Mortgage Education Blog
Lifting the curtain on mortgage lending
Do you know about wholesale interest rates?
I always tell people, the biggest competition for SELFi is consumer misunderstanding. The more knowledgeable a customer is about mortgage rates, the more likely SELFi will earn his or her business. So we are in the education business just as much as the mortgage...
Your Current Lender Desperately Wants You to Refinance… Why?
If you have a mortgage, there is a good chance you’ve been approached with offers to refinance from your current lender. You may think, “Since they’re my current lender, they’ll be able to offer me the best deal.” Think again. Blindly staying with your current lender...
The Truth about Skipping Two Payments when Refinancing
A common misconception among homeowners is whether they can skip payments when refinancing. After all, who wouldn’t want to go a couple months without a mortgage payment? The short answer is: Yes, you can go two months without a payment, however, no payments are...
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Down Payment Assistance Program Now Offered through SELFi
Often the biggest barrier to being a first-time home-buyer is the down payment. FHA requires 3.5% down. Conventional often requires 5% down. For California homes, that could mean tens of thousands of dollars. What if you don't have the 3.5% down but want to...
Refinancing and Divorce: What You Need to Know
A theme that has come up with borrowers quite often in my experience are the mortgage unknowns following divorce. The primary question potential borrowers have when contemplating a refinance following a divorce is – Do I qualify? Without being sure whether a new...
March 22nd Interest Rate Update: Mortgage Rates Hit 3 Year High
Goodbye interest rates in the 2s. Hello interest rates in the 4s. Mortgage interest rates hit their highest level in 3 years in lockstep with the 10 year yield rising to it's highest level in 3 years. What's causing interest rates to jump? Inflation Fastest way...
3 Home Loan Options for Bad Credit
You call your bank or a large lender on TV and they tell you, "Sorry, your credit score is too low. We require a 600 credit score". And if you're like millions of potential home-owners, you give up your search to buy a home right there. Years go by while you continue...
3 Simple Steps to Shop Homeowners Insurance
The key to avoid over-paying on your homeowners insurance is to shop around once a year, usually 60 to 90 days before your renewal. Insurance companies will often attractively price their initial policy quote with the intention to raise prices year-over-year. Here's...
January 21st, 2022: Market Update
For today, January 21st, 2022, the current average mortgage rate on the 30-year fixed-rate mortgage is 3.56%, the average rate for the 15-year fixed-rate mortgage is 2.79% according to FreddieMac. Compare those rates to the historic low rates we saw in late...
Rocket Pro TPO Makes Big Announcements Regarding Future
Rocket Pro TPO Executive Vice President, Austin Niemiec, made a slew of big announcements regarding what’s to come for Rocket Mortgage’s wholesale channel on Tuesday. Over the last 12 months Rocket Pro TPO has partnered with over 3,000 new mortgage brokers and have...
Rocket Pro TPO Raise Conforming Loan Limits
With home prices rising across the country, the Federal Housing Finance Agency is expected to raise their conforming loan limits next month. Rocket Pro TPO, the wholesale channel of Rocket Mortgage that works with mortgage brokers, anticipates $625,000 as the new 2022...
Negative Closing Costs? How to get paid to refinance.
You know the old saying... "what sounds too good to be true, usually is." This especially rings true when it comes to financial services. So the idea that a lender will pay you to refinance your mortgage to a lower interest rate definitely falls into that category....
Renters Rejoice: Your Rent Payments Will Now Help You Own!
People want to buy homes. Demand is on the rise. Homes available for purchase are in short supply and they are more expensive than ever before. You would think becoming a first-time homebuyer is tough enough already. For those of you who have been wary of opening...
A Retiree’s Guide to Mortgage Refinancing
Congratulations, you’ve made it to retirement. Now what? Golf, travel, relax by the beach, refinance your mortgage. Say, what? Conventional wisdom holds that you shouldn’t have a mortgage to pay by the time you are retired. After all, a life free of mortgage payments...
The Pros & Cons of the New 40 Year Mortgages
You’ve heard of the 15-year mortgage and the 30-year mortgage, but soon, for a select group of borrowers, there’ll be a 40-year mortgage option. Ginnie Mae, the government-owned mortgage bond corporation, recently announced a new, longer mortgage term, available to...
Lenders Love Credit: Master These 4 Categories for Great Credit
A borrower’s credit score is an immeasurably invaluable tool in loan approvals, and the determination of which rates a borrower has access to. It is basically a measure of your creditworthiness. Since lenders don’t have the time to get to know the borrower personally,...
Why are mortgage interest rates so different among companies?
The housing market is hot throughout much of the country right now and interest rates are low, which makes it a prime time to buy a house or refinance your mortgage. But when confronted with the myriad choices—whether you are a seasoned homeowner or a new buyer—the...
Puttin’ in Work: 4 Reasons Why a Side Hustle is Worth it
Side hustles are no longer a rarity. In fact, having a side hustle is extremely common. Numerous people are going to a typical 9-5 job by day and then working a gig, second job or some other prospect that brings in additional cash by night or weekend. Some choose to...
Bono’s Got Bank: How U2 and Business Have Made the Irish Superstar a Very Wealthy Man
Most people probably won’t recognize the name Paul David Hewson. However, quite a few of them will be familiar with his other name, Bono. As one of the most successful singer-songwriters that can be found on the face of the earth, Bono has made an impression on the...
Refinancing just got more affordable: FHFA Eliminates Adverse Market Fee
Good news for homeowners. Refinancing just became even more affordable. The Federal Housing Finance Agency (FHFA) is formally eliminating Freddie Mac and Fannie Mae’s much scrutinized adverse market refinance fee. “Today’s action furthers FHFA’s priority of...
It’s Time for the Underdogs to get a Piece of the Pie: RefiNow Coming June 5th to Aid Low-income Borrowers
For those who weren’t able to take advantage of the refi boom over the span of the COVID-19 shutdowns, don’t fret, help is on the way! After an amazing year for refinances that generally benefited more affluent borrowers, the Federal Housing Finance Agency revealed it...
The Top 20 Box Office Earners Ever: Adjusted for Inflation
One of the biggest changes in American culture over the course of this grueling pandemic has been the closure of cinemas around the country. The simple joys of sitting down with a bucket of freshly buttered popcorn, while sipping a soft drink on the rocks, eagerly...
DIY Credit Repair: 7 Steps to Improving Your Credit Score on Your Own
If you’re looking to get approved for a mortgage, auto loan or credit card in the near future it’s imperative to know what’s going on with your credit score. If you have a high student loan balance, late payments on credit cards, or any collection agencies showing up...
3 Former Professional Athletes That Excelled in Business…And 2 That Did Not
Glory, fandom, awards and riches are the perks that professional athletes are beneficiaries of over the course of their careers. But what happens when the limelight fades and the cheers are no longer audible? Since the career of a pro athlete is typically over by the...
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