California Mortgages – Tinigard http://tinigard.info/ Sun, 09 Jan 2022 11:11:06 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://tinigard.info/wp-content/uploads/2021/05/default1-150x150.png California Mortgages – Tinigard http://tinigard.info/ 32 32 Can this REIT get out of debt before it’s too late? https://tinigard.info/can-this-reit-get-out-of-debt-before-its-too-late/ Sat, 08 Jan 2022 16:35:00 +0000 https://tinigard.info/can-this-reit-get-out-of-debt-before-its-too-late/ For several years, Seritage Growth Properties‘ (NYSE: SRG) The heavy indebtedness posed a significant risk to shareholders of the Sears spin-off company. When the COVID-19 pandemic struck in 2020, disrupting Seritage redevelopment plans, that risk suddenly became acute, threatening the future of the FPI. Last week, Seritage Growth Properties took an important step on the […]]]>

For several years, Seritage Growth Properties(NYSE: SRG) The heavy indebtedness posed a significant risk to shareholders of the Sears spin-off company. When the COVID-19 pandemic struck in 2020, disrupting Seritage redevelopment plans, that risk suddenly became acute, threatening the future of the FPI.

Last week, Seritage Growth Properties took an important step on the path to returning to financial health by prepaying $ 160 million in debt. Nonetheless, he still has a lot of work to do to turn around his balance sheet so that he can focus on executing his turnaround strategy.

Burn endless money in sight

Seritage has been spending money consistently since mid-2018, when lead tenant Sears Holdings began closing stores much faster than the REIT could redevelop for new tenants.

That said, before the pandemic, Seritage appeared to be on track to return to positive cash flow within a year or two due to a wave of planned tenant openings in redeveloped properties. Sadly, the pandemic has pushed some of Seritage’s tenants into bankruptcy and forced others to close stores or reverse their expansion plans. During this time, the REIT sold rent-generating properties to raise funds.

Image source: Seritage Growth Properties.

As a result, by the third quarter of 2021, Seritage’s annual in-place rent had fallen to $ 92 million, from $ 108 million at the end of 2019. This sent Adjusted Operating Funds (FFO) down even further. in negative territory, down from – $ 15 million in Q4 2019 to – $ 25 million in Q3 2021.

Worse yet, Seritage’s signed lease pipeline for future openings shrank 66% during that time to just $ 29 million in annual base rent: not enough to bring the REIT back to FFO balance.

Reduce your debt

High interest charges are one of the main obstacles to Seritage’s efforts to return to FFOs and positive cash flow. Interest expense in cash on its term loan facility has totaled $ 116 million annually for the past several years. For this alone, it is essential for Seritage to reduce its debt as quickly as possible.

In addition, Seritage’s $ 1.6 billion term loan matures in July 2023. At the end of November, the lender (a subsidiary of Berkshire Hathaway) has agreed to extend the deadline by two years, on condition that Seritage reduce the balance to $ 800 million by next July. This makes debt reduction even more urgent.

On the positive side, Seritage has identified around 70 properties that it intends to sell. As of September 30, 2021, it had $ 224.4 million in assets under contract to sell. On December 31, it used part of the proceeds from its asset sale to make a $ 160 million prepayment. This will reduce annual interest expense by $ 11 million.

A black and white photo of cars in the parking lot outside a Seritage shopping center.

Image source: Seritage Growth Properties.

How much money can Seritage raise?

Seritage appears to have completed a particularly large asset sale last quarter, selling a former Sears location in San Bruno, Calif. (Just outside of San Francisco) for around $ 128 million. The REIT still has other valuable sites in its divestiture portfolio, including properties in San Jose and Westminster, California.

That said, most of the real estate Seritage wants to offload isn’t worth much. For example, he recently sold an old Kmart in the suburbs of Tampa for $ 6 million. This property is much more representative of what Seritage is looking to sell than the San Bruno site.

Seritage can certainly raise enough cash through the sale of additional assets to pay for its planned near-term redevelopment expenses of around $ 250 million. It should also be able to cover its ongoing cash consumption, which remains around $ 100 million per year, excluding capital spending. But after covering those costs, there probably won’t be enough left to seriously reduce Seritage’s remaining term debt by $ 1.44 billion.

Seritage can hope to refinance some of its debt using its best properties as mortgage collateral. However, Berkshire Hathaway currently holds mortgages on all of the REIT’s assets. Unless Berkshire agrees to more lenient terms, Seritage would need to raise enough liquidity to fully repay the term loan in order to tap the commercial mortgage market.

In short, Seritage still does not have a clear path to reduce its debt to a reasonable level compared to its annual rental income. Meanwhile, the slowness of leasing over the past two years casts doubt on its ability to break even any time soon. All in all, investors may find much better opportunities elsewhere in the REIT industry.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.


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History of the American Mortgage | News https://tinigard.info/history-of-the-american-mortgage-news/ Fri, 07 Jan 2022 04:40:50 +0000 https://tinigard.info/history-of-the-american-mortgage-news/ Homeownership has long been part of the American dream. Whether it’s your generation, your grandparents, or your great-great-grandparents, most people equate the idea of ​​owning a home with getting the right kind of home. success. After all, owning a property can help you build wealth, give you access to equity, and provide something tangible to […]]]>

Homeownership has long been part of the American dream. Whether it’s your generation, your grandparents, or your great-great-grandparents, most people equate the idea of ​​owning a home with getting the right kind of home. success. After all, owning a property can help you build wealth, give you access to equity, and provide something tangible to pass down from generation to generation.

Better, an online lender and homeownership platform with a mortgage calculator, compiled a list of 15 events and milestones in the history of the American mortgage system, using information from newspaper articles, encyclopedias and historical literature.

While the idea of ​​homeownership is not new, mortgages, the tool many people use to reach this milestone, are a relatively new concept. In fact, the ability to borrow money to buy a house has only been around for a few hundred years. And mortgages, as we know them, have been around even less than that.

The first real mortgages in America were not issued until the late 1700s, after the formation of the first commercial bank. In the late 1800s, banking and mortgages were common, but still different from the mortgages we see today. At that time, lump sum payments were common and the mortgage terms offered by lenders were much shorter than expected, making it difficult for buyers to use them or even qualify.

