Mortgages and Advice – The News Desk

What Can Student Loans Be Used For? | Mortgages

3Apr

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Money

What Can Student Loans Be Used For? | Mortgages

When you take out a student loan, your lender sends funds directly to your school. After your school deducts what's needed to pay for expenses such as tuition and room and board, it will disburse any remaining money to you for education-related expenses. But these expenses aren't just books and class fees. Student loan funds can be used to pay for rent, groceries and more.Before you have a heyday with your leftover cash, it helps to understand what the Department of Education considers "qualified educational expenses." While lenders don't track how you use your student loans, there are potential consequences for misusing the money.What Can You Use Student Loans For?Student loans can be used to pay for a range of costs related to higher education. Whether pursuing an undergraduate or gradu...

20Dec

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Money

What Is Escrow? | Mortgages and Advice

Most people never encounter the concept of escrow until they buy a home. Escrow accounts are set up by third parties as a safe place to hold money. They are used for two main purposes when it comes to real estate: during a home purchase and afterward as an easy way for homeowners to save for property tax and insurance costs. Here's what you need to know about escrow accounts, how they help facilitate a home purchase and how they help you manage your home expenses after the sale.What Does Escrow Mean?Generally, escrow is a type of account. It is held and managed by an escrow agent – a neutral third party who not only receives money, but can disperse it. The escrow account is held for two primary parties until a transaction is finalized or a contract's requirements are met. Escrow accounts ...

Best Bad Credit Home Improvement Loans of 2023

19Dec

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Money

Best Bad Credit Home Improvement Loans of 2023

"Whenever you borrow money, the lender evaluates your finances to determine the likelihood that you'll pay back the loan. Your credit score, a numerical representation of your borrowing risk, is a major factor in lending decisions.Lenders typically require a FICO credit score of at least 620 to qualify for home loans, including home equity loans, but some loan programs can help you borrow with a lower score. A FICO score of 620 falls in the fair range, and a good score is 670 or better.Before the COVID-19 pandemic, ""It was possible to get a loan or mortgage with a credit score as low as 500. (Now) most, if not all, lenders have temporarily raised their credit score minimums up into the 600s,"" says Eric Jeanette, owner of mortgage loan marketplaces Dream Home Financing and FHA Lenders. "...

17Dec

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Money

Best Mortgage Lenders of December 2023

What Are Current Mortgage Rates? Mortgage rates declined across the board this week, with the 30-year fixed rate falling further to 7.07%, according to the Mortgage Bankers Association. Less than two months ago, the rate on a 30-year mortgage was 7.9%. Additionally, the FHA loan rate dipped to 6.84%, making this government-backed mortgage a wise choice for prospective buyers. Mortgage interest rates are still forecasted to stay higher for longer into 2024. Here are the current mortgage rates, as of Dec. 13: 30-year fixed: 7.07% with 0.59 points (previous week: 7.17% with 0.6 points). 15-year fixed: 6.67% with 0.58 points (previous week: 6.8% with 0.77 points). 5/1 ARM: 6.47% with 0.76 points (previous week: 6.58% with 0.69 points). ...

17Dec

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Money

5/1 ARM Lenders of December 2023

What Are Current Mortgage Rates? Mortgage rates declined across the board this week, with the 30-year fixed rate falling further to 7.07%, according to the Mortgage Bankers Association. Less than two months ago, the rate on a 30-year mortgage was 7.9%. Additionally, the FHA loan rate dipped to 6.84%, making this government-backed mortgage a wise choice for prospective buyers. Mortgage interest rates are still forecasted to stay higher for longer into 2024. Here are the current mortgage rates, as of Dec. 13: 30-year fixed: 7.07% with 0.59 points (previous week: 7.17% with 0.6 points). 15-year fixed: 6.67% with 0.58 points (previous week: 6.8% with 0.77 points). 5/1 ARM: 6.47% with 0.76 points (previous week: 6.58% with 0.69 points). ...

