by Alterna Mortgage | Jun 3, 2024 | Home Buying, Housing Market, Interest rates, Mortgage Programs, Real Estate
Refinance to a Shorter Term: Refinancing your mortgage to a shorter term, such as a 15-year mortgage, can result in higher monthly payments but a lower overall interest cost. Make Extra Payments: One of the most straightforward ways to pay off your mortgage faster is...
by Alterna Mortgage | May 22, 2024 | Home Buying, Interest rates, Mortgage Programs, Real Estate
Down payment assistance programs continue to be a valuable resource for homebuyers across the country. The 0% Down Purchase program for qualified borrowers to receive a 3% down payment assistance loan, up to $15,000. Here’s how it works: First lien mortgage...
by Alterna Mortgage | May 12, 2024 | Financing, Home Buying, Real Estate
With home prices so high, you may be wondering what salary you’d need to earn to afford a home costing $500,000. This question can be difficult to answer, but with a few simple calculations, you can get an estimate of how much you need to make to purchase a home...
by Alterna Mortgage | May 4, 2024 | Financing, Home Buying, Inflation, Interest rates
The Fed still thinks that its next move will be a rate cut, and Powell clearly said that further rate increases are “unlikely.” Still, it is not clear how much the Fed will manage to cut rates this year. Inflation is cooling more slowly than officials had...
by Alterna Mortgage | Apr 10, 2024 | Financing, Home Buying, Interest rates
Over the past couple of years mortgage rates have risen to the highest rates in 20 years. In March 2024 the current 30-year fixed rate mortgage rate is 6.88% which is more than double what rates were during most of 2020 and 2021. However, when looking at mortgage...
by Alterna Mortgage | Apr 3, 2024 | Financing, Home Buying, Interest rates, Mortgage Programs
While mortgage rates don’t exactly depend on the Fed’s rate decisions, the Fed does have a big influence on the direction they take. And until issues with persistent inflation show more signs of easing, mortgage rates might not drop much. Despite their...
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