Events of the past 100 years have had an even greater impact on mortgage loan formation. The introduction of new laws, along with massive economic changes – and other events, like questionable lending practices – have all played a role in refining the mortgage lending process. But what exactly are the events that have played a role in the history of American mortgages? And how did they help shape mortgages to become what we know today?

Keep reading to learn more about the major historical landmarks of the US mortgage system.


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Rabbi shot dead in attack on Poway synagogue, sentenced to prison for fraud https://tinigard.info/rabbi-shot-dead-in-attack-on-poway-synagogue-sentenced-to-prison-for-fraud/ Wed, 05 Jan 2022 12:00:10 +0000 https://tinigard.info/rabbi-shot-dead-in-attack-on-poway-synagogue-sentenced-to-prison-for-fraud/ SAN DIEGO – The founding rabbi of a Poway synagogue, who gained national notoriety after being injured in an anti-Semitic shooting, and was later exposed as the perpetrator of multi-million dollar fraud schemes, was convicted on Tuesday to 14 months in prison. In a rare deal in even rarer circumstances, prosecutors and defense lawyers had […]]]>

The founding rabbi of a Poway synagogue, who gained national notoriety after being injured in an anti-Semitic shooting, and was later exposed as the perpetrator of multi-million dollar fraud schemes, was convicted on Tuesday to 14 months in prison.

In a rare deal in even rarer circumstances, prosecutors and defense lawyers had recommended home confinement rather than time behind bars for Yisroel Goldstein. They cited his leadership in the weeks following the attack on Poway’s Chabad in 2019, the immense physical and emotional trauma the former rabbi continues to combat, and his cooperation in the FBI fraud investigation.

But the judge dismissed the sentence as inappropriate given the gravity of the crimes.

“You not only committed this offense yourself, but you took a lot of people with you,” US District Judge Cynthia Bashant told Goldstein, 60.

“I think it’s important to send a message to the community, and I think it’s important to send you a message,” she added.

Goldstein is also due to pay around $ 2.8 million in restitution, an amount shared with several other defendants who have been prosecuted as participants in the financial scams.

He is due to surrender by February 23, although he may appeal for a later date if COVID-19 continues to rise. The judge agreed to recommend that he be housed in a medium security federal prison in Otisville, NY, which his lawyer says is known to house observant Jews.

As a rabbi of the Chabad movement – which practices Orthodox Judaism but is also known for his welcoming character – Goldstein relied on the generosity of his congregation for his salary. He found other ways to supplement his income.

The FBI says Goldstein was involved in a number of fraudulent schemes exploiting tax loopholes, corporate benevolence and government grants.

Prosecutors said he personally earned at least $ 620,000 from the conspiracies.

The most common of these schemes is known as the “90/10” fraud. Donors have regularly made large charitable contributions to Chabad of Poway or one of its affiliated nonprofits, to be amortized on their taxes. But instead of the money going to organizations, Goldstein secretly returned 90% to the donor, keeping 10% to himself.

At least a dozen people hired Goldstein as part of the tax evasion scheme, resulting in at least $ 1.5 million in tax losses for the Internal Revenue Service, prosecutors said.

In a variation of the program, donors would solicit their businesses for matching charitable contributions. Goldstein would then return the entire original amount to the donor while retaining the company’s matching funds. Companies received fraudulent donation receipts and many took advantage of tax deductions.

At least three Fortune 500 companies – Qualcomm, Johnson & Johnson and Northrup Grumman – have been defrauded of nearly $ 145,000 in total.

In deciding the sentence, the judge said she was struck by the number of people Goldstein had dragged with him.

“A lot of people thought when they did their crime for the benefit of Chabad, the academy or the synagogue or the organization in general, when in fact it was just to profit you,” Bashant said. . “It was for your personal benefit and your own greed, and I cannot ignore that fact.”

In a letter to the judge and other statements to the court, Goldstein expressed deep remorse.

“I ask for mercy to accept my repentance and allow myself to right the wrongs and be able to live the rest of my life with remorse and to have the opportunity to do whatever I can to help others to the best of my ability,” “He told the judge on Tuesday.

Goldstein, who opened the synagogue at Rancho Bernardo in the 1980s, had long been known as a leader of the local Jewish community. But he became an international figure, delivering a powerful anti-hate message, when he and three members of his congregation were shot dead in an anti-Semitic attack on April 27, 2019. Faithful Lori Gilbert-Kaye, whom he described in court as a sister, was killed.

Hannah Kaye, center, is comforted by her aunts, Randi Grossman, left, and Ellen Edwards after Goldstein’s conviction on Tuesday. Kaye’s mother was killed in the shooting at Chabad of Poway that injured Goldstein.

(Nelvin C. Cepeda / San Diego Union-Tribune)

The shooter, John T. Earnest, now 22, was recently sentenced to two life sentences on state and federal charges.

Bullets hit the rabbi with both hands, causing him to lose one finger and seriously injure another.

Yet in the hours and days following the attack, he spoke hopeful words – including an impromptu speech as he stood in a chair right after the shooting and the White House appearances. and the United Nations.

No one else knew at the time that he had been the subject of an open fraud investigation for over a year.

Goldstein discovered he was under investigation in 2018 when the FBI raided his home and office. He immediately warned a co-conspirator of the investigation, but soon after began to cooperate with agents.

Goldstein resigned as rabbi in November 2019, citing exhaustion. News of his crimes did not become public until the following summer, when he pleaded guilty to tax and electronic fraud.

His misdeeds came to the attention of the FBI as agents investigated a separate Ponzi scheme led by San Diego real estate agent Alexander Avergoon. The Rabbi continued to show up in Avergoon’s financial tangles, and soon agents discovered other long-standing frauds.

With Avergoon’s help, Goldstein has requested $ 937,000 in aid and money over the years, mistakenly claiming the funds were needed to improve synagogue security, repair non-existent damage from the fires. of 2007, implement a special program or modernize its living quarters.

The funds were awarded by federal and state emergency agencies and a private Beverly Hills foundation. The vast majority have been pocketed.

Hannah Kaye, daughter of the worshiper killed in the shooting, attended the hearing Tuesday with her aunts to bear witness to Goldstein’s fate.

“We hold him partly responsible for my mother’s murder because he stole security grants meant to protect the synagogue which were instead used for his personal gain,” Kaye said in an interview.

