Are you prepared for a higher interest rate on your mortgage next year?
Earlier this month, the U.S. Federal Reserve raised its benchmark interest rate from 0.5% to 0.75%. Mortgage rates have followed in lockstep, hitting levels not seen in more than two years.
For the most part, the world of mortgages isn’t really that complicated. You and the lender agree on an interest rate, term (usually 15 or 30 years, with most people taking the latter), payment amount, and so on.
Where things get more complicated is when lenders talk about buying down mortgage rates. What exactly does that mean? Just how much money can you save? Let’s take a closer look.
Mortgage rates are lower than ever in 2016 and the Federal Reserve’s recent decision to leave the key rate at 0.5% will likely mean mortgage rates won’t change dramatically in the coming year.
Buying your first home is an exciting experience! When I purchased my first place at 25 years old, the feeling of owning something that was mine gave me a lot of pride. Then the reality of the situation set in as I was forced to pay my first mortgage payment, which included real estate taxes, homeowner's insurance, and other fees.
Moving often ends up costing a lot more time and money than you first expected. This is something my husband and I are discovering firsthand as we prepare for a big cross-country move this summer.
Business headlines across the country repeatedly stress that the US housing market is on the rebound following the worst collapse in history in 2008. However, property values are not rising consistently across the country, and the reality of the housing market further highlights the divide between rich and poor Americans.
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