17Dec

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Money

Compare Current 15-Year Mortgage Rates

National Average Mortgage RatesRates data is based on a borrower with good credit, a conforming loan amount (at least $200,000 but less than the national conforming loan amount), and a loan-to-value ratio of less than 80% (For purchase loans, this corresponds to a down payment of 20% or more). © Zillow, Inc., 2006-2016. Use is subject to Terms of UseU.S. News Expert Insights “Mortgage rates retreated further this week as incoming data on inflation and the labor market continues to point to a cooling economy. In its December meeting, the Federal Reserve elected to hold the federal funds rate at 5.25% to 5.5%, where it's been since July. It appears that the Fed's rate-hike cycle has likely come to an end, so now investors have turned their attention to when rate cuts might com...

Compare Today’s Refinance Rates | U.S. News

17Dec

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Money

Compare Today’s Refinance Rates | U.S. News

National Average Mortgage RatesRates data is based on a borrower with good credit, a conforming loan amount (at least $200,000 but less than the national conforming loan amount), and a loan-to-value ratio of less than 80% (For purchase loans, this corresponds to a down payment of 20% or more). © Zillow, Inc., 2006-2016. Use is subject to Terms of UseU.S. News Expert Insights “Mortgage rates retreated further this week as incoming data on inflation and the labor market continues to point to a cooling economy. In its December meeting, the Federal Reserve elected to hold the federal funds rate at 5.25% to 5.5%, where it's been since July. It appears that the Fed's rate-hike cycle has likely come to an end, so now investors have turned their attention to when rate cuts might com...

17Dec

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Money

Today’s 10 Year Fixed Mortgage Rates

National Average Mortgage RatesRates data is based on a borrower with good credit, a conforming loan amount (at least $200,000 but less than the national conforming loan amount), and a loan-to-value ratio of less than 80% (For purchase loans, this corresponds to a down payment of 20% or more). © Zillow, Inc., 2006-2016. Use is subject to Terms of UseU.S. News Expert Insights “Mortgage rates retreated further this week as incoming data on inflation and the labor market continues to point to a cooling economy. In its December meeting, the Federal Reserve elected to hold the federal funds rate at 5.25% to 5.5%, where it's been since July. It appears that the Fed's rate-hike cycle has likely come to an end, so now investors have turned their attention to when rate cuts might com...

17Dec

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Money

Compare Current VA Loan Rates

National Average Mortgage RatesRates data is based on a borrower with good credit, a conforming loan amount (at least $200,000 but less than the national conforming loan amount), and a loan-to-value ratio of less than 80% (For purchase loans, this corresponds to a down payment of 20% or more). © Zillow, Inc., 2006-2016. Use is subject to Terms of UseU.S. News Expert Insights “Mortgage rates retreated further this week as incoming data on inflation and the labor market continues to point to a cooling economy. In its December meeting, the Federal Reserve elected to hold the federal funds rate at 5.25% to 5.5%, where it's been since July. It appears that the Fed's rate-hike cycle has likely come to an end, so now investors have turned their attention to when rate cuts might com...

Today’s 15-Year Mortgage Refinance Rates

17Dec

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Money

Today’s 15-Year Mortgage Refinance Rates

National Average Mortgage RatesRates data is based on a borrower with good credit, a conforming loan amount (at least $200,000 but less than the national conforming loan amount), and a loan-to-value ratio of less than 80% (For purchase loans, this corresponds to a down payment of 20% or more). © Zillow, Inc., 2006-2016. Use is subject to Terms of UseU.S. News Expert Insights “Mortgage rates retreated further this week as incoming data on inflation and the labor market continues to point to a cooling economy. In its December meeting, the Federal Reserve elected to hold the federal funds rate at 5.25% to 5.5%, where it's been since July. It appears that the Fed's rate-hike cycle has likely come to an end, so now investors have turned their attention to when rate cuts might com...