She said she was taken aback by the sentimental comments Goldstein made in court about her close relationship with her family.

“I think it was an exploitative and manipulative tactic used to elevate her victim status,” she said.

Avergoon also helped Goldstein recruit donors for the “90/10” fraud, as well as apply for mortgages and a construction loan on false statements. In turn, Goldstein falsely certified that Avgoon and his associates performed community service hours in Chabad under a court order.

Avergoon was sentenced on Monday by the same judge to more than five years in prison for the schemes and an unrelated $ 12 million Ponzi scheme in which investors believed they were buying rental property.

To prepare for sentencing, Goldstein took the unusual step of producing a documentary-type video to submit to court to tell his side of the story.

He dates his criminal actions to around 2010, when many of Chabad of Poway’s major philanthropists moved or died, and the full weight of the synagogue administration and its organizations fell on his shoulders. He said he was sparked by memories of the financial hardships of his childhood as the ninth of 10 children in Brooklyn, and the rough early days of the synagogue plantation in northern San Diego County.

The fraud started small as a balm to the growing anxiety he struggled for his ability to support himself and his growing family, he said.

“I became prey and worshiped the golden calf of silver,” Goldstein wrote to the judge in a letter, referring to an Old Testament idol. “I let myself down and everything that I’ve taught, and all that I’ve preached for 40 years, and let myself be seduced into a very dark place, allowing the power of money to get hold of it. best part of my soul. “

However, the investigation found that some of Goldstein’s schemes date back to the 1980s, including a long-standing conspiracy to help at least one man protect himself from taxes of over $ 2 million in the form of bogus donations.

Goldstein is accused of helping his own brother in New York City also hide $ 700,000 in income by depositing money in Chabad bank accounts, with the then rabbi getting a share. Mendel Goldstein has pleaded guilty and will be sentenced next month.


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HUD looks back on 2021 achievements – RISMedia https://tinigard.info/hud-looks-back-on-2021-achievements-rismedia/ Mon, 03 Jan 2022 06:20:52 +0000 https://tinigard.info/hud-looks-back-on-2021-achievements-rismedia/ The US Department of Housing and Urban Development (HUD) has taken bold steps this year in pursuit of the agency’s mission to create strong, sustainable and inclusive communities and quality affordable housing. These actions were aligned with key priorities of the Biden-Harris administration, including ensuring fairness, removing barriers to homeownership, expanding the nation’s housing supply […]]]>

The US Department of Housing and Urban Development (HUD) has taken bold steps this year in pursuit of the agency’s mission to create strong, sustainable and inclusive communities and quality affordable housing. These actions were aligned with key priorities of the Biden-Harris administration, including ensuring fairness, removing barriers to homeownership, expanding the nation’s housing supply and maintaining Americans in housing.

Here are highlights of some of the agency’s actions from 2021:

Launch of whole-of-government effort to ensure all Americans are treated fairly in the home appraisal process
On June 1, President Biden tasked Secretary Fudge with leading a one-of-a-kind, interagency initiative to tackle inequalities in home ratings. In partnership with the Domestic Policy Council, HUD created the Real Property Appraisal and Valuation Working Group (PAVE), bringing together 15 federal agencies to identify and use all the levers at their disposal to eliminate discrimination in the home appraisal and purchase process. The working group explored the extent, causes and impacts of poor assessment faced by communities of color, gathering feedback from industry, advocates and other stakeholders, and developing new approaches. policies around direction and application. This work will be presented to the President and the public early next year, documenting the extent of the problem and providing detailed and actionable commitments and recommendations from the agency for next steps.

Launch of an all-in-one effort to tackle the homelessness crisis
On September 20, Secretary Fudge launched House America, a nationwide partnership with other government officials, mayors, county officials, governors and leaders of tribal nations across the country. The plan works with these leaders to use resources from the US Rescue Plan (ARP) to relocate at least 100,000 homeless people and add at least 20,000 new affordable and permanent supportive housing units to tackle homelessness in the development pipeline by the end of 2022.

Prevention of evictions and seizures
The HUD has helped prevent the eviction of HUD-assisted households and stabilize families struggling due to the COVID-19 pandemic by deploying historic funding made available under the Consolidated Appropriations Act and the ARP to help keep families in stable housing. HUD worked closely with the White House and the Department of the Treasury, providing the department’s expertise to help FAQs and best practices for the Emergency Rental Assistance Program. HUD also helped homeowners who may have been behind on their mortgages stay in their homes and worked with the Treasury to engage stakeholders around the use of the Homeowner Assistance Fund and its integration with the news. policies issued by the Federal Housing Administration (FHA) to help troubled homeowners. guard their homes.

A new $ 5 billion HOME-ARP program has been set up to help some of the country’s most vulnerable populations
HUD has successfully implemented an all-new $ 5 billion program to help some of the country’s most vulnerable populations, including people or households who are homeless or at risk of becoming homeless. The Office of Community Planning and Development has made funds available to 651 state and local governments, which will be used to reduce homelessness and increase housing stability by providing funds for rental housing development, acquisition and development of non-collective shelters, rental housing, assistance and support services. HUD freed up a portion of grantee administrative funds at the start of the program to better support planning activities that lead to effective use of grant funding.

Homeownership Barriers Removed for People With Debt on Student Loans
The Federal Housing Administration (FHA) updated its policy on monthly student loan payment calculations to remove barriers and provide better access to affordable FHA-insured mortgage financing for creditworthy people with student loan debt. , which has a disproportionate impact on communities of color. The updates removed the previous requirement that lenders had to calculate a borrower’s monthly student loan payment of 1% of the outstanding student loan balance for student loans that are not fully amortized. The new policy bases the monthly payment on the actual student loan payment, aligning FHA policies more closely with industry standards.

Set the stage for more equitable execution and access to housing and loans
HUD signed a Memorandum of Understanding with the Federal Housing Finance Agency (FHFA) to launch a landmark collaboration on fair housing and equitable loan application and oversight engagement with entities regulated by the FHFA, notably Fannie Mae, Freddie Mac and the Federal Home Loan Banks. This global effort will ensure closer collaboration on fair housing surveys and enable data sharing to help strengthen and positively advance fair housing for the mortgage industry. In addition, HUD has issued a legal memorandum making it clear that certain Special Purpose Credit Programs (SPCPs) that are legal under the Equal Credit Opportunity Act (ECOA) are generally not prohibited by the Act. equitable housing, allowing their use by lenders to expand access to credit in underserved communities.

