Sentences with phrase «higher mortgage rates if»

You could be denied a home refinance, be forced to pay private mortgage insurance if your loan - to - value is above 80 percent or pay higher mortgage rates if your home's value is too low.

Not exact matches

Alternatively, if the Department of Finance were to continue tightening mortgage credit, and to also withdraw some of the government's past measures boosting the housing sector, it may not be necessary for the Bank of Canada to rein in a housing boom with higher interest rates.

But if Flaherty really wants higher mortgage rates, the obvious solution would be for the Bank of Canada to raise its overnight rate.

«(With an alternative lender), the interest rates are higher, the qualifying rate is higher than if you were going with a traditional bank and they are going to charge one per cent of the mortgage amount (as a lender's fee) for closing, so that means your closing costs increase.»

Open mortgages come with higher interest rates, but give buyers the option to switch to a cheaper lender if something happens.

If mortgage interest rates were higher, paying down this debt would make more sense, but with rates at about 4 percent, investing that money could yield a higher rate of return.

Roberts, the Toronto mortgage broker, is advising all of her existing clients that if they are currently locked in mortgages at rates of 3.59 % or higher, they need to consider breaking their contracts and refinancing, depending on the penalties and time to maturity.

Starting Oct. 17, all insured mortgages will have to undergo a stress test to determine whether a borrower could still make mortgage payments if faced with higher interest rates or less income.

But if mortgage insurance rates are too high, shouldn't the private sector be cutting prices to attract more customers?

If the initial guaranteed rate on an adjustable - rate VA mortgage expires and your interest rate resets higher, your monthly payment will follow.

Moreover, when you have a high FICO score, the «adjustment» to a conventional mortgage because you are making a low down payment will add 0.25 percent to your interest rate if you make a 5 percent down payment, or 0.75 percent if you make a lower down payment.

It typically wouldn't make sense to take out a new loan on your home if the interest rate would be higher than your current mortgage rate.

Besides having a high credit score, you need to have a low debt - to - income (DTI) ratio if you want to qualify for a low mortgage rate.

If a homeowner realizes that her mortgage payments could eventually become unaffordable, she can try to refinance before her interest rate climbs too high.

If you only make the minimum credit score, your mortgage rate will likely be up to a half - point higher and you'll pay more in closing costs, says Sheldon.

If you choose a stated income mortgage instead of a conventional mortgage, you might pay a higher rate.

If you're spending beyond your means, or have a lot of high - interest debt, then there is a chance of less likely to qualify for the lowest rates on a mortgage.

If you have the means, you should definitely consider paying off your mortgage early, especially if your interest rate is on the high end and don't have other investment strategies in placIf you have the means, you should definitely consider paying off your mortgage early, especially if your interest rate is on the high end and don't have other investment strategies in placif your interest rate is on the high end and don't have other investment strategies in place.

«If the cash rate falls, we are already compensated by mortgage rates pushing up higher.

If your mortgage balance is greater than the $ 200,000 baseline used to find these averages, then your rate will probably be higher as well.

If you plan on getting a jumbo loan for your home mortgage, brace yourself for paying a higher interest rate.

If you factor in the effect of the discount points lowering the mortgage rates, then a few of SunTrust's mortgage products actually charge higher rates than usual.

If the maximum interest rate is too high, you could have trouble keeping up with your mortgage payments down the road.

If mortgage rates continue to climb, renting could soon be the cheaper option in high - priced housing markets like San Francisco and Honolulu.

In the case of adjustable rate mortgages being refinanced, the tangible benefit would be moving into a fixed interest rate even if that rate is higher than the one currently being paid on the mortgage.

On the flip side, borrowers with lower scores have a harder time getting approved for mortgage loans, and they usually end up paying higher interest rates if they do get approved.

In fact, switching to a conventional mortgage may actually lower your monthly payment, even if the new loan's interest rate is a bit higher.

This is because fixed - rate mortgages are mortgage loans for which the interest rate does not change — even if market mortgage rates move higher or lower in the future.

If you are considering a jumbo loan for your mortgage, be aware that they come with higher interest rates.

If mortgage insurance is needed, applicants with higher scores also get lower insurance rates.

Figure out if you can afford the higher payments on a 15 - year fixed so that you can get access to the best mortgage rates.

Even if mortgage rates stay low, incomes aren't keeping pace with higher home prices.

If you choose with an adjustable - rate mortgage, know that the interest rate can't suddenly jump to a level that is off - the - charts high.

If your interest rate is too high, that payment may be greater than the cost of your premium, and you would be better off with a single mortgage.

Realistically, though, if you agree that rates are likely to go higher later this year and in 2019, now is the time to speak with mortgage lenders.

If you believe — as many forecasters do — that cash out refinance rates are headed higher, then now is a good time to speak with mortgage loan officers.

Starting Oct. 17, all buyers with high - ratio mortgages — less than a 20 per cent down payment — must qualify based on the five - year benchmark posted rate, even if they have negotiated a lower five - year fixed - ate term.

If you're young or haven't followed mortgage rates closely, you may think they're high now.

not so fast, carney / Osborn et al all threatened us with rising interest rates and higher mortgage payments if brexit occurred.

If you're not in a designated high - risk area, you're eligible for Preferred Risk Policy (PRP) rates, says Keith Baker, Mortgage Banking Program coordinator and faculty at North Lake College.

If mortgage rates finally do move higher, as some have been predicting, affordability will weaken further.

If you're applying for a mortgage and your debt - to - income ratio is high, a higher qualification rate would be disadvantageous.

If you have less than two years remaining on your adjustable rate mortgage before it becomes variable, I highly recommend you refinance today or before the fixed rate ends because ARMs are tied to LIBOR rates once they are variable, and LIBOR rates have surged higher.

Before deciding if an ARM is the right mortgage option for you, you need to check the loan's terms carefully: the terms will specify the highest possible rate that the interest can jump to.

If you're thinking about buying a property in Massachusetts despite the higher property tax bills, or if you're looking into refinancing your mortgage, check out our mortgage rates guide for details on getting mortgages in the statIf you're thinking about buying a property in Massachusetts despite the higher property tax bills, or if you're looking into refinancing your mortgage, check out our mortgage rates guide for details on getting mortgages in the statif you're looking into refinancing your mortgage, check out our mortgage rates guide for details on getting mortgages in the state.

While it makes sense to choose USAA if you need a zero down payment option or need guidance on buying your first home, its mortgage rates are quite high and much of the application process takes place over the phone.

If so, you could clear the mortgage earlier, which can reduce your home's high - interest rates.

If you have another type of debt or loan that is charging much higher interest rates than a second mortgage would, getting a second mortgage might help you save money in the short term.

In other words, if you lock in your loan for the minimum 10 to 15 days, there's likely to be minimal impact on your mortgage rate, but if you opt for 60 days, you'll be paying a higher interest rate until you refinance or sell your home.

If you have a poor credit score, you may only qualify for a higher mortgage rate, because a lender can recoup most of the loan amount at a faster rate if the rate is higheIf you have a poor credit score, you may only qualify for a higher mortgage rate, because a lender can recoup most of the loan amount at a faster rate if the rate is higheif the rate is higher.