Our online tools can help you understand the numbers
There are a lot of numbers involved with purchasing or refinancing a home. Sometimes it is easier to understand the numbers when we can visualize them. Alterna Mortgage has a few interactive visual charts on our website to make the overall picture of recent (and...
FHFA Announces New Baseline Conforming Loan Limit
The Federal Housing Finance Agency recently announced a new baseline conforming loan limit for Fannie Mae and Freddie Mac in 2021: $548,250. This means that you can now borrow an additional $38,150. This can get you a house with more square footage, more land, better...
Mortgage rates fell to another record low
Mortgage rates fell to another record low last week. This marks the 13th time this year alone. According to Freddie Mac, the average interest rate on a 30-year fixed-rate mortgage dropped to the lowest level in the nearly 50 years of the mortgage giant's survey....
The Election Impact on Mortgage Markets
During the recent election uncertainty, mortgage markets have been relatively steady. This is likely a result of investors expecting government control to be divided between the Democrats and the Republicans. For mortgage markets, a divided government typically is...
30 or 15 year mortgage…which to choose?
One of the few good things we can all point to in 2020 is that this year's lowest mortgage rates have provided homeowners incredible savings through refinances. If you own a home and have a 30-year mortgage that could benefit from a refinance, your first thought might...
Looking to refinance? Find out how much equity you have in your home.
Rates are at or near an all-time low...so refinancing your loan might be a great move. One of the important steps of refinancing is to determine how much equity you have in your current home. Home equity is the value of your ownership stake in your home. It is...
Is your credit ready for a refinance?
Rates are currently low and refinancing your mortgage might be right for you and your family. Part of the refinance process involves your lender looking at your credit score. If you’ve improved your credit and finances since initially buying your home, this can help...
Unemployment is down as the recovery continues
Last week's economic data was pretty much what we expected. President Trump's positive coronavirus test was a little positive for mortgage markets but negative for stocks. Mortgage rates ended the week with very little change. Friday's monthly labor market report...
Announcing our Refinance Calculator
There are a lot of great reasons to refinance your home mortgage. To help you decide if it is the right decision for you, we have added a Refinance Calculator to our website. Why would you want to refinance? Lowering your interest rate Known as a “rate-and-term”...
Considering a refinance? Here is a checklist to get you ready.
Buying a house is likely one of the most important decisions you have ever made. If you still love your home, but not your mortgage rate, you might want to consider refinancing now while interest rates are so low. Refinancing gives you the opportunity to exchange your...