Took measures to increase housing supply and access to affordable housing
HUD relaunched its Housing Finance Agency (HFA) risk-sharing program with the Treasury’s Federal Finance Bank (FFB) on September 1 to develop more affordable rental housing. The program allows HFAs to obtain FHA insurance on the multi-family mortgages they take out, with the HUD and HFA sharing the risk of any potential loss. The FHA predicts that approximately 20,000 affordable rental housing units will be created or maintained through the program through 2027. HUD has also made more single-family homes available to individuals, families and nonprofits, rather than to non-profit organizations. large investors, prioritizing homeownership and limiting the sale to large investors of certain FHA-insured and HUD-owned properties. HUD has also published new research on actions state and local governments can take to increase their housing supply, and is developing a housing supply toolkit filled with easy-to-implement strategies for beneficiaries to deploy. HUD resources to address the supply and affordability challenges that were explored further. by the pandemic.

Reinstatement of the requirement of positive promotion of fair housing (AFFH)
The ministry issued an Interim Final Rule (IFR) that came into effect on July 31 to reinstate the implementation of the AFFH requirement of the Fair Housing Act. Under the AFFH regulatory definition restored in the IFR, HUD funding recipients must regularly certify compliance with the AFFH requirement of the Fair Housing Act and commit to taking action to address their fair housing issues by making such certifications. IFR helps HUD, 3,747 public housing authorities, and 1,200 recipients of state and local government grants in the CDBG, HOME and HOPWA programs, meet their AFFH obligations under the Fair Housing Act.

Historically strong Mutual Mortgage Insurance Fund (MMI)
HUD announced a historically strong Mutual Mortgage Insurance Fund report showing that in addition to focusing on providing relief options to homeowners financially affected by the COVID-19 pandemic, the FHA has continued to fulfilling its mission of enabling first-time, low-cost homeownership. and moderate income, and households of color. The fund remains well placed to withstand future economic events and bear the consequences of delinquencies induced by the pandemic which remain unresolved or are seriously delinquent. The percentage of first-time buyers using FHA insurance has reached a new high, the share of FHA-insured mortgages to minority borrowers has reached nearly 42% of all FHA term mortgage riders. The FHA has served double the percentage of black and Hispanic borrowers compared to those served through mortgage packages by the rest of the housing market in the past fiscal year.

Protecting the LGBTQ + Community from Housing Discrimination
On February 11, HUD announced that it would interpret the Fair Housing Act to prohibit discrimination based on sexual orientation and gender identity, in accordance with President Biden’s Executive Order 13988 and the Supreme Court ruling. in Bostock v. Clayton County. This decision extended the protections of the Fair Housing Act to a community historically subject to discrimination. Through its partner agencies FHIP and FHAP, HUD handled 235 cases of allegations of sex discrimination on the basis of gender identity and sexual orientation last year, nearly twice as many cases than last year.

Development and publication of HUD’s climate action plan
On November 11, HUD released a comprehensive agency-wide report Climate action plan, which details a strategy to reduce the agency’s energy and carbon footprint and put our country’s communities on the path to building more equitable, efficient and sustainable housing infrastructure. The Climate Action Plan was developed in response to President Biden’s request Executive Decree on the fight against the climate crisis in the country and abroad. In accordance with the decree, as well as the decision of the president Justice Initiative40to advance environmental justice and racial equity, HUD will implement a comprehensive approach to the climate crisis that reduces climate pollution; increases resilience to the impacts of climate change; protects public health; provides environmental justice; and stimulates the creation of well-paid union jobs and economic growth.

Helped communities rebuild after disasters
In November, HUD announced the allocation of more than $ 2 billion in disaster funds for communities in 10 states covering 15 major disasters, including wildfires in California, hurricanes in Louisiana and earthquakes in Porto. Rico. And will continue to work with our partners to bring relief to other communities rebuilding from natural disasters, including tornado victims in Kentucky. Additionally, HUD has taken significant steps to reset its relationship with Puerto Rico and the U.S. Virgin Islands and to address ongoing recovery and resilience needs. This includes the obligation of long-awaited disaster recovery funds and the removal of onerous restrictions on grants, such as additional grant obligations, Federal Financial Monitor review, and more. Today, 90% of pledged funds have been committed to Puerto Rico, an increase of $ 16 billion since administration began.

Source: ATH


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Freddie Mac’s 15-year fixed rate ends in 2021 near all-time low – Orange County Register https://tinigard.info/freddie-macs-15-year-fixed-rate-ends-in-2021-near-all-time-low-orange-county-register/ Thu, 30 Dec 2021 20:13:14 +0000 https://tinigard.info/freddie-macs-15-year-fixed-rate-ends-in-2021-near-all-time-low-orange-county-register/ Exactly six months after Freddie Mac’s 15-year fixed rate hit an all-time low of 2.1% on July 29, we end 2021 at 2.33%. That’s just 23 basis points higher and less than a quarter of a percent from its all-time low. Compare that to Freddie’s 30-year fixed maturity in 2021 at 3.11%. The historic 30-year […]]]>

Exactly six months after Freddie Mac’s 15-year fixed rate hit an all-time low of 2.1% on July 29, we end 2021 at 2.33%. That’s just 23 basis points higher and less than a quarter of a percent from its all-time low.

Compare that to Freddie’s 30-year fixed maturity in 2021 at 3.11%. The historic 30-year low was set for January 7, 2021 at 2.65%. That’s 46 basis points over or close to half a percentage point.

For the year, Freddie 15’s rate averaged 2.27% while his 30-year rate averaged 2.96%. That’s an annual average deviation of 0.69% or nearly three-quarters of a point.

In my experience in the long-term mortgage originator industry, the 15-year fixed rate is typically half a point lower than the 30-year fixed rate. Right now, the 15-year fixed rate is performing much better than historical mortgage data might indicate.

So why would these short term loans be so inferior to traditional long term mortgages?

