Taking out a mortgage is the biggest financial decision most of us will ever make, so it’s essential to understand what you’re signing on for when you borrow money to buy a house. What is a mortgage? A mortgage is a loan from a bank or other financial institution that helps a borrower purchase a […]
Mortgage Terms: What You Need To Know
A mortgage is a loan from a bank or other financial institution that helps a borrower purchase a home. The collateral for the mortgage is the home itself. That means if the borrower doesn’t make monthly payments to the lender and defaults on the loan, the lender can sell the home and recoup its money. […]
Can you transfer a mortgage to someone else?
In most circumstances, a mortgage can’t be transferred from one borrower to another. That’s because most lenders and loan types don’t allow another borrower to take over payment of an existing mortgage. In some cases, though, a mortgage transfer is necessary and permissible, such as in the event of a death, divorce or separation, or […]
Mortgage Interest Rates Today
Current Mortgage Rates for today. 30-year fixed mortgage rates decreased today. The average rate on a 30-year fixed mortgage is 5.49%, according to Bankrate.com. On a 15-year fixed mortgage, the average rate is 4.73%. The average rate on a 30-year jumbo mortgage is 5.39%, and the average rate on a 5/1 ARM is 3.67%. Loan […]