The nation’s housing supply is aging, so that new house you want to buy more than likely needs some repairs. Homeowners typically take out a second loan for renovations or put the cost on credit cards. The credit terms for the renovations are usually much less favorable than the mortgage terms. Freddie Mac is offering a solution with a new mortgage that will allow buyers to add up to 10% of the home’s value in renovation costs.
| Today’s Mortgage Rate | 2.929% |
| Change From Yesterday | +0.008 |
| Change From One Week Ago | +0.157 |
| Change From One Year Ago | -1.091 |
| Today’s Mortgage Rate | 2.201% |
| Change From Yesterday | -0.008 |
| Change From One Week Ago | +0.076 |
| Change From One Year Ago | -1.309 |
Seniors can sometimes have difficulty refinancing. Retirement income may not meet lender’s requirements for financing. If the home is not going to be passed on to a relative, then a reverse mortgage may be the best option. A reverse mortgage pays the homeowner a set monthly payment, reducing the owner’s equity gradually over a long period of time.
If you are looking to buy a new home, you should shop for the best mortgage. This guide cuts out some of the research and footwork. These are the ten best 15 year fixed rate mortgages currently available. Various lenders offer different rates based on a variety of factors. To get the best deal you must have a great financial profile and choose a lender offering the lowest rates.
Freddie Mac is offering a new loan option that can consolidate renovation costs into a mortgage or refinance deal. Up to ten percent of the home’s value can be borrowed for repairs. In certain rural areas with aged housing, homeowners can borrow up to 15% of the home’s value.
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