Mortgage money works the reverse of the savings world of Certificates of Deposit, for example. A bank usually offers a higher interest rate if an investor is willing to tie up a CD for three years instead of just one. When it comes to home loans, the shorter the time period that you tie up a lender’s money, the better the terms the mortgage lender will typically offer. This is why 15-year mortgage money is always cheaper than 30-year mortgage money.

In my experience, most borrowers don’t think much about a 15-year fixed rate versus a 30-year fixed rate because real estate agents or mortgage originators ask for higher numbers. Industry compensation is almost always based on the size of the deal. More expensive homes and bigger loans mean bigger paychecks. Shorter-term mortgages with higher balances and higher payments create greater eligibility pressures for loans.

Everything today looks like a whip saw. Surprise is the new normal when it comes to calculating COVID and its impact on broader economic activity. It’s better. It’s worse. More people are dying. No more survivors. But the disease is skyrocketing. Locks. End of confinements. Bring back the mask warrants. But don’t you dare lock us up again. Here.

And as a result, the surprisingly low COVID-linked 15-year fixed rate mortgages are the new normal as well.

As well as saving an additional quarter point over historical behavior over 15 years, you’ll pay significantly less over time. And, you will have the mortgage holiday much sooner.

Today, we are about three-quarters of a difference on mortgage rates when comparing the 15-year and the 30-year fixed in the local market.

Consider that well-qualified borrowers (California rates tend to be cheaper than Freddie’s national averages) can grab a rate of 1.875% over a 15-year period set at 1.75 points. On an amount of $ 647,200 (the maximum loan limit consistent with Freddie in 2022), the principal and interest payment would be $ 4,128.

The total of 180 months of payments (15 years) is $ 743,040 with an additional $ 95,840. Compare that with a 30 year set at 2.625% with a cost of 1.875 points. This monthly payment of $ 2,599 multiplied by 360 payments (30 years) is an additional $ 935,640 or $ 192,600.

Yes, the 15-year monthly payment is approximately 60% higher than the 30-year payment. Yes, over time there are less tax deductible dollars over the 15 years because you are paying a higher interest rate and borrowing longer term money over the fixed 30 years. Yes, I’m going to get a lot of emails from columnists telling me that it’s smarter to leverage money by investing in real estate, bitcoin, or the stock market.

I have been preaching to my clients for over 35 years to pay off their mortgages as fast as they can. This is one less surprise for your retirement budget. I’m not changing my advice for you now – especially when you can earn another quarter point on the cheap.

Freddie Mac Rate News

The 30-year fixed rate averaged 3.11%, up six basis points from last week. The 15-year fixed rate averaged 2.33%, up three basis points from last week.

The Mortgage Bankers Association did not report the volume of mortgage applications as it was closed for the holiday week.

Bottom line: Assuming a borrower gets the 30-year average fixed rate on a compliant loan of $ 647,200, last year’s payment was $ 152 less than this week’s payment of $ 2,767.

What I see: Locally, well-qualified borrowers can get the following fixed rate mortgages without points: a 30-year FHA at 2.49%, a 15-year conventional at 2.275%, a 30-year conventional at 3 %, a 15 -a conventional high balance over one year ($ 647,201 to $ 970,800) at 2.375%, a conventional high balance over 30 years at 3.125% and a 30-year jumbo set at 3%.

Note: The 30-year FHA Compliant Loan is limited to loans of $ 562,350 in the Inland Empire and $ 647,200 in Los Angeles and Orange counties.

Eye-catching loan program of the week: A 15-year fixed at 2.625% no charge.

Jeff Lazerson is a mortgage broker. He can be reached at 949-334-2424 or jlazerson@mortgagegrader.com.


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One year in the real estate market https://tinigard.info/one-year-in-the-real-estate-market/ Wed, 29 Dec 2021 05:50:00 +0000 https://tinigard.info/one-year-in-the-real-estate-market/ LOS ANGELES – Spectrum News first featured Meah Burstein, 26, and Lenard Gorokhov, 28, in July. The couple, who had just gotten engaged, lived in Burstein’s parents’ guesthouse and decided to forgo a big wedding in order to save money to buy their first home. What would you like to know In 2021, competition intensified […]]]>

LOS ANGELES – Spectrum News first featured Meah Burstein, 26, and Lenard Gorokhov, 28, in July. The couple, who had just gotten engaged, lived in Burstein’s parents’ guesthouse and decided to forgo a big wedding in order to save money to buy their first home.


What would you like to know

  • In 2021, competition intensified in the LA real estate market
  • 30-year fixed rate mortgage averages have fallen and are still relatively low
  • More millennials are entering the housing market and looking to buy single family homes
  • Experts expect house prices to stay high, mortgage rates to stay low and the housing market to remain tough

However, over the past summer and throughout the pandemic, the California real estate market has become exceptionally difficult to navigate due to price increases, low mortgage rates and competition.

Burstein, a tech recruiter and Gorokhov, a lawyer, had rented an apartment in downtown LA until the pandemic when they changed their plans.

“We could have stayed there for another year, but because COVID hit we saw a greater need for space. I always went to work from home. It made more sense for us to have two home workspaces, ”said Burstein.

Their stay in the guesthouse was to last a few months, but it turned into a year-long search.

“It was a really difficult experience. From what I understand, it’s harder than it’s ever been in LA. We remain hopeful things will slow down, ”Gorokhov said in July.

The couple worked with real estate agent Kevin Stewart and found they were often in competition with many others, in part because so many young people entered the housing market.

“I know in California and in many big markets there are a lot of young professionals making a lot of money. They are getting smarter and want to capitalize on the market, and not waste money on rent, ”said Stewart.

In January 2021, 30 years old fixed rate mortgages in the United States was 2.65%, an all-time low. Now, in December, they are at 3.05%.

Professor Richard Green, director of the USC Lusk Center for Real Estate, said these rates make buying a home an attractive prospect.

“We have had bad inflation numbers over the past few months. The Fed announced the other day that it was going to raise rates, but if we look at history, these are the lowest 10-year rates ever, ”he said.

The rates coupled with the pandemic and the arrival of new millennials on the market have created a squeeze that Green believes could continue until the New Years.

