their lenders if they should default on their loans. This insurance is a form of risk mitigation for lenders, and it has allowed millions of people to buy homes across the country.

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How Will the Mortgage Industry Change in the Near Future

With President Trump taking office, there is some speculation that the mortgage industry is about to see some significant changes. Although mortgage rates are still low when compared to historic rates, they’ve climbed to over 4% for the first time in more than a year. Experts think the increases will continue for a few different reasons.

The First Spikes

Immediately after it was announced that Trump won the election, market rates spiked. This was actually surprising for many experts and analysts, who immediately began to rethink the future of the economy and different markets. On December 14, 2016, the Federal Reserve raised its interest rates by 0.25%. This was expected and even predicted by many finance experts since the rates hadn’t increased at all in nearly a year. In fact, this increase marked only the second Federal Reserve interest rate increase in the past 10 years.

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Home Values in the US are Increasing – Why the Time to Buy Is Now

The decision to buy a home is a hard one to make, especially when the real estate market never seems to stay steady long enough to make the right choice. However, if you’ve been on the fence, now is undeniably the right time to buy a home. You’ll certainly be glad you didn’t wait.

Home Prices are Leveling Out

Although home prices have been on the rise throughout 2016, experts believe that things will shift in 2017. Interest rates are starting to climb in the last quarter of 2016, and as they continue to climb, home prices should start to level out, if not fall somewhat. If you’ve been waiting for the rising prices to slow down, now is the perfect time to bid on your dream home and make things happen. The flood of buyers can’t make up for the numbers of unsold homes, and because so many have been on the market for so long, sellers are ready to start making deals.

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