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.

Search Results for query

December 02 2019

12 Days of Savings

From family meals, travel, gifts, and social outings, the holidays are one of the most expensive times of the year. We have compiled some tips to help you spend mindfully during this holiday season.

Read More

November 27 2019

Market Update: FHFA Announces Loan Limit Increases

The Federal Housing Finance Agency (FHFA) has announced that the conforming loan limits will be increased to $510,400 in 2020

Read More

November 20 2019

Why Interest Rates Aren’t the Only Thing That Matters

Shopping for the lowest rate when looking for a lender could be a detriment to your homebuying experience. There is much more that goes into a positive homebuying experience than the mortgage price tag. If you place a value on communication, timeliness,...

Read More

November 14 2019

Homebuyer Solutions Group Success Story

Marylynn M. and her husband successfully improved their credit scores while enrolled in Eagle Home Mortgage’s Homebuyer Solutions Group (HBSG) program and were able to purchase their dream Lennar Home after graduation. We spoke to HBSG Credit Specialist,...

Read More

November 07 2019

Home Organization Tips to Spark Joy

There is a proven correlation between home clutter and stress. Organizing your abode is a quick and relatively easy way to bring more joy (and extra time) to your life. Here are some home organization tips to help you spark joy!

Read More

October 30 2019

Find the Right Home Loan For You

There are several types of mortgage loans that fit various needs. Here is some information about some of the most popular products and why they might work for you.

Read More

October 24 2019

Reverse Mortgage Myths Debunked

As a senior, age 62 or older, a Reverse Mortgage enables you to tap into the equity of your home and benefit you financially today! The funds you receive can be used to eliminate your monthly mortgage payment, pay off debt, increase your monthly cash flow, or...

Read More

October 17 2019

What to Expect: The True Cost of Homeownership

Most soon-to-be homeowners are prepared to budget for their mortgage payment and down payment, but you should go into your dream of homeownership with a clear picture of all of the costs associated with this milestone.

Read More

October 09 2019

A Simpler Path to Homeownership with Credit Solutions

Interview with Credit Specialist, Sara Gellatly, to learn more about what HBSG is and how it helps real customers achieve their dream of homeownership. 

Read More

12345Last

Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator

Payment
Calculator

Affordability Calculator

affordability calculator

Affordability
Calculator

Refinance Calculator

refinance calculator

Refinance
Calculator

The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?