“Unless there is a sharp hike in interest rates or unless omicron shuts everything down and kicks us all out, there is not enough housing and the pressure on price continues to exist. “

Additionally, as prices, particularly in California, remain high, Eric Sussman, assistant professor of accounting and real estate at the University of California, Los Angeles, said social, political and pandemic events influence the market.

“When you have setbacks in the virus, setbacks with Biden’s legislation, it dulls the mood and it impacts the psychology of people and the demand for housing,” Professor Sussman said.

Despite the new twist and a change in morale, Professor Sussman said housing in California, especially Los Angeles, is still a hot commodity, and that is unlikely to change.

“The 10-year cash flow is still below 1.5% and mortgage rates have not budged. … Supply and demand are good, interest rates won’t move that much – don’t think house prices are going to go down, ”he said.

This means that patience is key when it comes to hunting for a house in Los Angeles, something Burstein and Gorokhov learned firsthand throughout their year of research, but in October they found the perfect solution, almost exactly a year since they moved into the guest house. The couple said there were times when they almost gave up hope.

“I was shocked. I knew it was a tough business, but I thought, ‘I can do my research, I know how it works.’ Now we just have to find a house, but it was a lot more difficult than I thought, ”Gorokhov said.

The couple discovered that other buyers were offering entirely in cash, which they weren’t able to do.

“Maximizing our budget and still not getting the house felt like we were defeated,” Burstein said.

However, they said with each setback they learn more about California’s housing, real estate and temperamental climate. This made the move into their home even more rewarding.

“It’s very clear what our future will look like. We will be here for at least 10 to 15 years, “said Burstein.” This security is reassuring and even today when I wake up I still can’t believe this is my home. “


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California Authorities Close Beaches After Man Kills In Shark Attack | California https://tinigard.info/california-authorities-close-beaches-after-man-kills-in-shark-attack-california/ Sat, 25 Dec 2021 18:22:16 +0000 https://tinigard.info/california-authorities-close-beaches-after-man-kills-in-shark-attack-california/ Authorities in California have closed some beaches in San Luis Obispo County after a 31-year-old man was pronounced dead following an encounter with a shark on Friday. The death marked the first death in a shark attack in 18 years in the region, located roughly halfway between Los Angeles and Jan Jose. County officials were […]]]>

Authorities in California have closed some beaches in San Luis Obispo County after a 31-year-old man was pronounced dead following an encounter with a shark on Friday.

The death marked the first death in a shark attack in 18 years in the region, located roughly halfway between Los Angeles and Jan Jose.

County officials were still contacting the next of kin on Saturday before revealing the man’s identity, said Eric Endersby, director of the Morro Bay Harbor Patrol.

“It’s a horrible accident”, Endersby told CNN. “Fortunately, the weather and the wind have ruined the surf so there aren’t many surfers around, but we have closed the waters for safety reasons.”

Bad weather in the area meant that there were fewer people in the water than usual. “Mother Nature was on our side because we could have had more people for sure,” Endersby told the LA Times.

The patrol director said it was not clear if anyone witnessed the attack, but the man appeared to be a bodyboarder. He was pronounced dead when paramedics arrived at the scene.

The attack comes after a series of non-fatal encounters with sharks in the area. In 2019, student Nick wapner was bitten by a great white shark off the coast of Montaña de Oro State Park. Another attack also took place on the same beach four years earlier when a man was hit by a shark, believed to be an 8 to 10 foot juvenile.

The last fatal encounter took place in August 2003, when a 50 year old woman was attacked while swimming with seals, a favorite prey of the Grand Blanc.

Enderby told the newspaper that the presence of seals should be a warning to the presence of sharks.

“If you see a lot of bird or seal activity in the water, that’s a sign that people should be looking to get out of the water,” he said. “Human attacks are largely a case of mistaken identity.”

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Low mortgage rates and high house prices – Orange County Register https://tinigard.info/low-mortgage-rates-and-high-house-prices-orange-county-register/ Thu, 23 Dec 2021 21:27:25 +0000 https://tinigard.info/low-mortgage-rates-and-high-house-prices-orange-county-register/ Confusing. To confuse. Whiplash. The World Health Organization has listed five COVID-19 variants of concern since December 2020. Of these, Delta and Omicron were the headliners. This represents an average of five new variants per year. Globally, closures and lockdowns continue to varying degrees. Just when we think the coast is clear then it’s the […]]]>

Confusing. To confuse. Whiplash.

The World Health Organization has listed five COVID-19 variants of concern since December 2020. Of these, Delta and Omicron were the headliners. This represents an average of five new variants per year.

Globally, closures and lockdowns continue to varying degrees. Just when we think the coast is clear then it’s the return of closings, surging hospitalizations with a mixed supply chain mess.

We have lost over 800,000 lives in the United States. Planet Earth has lost more than 5.4 million. Our inability to contain the coronavirus, with all its upheavals and uncertainties, is likely to result in fixed mortgage rates and higher house prices.

These are just two of my predictions for 2022. Here are the others:

  1. Even with inflationary pressures, Freddie Mac’s 30-year mortgage rate will remain relatively low, averaging 3.375%. The 2021 average was 2.95%.
  2. The 15-year Freddie Mac mortgage rate will average 2.625%. The 15-year-olds averaged 2.27 in 2021.
  3. The median home price for Los Angeles, Orange, San Bernardino and Riverside counties will increase by 8%.
  4. The area’s home sales volume will be flat from 2021. Hey, year-to-date sales are up 18% through Dec. 15, according to Steven Thomas of Reports on Housing. Flat always means volume.
  5. The volume of home sales in California will increase by 5%. In the first three quarters of 2021, home sales have grown by more than 11%, according to Attom Data Solutions.
  6. The prime rate will drop to 4% from its current rate of 3.25%. These are three separate quarter point increases.
  7. Nationally, total mortgage financing (purchase, refinance and refinance in cash) will decline by 25% from 2021. This represents $ 3 trillion next year, down from around $ 4 trillion in 2021. Anyone with a mortgage of less than 3% won’t go back to the well in 2022. But more and more people will tap their gigantic equity through cash refinancing.
  8. The Federal Housing Administration will reduce the FHA mortgage insurance premium it charges consumers for most mortgages. The initial PIM will drop from 1.75% to 1.25% of the loan amount. The monthly mortgage loan insurance premium will drop from 0.85% to 0.55%.
  9. The federal government will not have new COVID-19 mortgage payment forbearance programs. There will be no new deportation moratorium program in California. Some mortgages and tenants received the help they needed. But too many others have taken advantage.

