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☆ Should you refinance your mortgage? Here are three signs it's time, real estate experts say
▼ + stars: | 2024-04-10 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Thanks to those high mortgage interest rates, refinance activity in 2023 was at the lowest level in 30 years. In the first and second quarters of 2023 there was only $75 billion and $80 billion, respectively, in mortgage refinance originations nationally, according to Freddie Mac, a government-sponsored entity that buys mortgages from banks. "We're just in a much higher interest rate situation with the economy," she said. "We've been so accustomed to mortgage rates as a baseline being at 2% or 3%," said Veronica Fuentes, a certified financial planner at Northwestern Mutual. Some lenders may require a higher interest rate if you finance closing costs, plus you'll be paying interest on those expenses for the life of the mortgage.

Persons: Freddie Mac, Jeff Ostrowski, Chen Zhao, Zhao, We've, Veronica Fuentes, that's, Ostrowski, CoreLogic's Organizations: Westend61, Getty, Federal Reserve, Northwestern Mutual

☆ The race to create the 'Amazon of real estate' could change home buying forever
▼ + stars: | 2023-10-25 | by ( James Rodriguez | ) www.businessinsider.com time to read: +14 min

But after years of trying, the basic structure of buying and selling a home remains pretty much the same. Even if you accept a bit of intricacy, real estate remains a stodgy industry — and regulation is at the core of that resistance to change. Despite the best efforts of would-be disruptors to cut out this middleman, 88% of buyers this year enlisted a real-estate agent, a Zillow survey found. Short of a tech-enabled homebuying nirvana, there are some other changes that could make the process easier for consumers. Saul Klein, an early internet evangelist in the real-estate industry, told me he sees an approaching "paradigm shift."

Persons: that's, you'll, they're, it's, Mike DelPrete, Rob Hahn, DelPrete, aren't, they'd, pocketing, —, ClosingCorp, we're, John Berkowitz, hasn't, Berkowitz, They're, Bobby Bryant, Bryant, Rich Barton, Wendy Gilch, Gilch, Saul Klein, Klein, James Rodriguez Organizations: Companies, University of Colorado Boulder, National Association of Realtors, Ojo, Group Inc, Universal Locations: Washington, California, Georgia

To calculate 28% of your monthly income, multiply your gross monthly income (that's your income before taxes) by 0.28. If you like to spend a large chunk of your paycheck on traveling, for example, a large monthly mortgage payment might not fit into your lifestyle. 1,000 ÷ 5,000 = 0.2To get a conventional mortgage, the maximum DTI you can have is typically 50%, including your proposed monthly mortgage payment. How much house can I afford frequently asked questionsHow much do you have to make a year to afford a $400,000 house? Mortgage interest rates can have a big impact on how much house you can afford.

Persons: you've, You'll, it's, Freddie Mac, Fannie Mae, you'll, homebuyers Organizations: National Association of Insurance, PMI Locations: Chevron, Arkansas, North Carolina

AdvertisementAdvertisementThere's no limit on the number of times you can refinance your mortgage. If you have a government-backed mortgage, you may need to wait up to a year before you can refinance. Depending on your mortgage refinance lender and the type of refinance you're looking to do, you might need to wait between six months to a year to refinance. Average refinance closing costs in 2021 were $2,375, according to ClosingCorp. But if your mortgage refinance rate will only be lower by a tiny fraction of a percentage point, then refinancing could actually cost you money.

Persons: refinance, you'll, It's, isn't Organizations: Service Locations: Wall, Silicon

☆ Real estate agents are tacking ludicrous 'junk fees' on to every home purchase
▼ + stars: | 2023-05-03 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

The fee goes by many names: an administrative fee, a transaction fee, or even a "regulatory compliance" fee. Despite the controversy, all signs indicate that brokerages large and small have increasingly embraced the admin fee in recent years. The vast majority of real-estate agents are independent contractors who rely on commissions to earn a living. Admin fees may be one of the most polarizing topics among real-estate agents today. "I'm in a place in my business right now where I can justify paying that," the Las Vegas agent told me.

☆ An explosion of hidden 'junk fees' is making every home more expensive
▼ + stars: | 2023-05-03 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

To determine how much house you can afford, think about your monthly payments and upfront costs. When buying a house, the general rule of thumb is that you should spend 28% or less of your gross monthly income on housing expenses. To calculate 28% of your monthly income, multiply your gross monthly income (that's your income before taxes) by 0.28. If you abide by the 28% rule, you can afford to spend up to $1,400 per month on your house, including your mortgage, interest, property taxes, homeowners insurance, and homeowner's association dues. Ways to boost your buying powerYour interest rate can make a big difference in how much house you can afford.

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