HomebuyingRefinanceIndustry NewsFeatured June 11 2019

Mortgage Rates are Trending Downward

As the world watches for clues about the direction the economy is going, the somewhat volatile stock market continues to have a positive impact on mortgage rates - but no one is quite sure how long that will last. According to Freddie Mac, mortgage rates have continued to trend downward, and the 30-year fixed-rate mortgage is now near a 2-year low.

What can that mean for you?

Rates for home loans are changing constantly and are difficult to predict. If you’re considering purchasing or refinancing a home, now may be the perfect time to do so.

The rate that you qualify for is determined by looking at a number of different factors. This is known as risk-based pricing. When a lender approves a borrower for a loan, they trust that the borrower will be able to pay back the amount financed. In order to determine how risky a borrower might be, lenders will consider a number of things.  These include your credit score, loan-to-value (LTV) on the property, property type, the size of your down payment, and the actual loan type you choose. Learn more about how your interest rate is determined.

Your Credit Score

Your credit score is the key to getting the best rate on your mortgage. Scores above 740 will often qualify you for the best mortgage options, higher loan amounts and lower interest rates. As your score decreases, the riskier you seem to a lender.

The good news is that there are a ton of options out there for people with credit scores under 740, but you’ll likely be paying some higher interest rates. If you’re unsure about whether you can qualify or not, check out our ebook, A Guide to Understanding Your Credit.

Mortgage rates are changing every single day, but they have remained in the lower range for quite some time now. If you’re in the market for mortgage financing, it may make sense to go ahead and get pre-qualified. You can get started with Eagle Home Mortgage’s Digital Mortgage, where you can automatically connect your bank statements, tax records and income documentation in just minutes.

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October 17 2019

What to Expect: The True Cost of Homeownership

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A Simpler Path to Homeownership with Credit Solutions

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Digital Mortgage 19

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Understanding Your Loan Estimate

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September 20 2019

Eagle to Attend Digital Mortgage 2019 Conference

The Digital Mortgage conference features keynote speakers, panels, and live demos. Attendees will learn from top mortgage lenders, including Eagle Home Mortgage.

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September 05 2019

What to Expect If Your Mortgage is Sold

Closing on a home only to find out your mortgage has been sold to another lender can be alarming yet is very routine in the mortgage industry. While it does not affect the terms of the loan, it is still best to prepare yourself for this common practice.

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August 22 2019

5 Ways to Protect your Home from Invasion

In the US, according to the Department of Justice, almost 4 million household burglaries occur each year. While these are frightening statistics to any homeowner, there are steps you can take to deter burglars from targeting your home.

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August 19 2019

Don’t Let Credit Bumps Hold You Back

While your credit is an important factor when considering homeownership, a common misconception is that you need perfect credit to buy a home.

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August 09 2019

How Credit Impacts Home Pricing

Your credit will influence your homebuying experience, from setting your sights on a home to securing a loan and everything in between. But how exactly does credit affect home pricing?

 

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