Hopefully this year’s forecast is better than last year’s. Here are my 2020 results:

  1. The 15-year fixed rate will drop below 1%. Wrong. Freddie’s 15-year fixed rate was as low as 2.1% on July 29. The 15-year rate averaged 2.27%. Not even close to 1%.
  2. Locally, the 30-year fixed will drop below 1.5% with points. Wrong. It has never gone so low.
  3. The 30-year jumbo fixed will drop below 2% with points. Wrong. He reached around 2.65% with points.
  4. The Freddie Mac fixed at 30 will average 2.65%. Wrong. It was on average 2.95%.
  5. Average Freddie Mac rates will start to increase in Q4 2021. Correct.
  6. Wall Street’s prime rate will remain at 3.25%. Correct.
  7. The moratoriums on evictions and foreclosures in California will be lifted on October 1. Okay, although tenants cannot be evicted until March 31st if they have completed an emergency rent assistance application.
  8. Median home prices in Southern California will increase by 10%. Wrong. It has increased by more than 15%.
  9. Southern California home sales will be flat. Wrong.
  10. A first-time buyer tax credit of $ 10,000 will be enacted. Wrong.
(Staff table)

Freddie Mac Rate News: The 30-year fixed rate averaged 3.05%, down 7 basis points from last week. The 15-year fixed rate averaged 2.3%, down 4 basis points from last week.

The volume of mortgage applications fell from a week earlier, the Mortgage Bankers Association reported, but the decline was less than 0.1%.

At the end of the line : Assuming a borrower gets the 30-year average fixed rate on a compliant loan of $ 647,200, last year’s payment was $ 135 less than this week’s payment of $ 2,746.

What I see: Locally, well-qualified borrowers can obtain the following fixed rate mortgages without points: 30-year FHA at 2.375%, 15-year conventional at 2.45%, 30-year conventional at 3.125%, conventional maximum 15-year -balance ($ 647,201 to $ 970,800) at 2.625%, a conventional 30-year high-balance at 3.19% and a fixed 30-year jumbo at 3%.

Eye-catcher loan of the week: A jumbo purchase over 30 years fixed at 2.5% with 1.5 points.

Jeff Lazerson is a mortgage broker. He can be reached at 949-334-2424 or jlazerson@mortgagegrader.com. Its website is www.mortgagegrader.com.


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Deposits continue to rise at valley credit unions, although more slowly than at the start of the pandemic | News https://tinigard.info/deposits-continue-to-rise-at-valley-credit-unions-although-more-slowly-than-at-the-start-of-the-pandemic-news/ Sat, 18 Dec 2021 23:30:00 +0000 https://tinigard.info/deposits-continue-to-rise-at-valley-credit-unions-although-more-slowly-than-at-the-start-of-the-pandemic-news/ Deposits have skyrocketed at Central Valley credit unions during the pandemic, and they are still on the rise – a sign of economic strength that could bode well locally for the holiday season and beyond. The California Credit Union League said savings and other funds held in accounts at three dozen valley financial institutions reached […]]]>

Deposits have skyrocketed at Central Valley credit unions during the pandemic, and they are still on the rise – a sign of economic strength that could bode well locally for the holiday season and beyond.

The California Credit Union League said savings and other funds held in accounts at three dozen valley financial institutions reached a record high of $ 14.1 billion in September. This represents an unprecedented 45% increase over two years.

One of the results has been an increase in new loans as credit unions strive to turn the influx of cash into investments that can generate future profits. The league said that since the start of this year, its Central Valley members have experienced quarter-by-quarter overall growth – including significant increases in the third quarter – in all loan categories except mortgages. first row.

The numbers indicate strength at many levels, including the financial situation of workers and their employers.

“As workers entered the crisis point of COVID-19 and came out on the other side, their increased deposits have provided a financial cushion as local economies and businesses face a high churn rate,” dislocation, repair and renewal of hiring needs with the labor market, as well as employees. decisions made in the midst of the so-called ‘big resignation’, “the credit union group said in a press release, referring to the end of this statement to workers who quit their jobs or stayed out of the working population.

Valley Strong Credit Union is among those with record deposits, although Executive Vice President and COO Steve Matejka noted that the rate of new deposits at the Bakersfield-based institution has slowed significantly in the past. third trimester. A representative of the professional group mentioned the same trend but did not provide any data to measure it.

There hasn’t been a recent drop in deposits at Valley Strong, which Matejka says would normally be expected around the holiday season. He added that the credit union is increasing its loans to offset higher deposits, and said the local economy looks strong even though its members remain cautious about high levels of inflation.

As for the cause of the increase in deposits, Matejka attributed it to the fact that the government stimulus funds were not spent “because our members have been very conservative and are preparing if the economy were to get worse” .

There may be several factors behind the higher deposits, Cal State Bakersfield economist Richard Gearhart explained in an email.

People who don’t traditionally use accounts should have opened one to receive stimulus money, and Gearhart said that in itself could have increased deposits overall.

Or, some of the money deposited in valley credit union accounts may be student loan money, he wrote, highlighting national figures showing credit card debt is typically declining, but student loan money held by consumers is actually increasing.

Gearhart also said mortgage debt has increased across the country and some borrowers may have invested more money than they really need to buy a home.

He also noted that consumers have been able to save more money than usual due to the postponement of student loan, mortgage and rent payments, not to mention the reduction in child care costs, because of more and more parents have prevented their children from going to school due to the pandemic.

Another possibility that Gearhart mentioned is that people have saved up for vacations or family trips when the economy fully reopens.

“I think once we reopen,” he wrote, “a lot of these (account) balances are going to be taken as the repayments and child care restart.”


