Wednesday, October 30, 2019 / by Suyapa Sauceda
How Is Mortgage Interest Determined?
Interest Rate Factors
When lenders set your mortgage interest rate, they consider a wide range of factors, including your credit, loan term, home price and down payment, and whether it’s a fixed- or adjustable-rate mortgage. Knowing these factors can help you figure out how to qualify for a better rate.
The Consumer Financial Protection Bureau offers a calculator for average interest rates based on your credit score, state, house price, down payment and other factors.
Credit score. When you apply for a mortgage, the lender considers your credit score. Your credit score is based on your credit history and represents how safe you are as a borrower. FICO, the most commonly used credit score, ranges from 300 to 850. The higher your score, the better the chances you’ll qualify for a low interest rate.
You need a minimum credit score of 620 to qualify for a mortgage under Fannie Mae or a score o ...
Wednesday, October 23, 2019 / by Suyapa Sauceda
How Do Mortgages Work?
When you take out a mortgage, you borrow money from a lender to buy your home. A mortgage is a secured loan with your home as collateral, so the lender will hold the title to the property until the loan is paid in full. You will make payments on the loan each month, including interest, until it is paid off. At that point, you'll hold the title and own your home outright.
When you choose a mortgage, you have four major decisions to make: the lender, loan type, loan term and interest rate type.
Types of Mortgage Loans
There are two major types of mortgage loans: government-backed and conventional. Government-backed mortgage programs offer guarantees to lenders that reduce their risk and can make it easier for borrowers to qualify for a mortgage. Conventional loans do not offer the same guarantees but may have lower interest rates.
FHA loans. The Federal Housing Administration, part of the U.S. Department of Hou ...
Wednesday, September 18, 2019 / by Suyapa Sauceda
Infographic created by Ward North American
Wednesday, July 24, 2019 / by Suyapa Sauceda
When you’re trying to move, there are a ton of reasons why having fewer things in your house will help you along the way. First, you’ll save money since you won’t have to pay to transport items you don’t need. You’ll also make your home look better overall, and that will have a positive impression on buyers and agents alike. But when you have kids, trying to purge your possessions feels like an uphill battle. Keep reading for tips on how to do it and keep your home clean in the process without putting your entire family on lock down.
Offsite storage is your friend
If it’s seasonal, it can live elsewhere for a while. Keep this in mind as you start looking for ways to clear each room, including the garage and closets. Make sure to have a stockpile of heavy-duty cardboard boxes on-hand (don’t forget to label the boxes), and then fill them with winter coats, holiday decorations, and toys the kids won’t use until the weather chans ...
Wednesday, July 10, 2019 / by Suyapa Sauceda
The 29-story 17th Street apartment tower has been approved by Miami's Urban Development Review Board and new renderings of this project have now been released.Zyscovich Architects designers of many projects such as like Brooklyn, New York's DUMBO Heights, projects in Midtown Miami, Miami Beach’s Convention Center Redevelopment District and even the largest commercial airport in Bogota, Colombia. Having designed a full spectrum of projects, from transportation facilities and airports to K-12 schools and universities, mixed-use commercial and public-private partnership developments to multi-family residential high rises and master plans for cities. Zyscovich Architects will now be adding the 17th Street Tower as their new project, designing both the exterior and the interior of the tower.Developer NR Investments, which is led by principals Ron Gottesmann and Nir Shoshani, will build this project. In total, the tower will include 353,000 square feet of both commercial and res ...