Ставки по ипотечным кредитам в 2018 году: Ставки по ипотеке в 2018 году
Какой будет ставка по ипотеке в 2018 году
В уходящем году ставка по ипотеке побила все рекорды. Если в начале года процент варьировался в районе 11% годовых, то сейчас он опустился уже до 9,5%. И это далеко не предел. Наши эксперты говорят, что дальше будет еще лучше.
— В 2018 году Центробанк, скорее всего, понизит ключевую ставку до 7%, а это значит, что и ипотека на вторичном рынке жилья упадет до 8,5% или даже 8% годовых. Ниже, правда, уже вряд ли стоит ожидать, — говорит директор Департамента вторичного рынка ИНКОМ-Недвижимость Сергей Шлома.
А не грозит ли нам ипотечный кризис
Несмотря на столь благоприятное развитие событий, осуществление американского сценария (кризис 2008 года) у нас сейчас невозможно, уверены аналитики. В Америке, напомним, кредиты выдавались без первоначального взноса, безработным. Грубо говоря, всем, кому попало. У нас же ситуация совершенно другая.
— Банки все более тщательно проверяют клиентов, изучая их кредитную историю, запрашивается подтверждение доходов по форме 2-НДФЛ, — отмечает управляющий директор брокерского департамента «МИЭЛЬ-Сеть офисов недвижимости» Александр Москатов. – Важен также и размер первоначального взноса. Сейчас его минимальный размер составляет 15%, но банки, озабоченные падением цен на рынке недвижимости, хотели бы довести его размер до 20%.
Как дешевая ипотека отразится на ценах
Несмотря на некоторое оживление, цены на жилье в 2017 году расти не стали. Эксперты считают, что так будет и дальше. По крайней мере, ближайший год.
— Взрывной скачок мы вряд ли увидим, хотя, в связи с отказом от долевого строительства и переходом на проектное финансирование, плавный рост стоимости первичного жилья неизбежен, — добавляет директор Департамента новостроек ИНКОМ-Недвижимость Андрей Кройтор. – Правда рост будет минимальным. И не в ближайший год точно. Застройщикам нужно распродать то, что имеется, завлекая, наоборот, покупателей низкими ценами и заманчивыми предложениями.
Даешь ипотеку под 6%!
Не стоит забывать, что российский президент Владимир Путин поручил правительству до 31 декабря принять все необходимые меры для поддержания семей. Речь идет о ставке под 6% годовых в случае рождения второго или третьего ребенка с 1 января 2018 года.
Кредит со столь низким процентом будет выдаваться семье, если она покупает квартиру в новостройке. Также ее можно будет получить на рефинансирование действующего ипотечного кредита. В 2018 году программой смогут воспользоваться примерно полмиллиона семей.
Схема будет проста и незамысловата — получатель будет платить 6% ипотечного кредита, а остаток до банковской ставки будет доплачивать государство. В программе четко ограничат список банков, которые будут участвовать в льготной акции — вероятнее всего, популярностью будет пользоваться Сбербанк, как один из самых «близких» россиянам банков.
Снижение ставки по ипотеке в 2018 году
В 2018 году в России продолжается снижение ставок по ипотечным кредитам. В прошлом году средняя ставка впервые в истории снизилась ниже 10%, и устойчивый тренд на снижение сохраняется и сегодня. Снижение ставок по ипотеке в 2018 году в России — последние новости о том, какова динамика ставок сегодня, какие прогнозы по ипотечным ставкам дают аналитики на текущий год.
Динамика ипотечных ставок в 2018 году в России
На официальном сайте российского Центробанка приводится информация по ипотечным жилищным кредитам и ставкам по ним за всю историю существования в России ипотеки.
В 2018 году средний процент по ипотечным кредитам, выданным в течение календарного месяца, составил:
- Январь — 9,79% годовых.
- Февраль — 9,85% годовых.
- Март — 9,75% годовых.
- Апрель — 9,64% годовых.