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Mortgage Rates Today Are Going Down | December 15, 2021 https://tinigard.info/mortgage-rates-today-are-going-down-december-15-2021/ Wed, 15 Dec 2021 13:29:22 +0000 https://tinigard.info/mortgage-rates-today-are-going-down-december-15-2021/ Iinterest rates are lower today. The average rate for a 30-year fixed-rate purchase loan has fallen to 3.607% while the rate for a 30-year refinance has fallen to 3.797%. While most types of loans have seen their rates drop, the rate on a 15-year fixed-rate mortgage has increased to 2.604% for purchase loans and 2.719% […]]]>

Iinterest rates are lower today. The average rate for a 30-year fixed-rate purchase loan has fallen to 3.607% while the rate for a 30-year refinance has fallen to 3.797%. While most types of loans have seen their rates drop, the rate on a 15-year fixed-rate mortgage has increased to 2.604% for purchase loans and 2.719% for refinances.

Borrowers with good to excellent credit should be eligible for an attractive rate and monthly mortgage payments refinance or one new mortgage.

  • The last rate on a 30 year fixed rate mortgage is 3.607%. ??
  • The last rate on a 15 year fixed rate mortgage is 2.604%. ??
  • The latest rate on a 5/1 ARM is 2.183%. ??
  • The latest rate on a 7/1 ARM is 3.342%. ??
  • The latest rate on a 10/1 ARM is 3.4%. ??

Money is everyday mortgage the rates reflect what a borrower with a 20% down payment and a credit score of 700 – roughly the national average – could pay if they applied for a home loan now. Daily rates are based on the average rate of 8,000 lenders offered to applicants on the previous business day. Freddie Mac Weekly Rates will generally be lower, since they measure the rates offered to borrowers with higher credit scores.

30-year fixed rate mortgage rates today

  • The 30-year rate is 3.607%.
  • It’s a day offold 0.019 percentage points.
  • It’s a month infold by 0.046 percentage point.

The long repayment period makes the 30-year fixed rate mortgage the most popular mortgage option among borrowers. The monthly payments will be lower and more affordable than those of a short-term loan. The stable interest rate and constant monthly loan payments are also popular features. The potential downside is that the interest rate is usually higher than that of a shorter term mortgage, so you will pay more for the loan over time.

15 years fixed rate mortgage rates today

  • The 15-year rate is 2.604%.
  • It’s a day infold 0.013 percentage points.
  • It’s a month offold by 0.026 percentage points.

A 15-year mortgage will pay off faster and typically has a lower interest rate than a similar 30-year loan, making it the cheapest option over the life of the loan. The downside is that the monthly payments will be higher, which may not be a practical option for some borrowers.

Variable rate mortgage rates today

  • The latest rate on a 5/1 ARM is 2.183%. ??
  • The latest rate on a 7/1 ARM is 3.342%. ??
  • The latest rate on a 10/1 ARM is 3.4%. ??

Variable rate mortgages are an option for buyers who do not plan to keep the home for the duration of the loan. The interest rate on ARMs will start low and be fixed for a number of years before starting to adjust to market conditions, resetting periodically. The rate on an ARM 5/1, for example, will be fixed for five years and then reset annually. The potential downside is that once the rate starts to reset, there can be a big jump.

Current mortgage rates: VA, FHA and jumbo loan rates

The average rates for FHA, VA and jumbo loans are:

  • The rate on a 30-year FHA mortgage is 3.366%. ??
  • The rate for a 30-year VA mortgage is 3.447%. ??
  • The rate for a 30-year jumbo mortgage is 3.574%. ??

Current mortgage refinancing rates

The average refinancing rates for 30-year loans, 15-year loans and ARMs are:

  • The refinance rate on a 30 year fixed rate refinance is 3.797%. ??
  • The refinance rate on a 15 year fixed rate refinance is 2.719%. ??
  • The refinancing rate on an ARM 5/1 is 2.46%. ??
  • The refinancing rate on an ARM 7/1 is 3.197%. ??
  • The refinancing rate on an ARM 10/1 is 3.918%. ??

Where Are Mortgage Rates Going This Year?

Mortgage rates fell through 2020. Millions of homeowners responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people have bought homes that they might not have been able to afford if the rates were higher.

In January 2021, rates briefly fell to all-time low levels, but tended to increase throughout the month and into February.

Look ahead, experts believe that interest rates will rise further in 2022, but modestly. Factors that could affect rates include continued economic improvement and more labor market gains. The Federal Reserve has also started to cut back on mortgage-backed securities purchases and plans to raise the federal funds rate sometime in 2022 to fight rising inflation.

While mortgage rates are likely to rise, experts say the increase won’t happen overnight, and it won’t be a dramatic jump. Rates are expected to stay near their historically low levels throughout the first half of the year, rising slightly later in the year. Even with rates rising, this will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed took swift action when the pandemic hit the United States in March 2020. The Fed announced plans to move money through the economy by lowering the Federal Fund’s short-term interest rate between 0% and 0.25%, which is as low as they go. The central bank has also pledged to buy mortgage-backed securities and treasury bills, supporting the housing finance market, but started curtailing those purchases in November.
  • The 10-year Treasury note. Mortgage rates move at the same pace as the yields on 10-year government treasury bills. Yields fell below 1% for the first time in March 2020 and have risen since then. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The economy in the broad sense. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are low, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels reached record levels early last year and have yet to recover. GDP has also been affected, and although it has rebounded somewhat, there is still a lot of room for improvement.

Tips for getting the lowest mortgage rate possible

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes a bit of work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags can lower your credit score. The borrowers with the highest credit scores will get the best rates, so it’s essential to check your credit report before you begin the home search process. Taking action to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which means how much of the home’s price the lender has to finance. A lower LTV usually results in a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the purchase of the house.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who is offering the lowest interest rate. Also consider the different types of lenders, such as credit unions and online lenders, in addition to traditional banks.

As well. take the time to learn about the different types of loans. While the 30-year fixed-rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year loan or an adjustable rate mortgage. These types of loans often have a lower rate than a conventional 30-year mortgage. Compare the costs of everyone to see which one best suits your needs and your financial situation. Government loans – such as those backed by the Federal Housing Authority, the Department of Veterans Affairs, and the Department of Agriculture – may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you find the right rate, the right loan product, and the lender will help ensure that your mortgage rate does not increase until the loan closes.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by over 8,000 lenders in the United States for which the most recent rates are available. Today we’re posting the rates for Tuesday, December 14, 2021. Our rates reflect what a typical borrower with a credit score of 700 can expect to pay on a home loan right now. These rates were offered to people with a 20% deposit and include discount points.

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