PMR Mortgage Blog
What is private mortgage insurance?
You may have heard about it, but as a first-time homebuyer, you may have questions about private mortgage insurance (PMI). Let’s start with who pays for it. The most common arrangement is for the borrower to include PMI payments in their monthly mortgage. You’ll learn...
5 ways to prepare for spring buying season
Prime homebuying season (spring) will soon be in full swing. As home buyers and sellers prepare for a successful experience, there are several actions you can do today to maximize your efforts. If you’ve decided on selling your home this year, here are a few ways to...
Refinancing applications surge as rates continue to fall
Spurred by ongoing reductions to mortgage rates, the refinancing world is spinning a little faster these days. According to the Mortgage Banker Association, the volume of loan applications rose substantially to close out the first month of the year. The association's...
New studies show many Americans believe now is a good time to buy a home
A recently released survey conducted by the National Association of Realtors (NAR) shares a common finding between that of the National Housing Survey (NHS) conducted by Fannie Mae. Specifically, 63 percent of respondents to NAR's fourth quarter Housing Opportunities...
Experts predict continued rate drops in 2020
This past year brought many unexpected and exciting trends in the mortgage world; namely, significant drops in rates that surprised industry experts and homebuyers alike. Industry forecasters are predicting that 2020 will be another banner year for low rates,...
National Housing Survey reports positive sentiment about homebuying
Results are in from the Fannie Mae November 2019 National Housing Survey, and Americans’ sentiment about homebuying is making a comeback. Previously, the Home Purchase Sentiment index found that overall confidence in the market had taken a hit. After the index reached...
Refinance loans reach highest percentage since 2015
Just a few months ago, refinance loans made up more than half of all loans closed, according to Ellie Mae’s October Origination Insight Report. The monthly report noted that, previously, the highest percentage took place in March 2015. One of the contributing factors...
Housing affordability increases as VA Loans and FHA Loans provide options for new buyers
A new report by National Association of Home Builders says that around 63.6 percent of existing and new houses sold early this year are now considered affordable to households with a median income. The current median income is $75,500. This news comes after a...
The 3 Most Important Numbers for your Mortgage Application
When it comes to getting a lender’s approval to buy or refinance a home, there are 3 numbers that matter the most — your credit score, debt-to-income ratio, and loan-to-value ratio. These numbers can affect your ability to qualify for a mortgage and how much it costs you. Here’s a rundown of what they are and why they matter.
5 questions to ask yourself about refinancing
With the recent decline in interest rates, we are in the midst of what market forecasters are calling a mortgage refinance “boom.” One study by Black Knight estimated that, as of July 2019, nearly 8 million homeowners were eligible for a mortgage refinance. If you own...
Appraisal requirement removed for some homes under $400,000
Regulators have removed the appraisal requirement for some homes valued under $400,000. While this new rule impacts many types of loans, it’s important to note that not all loans will be affected. Loans that are guaranteed or insured in part, or entirely, by a...
Low Mortgage Rates Offer Borrowers Plenty of Options
Lower interest rates have historically given homeowners the green light to refinance their homes in order to lower their monthly payments. Even if you think you have a great rate already and won't benefit from refinancing your mortgage, you may be mistaken. There are a multitude of reasons for refinancing your mortgage.