Category: Mortgage

Where will interest rates be in 2023? Rates will keep rising in 2023 In December, the FOMC projected that the median Federal Funds Rate (FFR) in 2023 would be 4.6 percent. What is the maximum you can take out from a cash-out refinance? How much can I get from a…

What percentage of reserve requirements does a bank have? The commonly assumed requirement is 10% though almost no central bank and no major central bank imposes such a ratio requirement. With higher reserve requirements, there would be less funds available to banks for lending. Under this view, the money multiplier…

What not to say to a mortgage lender? 1) Anything untruthful. 2) What’s the most I can borrow? 3) I forgot to pay that bill again. 4) Check out my new credit cards. 5) Which credit card ISN’T maxed out? 6) Changing jobs annually is my specialty. What is the…

Does PMI start over when you refinance? Yes. You can refinance your loan to get rid of PMI. In order to do this, your new mortgage balance must be 80% of your home’s appraised value or lower. If you take out a conventional mortgage and put less than 20% down,…

How many credit cards do millionaires have? Millionaires are more likely to have multiple credit cards compared to the average American. Seventy percent of Americans with a net worth over $1 million have two or more credit cards, compared to 41% of Americans with a net worth under $1 million….

How much equity can I remortgage? To put yourself in the best position to remortgage, you should have at least 20% equity in your home. Applying for remortgaging with no equity is difficult unless you can get someone to be a guarantor. Remember that lenders look at your equity as…

How low can your credit score be for a loan? Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. What is the lowest credit score for mortgage? Generally speaking, you’ll need a credit score of at least 620 in order…

Can I remortgage my house to consolidate debt? You can only remortgage to pay a debt if you have enough equity in your property. Even with enough equity, it’s important to consider all options before remortgaging. If your current mortgage is still at around 85% of the value of the…

Why do many people prefer a fixed-rate mortgage? The interest rate on a fixed-rate loan remains the same during the life of the loan. Because the borrower’s payments stay the same, it’s easier to budget for the future. What is the downfall of an ARM mortgage? The big disadvantage of…

Can you remortgage on a variable-rate mortgage? Standard variable rate mortgages You’ll usually be moved onto the lender’s SVR when your tracker-rate or fixed-rate mortgage deal ends, unless you arrange to remortgage instead. SVR mortgages don’t usually have any early repayment charges though, so you should be free to remortgage…