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...
Fed Will Keep Rates Unchanged
Federal Reserve officials are expected to leave interest rates near zero for the foreseeable future — likely through at least 2023. This means they will put up with periods of higher inflation in an effort to revive the labor market and economy. The announcement last...
Why should you work with a mortgage broker?
Working with Alterna Mortgage is better than working with a bank. Pros of working with Alterna Mortgage We do all the legwork for you, working on your behalf with the lender We compare wholesale mortgage rates from a large number of banks and lenders all at once We...
Some frequently asked questions
As the summer homebuying season begins to wind down, here are some frequently asked questions. What is private mortgage insurance? Private Mortgage Insurance (PMI) is to protect the mortgage lender if a loan defaults. It is required if the loan amount is more than 80%...
When Should you lock a mortgage rate?
A rate lock guarantees your interest rate for a specified period of time. It’s common for lenders to offer 15, 30, 45 and 60 day rate locks for a fee or to include the price of the rate lock into your loan. The shorter the lock the better the rate can be. Some lenders...
Market Update for Mid-August
COVID-19 has led to the largest shock to the U.S. economy in our lifetime. The Federal Reserve, Treasury, and administration have responded with trillions of dollars in stimulus measures to help underwrite, or carry, the economy through this pandemic — and more is...
Summer House Hunting Tips
The notion that summertime prices are always the highest prices is a myth. The truth is that there are a number of factors that determine home pricing such as summer slowdown at the office, fluctuating interest rates, general economic health, and this year: COVID....
A Few Tips for Buying Your First Home
Save for a Down Payment It’s generally common to put 20% down, but first-time home buyer programs allow as for much less. Keep this in mind: putting down less than 20% may mean higher costs and paying for private mortgage insurance. Check Your Credit Your credit will...