Информации за май пока нет, поскольку месяц еще не завершился.
Средняя ставка по ипотеке в России впервые опустилась ниже десяти процентов в ноябре прошлого года — тогда по выданным в течение месяца кредитам среднее значение ипотечной ставки составило 9,95%.
В 2018 году на среднюю ставку в том числе оказывает влияние льготная семейная ипотека для семей, в которых появляется второй или третий ребенок. Ставка по таким кредитам составляет 6%. В некоторых регионах действует госпрограмма с еще более низкой ставкой для молодых семей.
Впрочем, количество ипотечных кредитов по льготной ставке в любом случае не так велико, чтобы оказывать решающее влияние на средний процент. Приведенные выше цифры отражают общую динамику на рынке ипотечного кредитования, и сравнительно небольшие ставки доступны сегодня всем заемщикам.
Прогноз по ипотеке — снижение ставок в 2018 году до 8,5% и ниже
В конце марта газета “Известия” опросила представителей крупнейших российских банков и экспертов рынка на тему того, что будет с ипотекой в 2018 году. Общее мнение экономистов — ставки по ипотеке в 2018 году продолжат снижение, и к концу года они станут ниже на процент-полтора. Таким образом, вполне реальной является средняя ипотечная ставка в России в конце 2018 года на уровне 8,5%. И это при достаточно консервативном подходе.
Как сообщают те же “Известия”, в марте, при средней ставке по данным ЦБ на уровне 9,75%, для 15 крупнейших банков России статистика была заметно ниже — 9,4% на первичное жилье и 9,5% — на “вторичку”.
Различные российские банки дают разный прогноз по средней ставке на ипотеку в конце 2018 года. Эти прогнозы отличаются только степенью снижения, которую ожидают те или иные эксперты. В том, что снижение последует, уверены все.
Какое снижение средней ставки по ипотеке ожидают в конце 2018 года аналитики различных банков:
- Газпромбанк — 7-8% годовых.
- Банк Возрождение — 8,3-9% годовых.
- Банк ДельтаКредит — 8,5-9% годовых.
- Центральный Банк РФ — 8,0% годовых.
Как отмечают аналитики, при снижении ставок всего на один процент объем выданных кредитов растет на 40%.
Для того, чтобы удвоить количество выданных кредитов, требуется, чтобы ключевая ставка ЦБ РФ опустилась до уровня 6-7%. На сегодняшний день она составляет 7,25% годовых. От ключевой ставки напрямую зависят ставки по всем кредитам в стране.
Из тех тенденций, на которые обращают внимание эксперты, стоит упомянуть о двух базовых. Во-первых, растет доля первичного жилья в ипотеке, на это в том числе направлена и государственная политика, которая делает ипотеку на первичное жилье более выгодной. Во-вторых, растет средняя сумма кредита, что происходит в том числе за счет снижения процентных ставок. Россияне за счет снижения ставок могут позволить себе более дорогое жилье.
Международное рейтинговое агентство Moody’s дало прогноз по ипотечному рынку в России, согласно которому количество ипотечников в стране в 2018 году вырастет примерно на один миллион человек.
Выплаты по жилищным кредитам могут уменьшиться до 8%, что на два пункта ниже текущих показателей
Фото: Антон Ваганов/ТАСС
Ставки по ипотеке продолжат снижение в 2018 году. О прогнозе Центробанка сообщает «Российская газета».
По расчетам ЦБ, средняя ставка по жилищным кредитам в новом году уменьшится на два процентных пункта относительно текущих показателей. Таким образом, ставка по ипотеке 2018 году составит 8% годовых, сказано в публикации.
Падение выплат по жилищным кредитам станет следствием сокращения ключевой ставки, которая в 2018 году опустится до уровня 6,8–7%, прогнозирует банк. Это на 2,5–3 п. п. выше расчетного уровня инфляции, сообщила газета.
По итогам 2017 года ставки по ипотеке достигли рекордно низких значений: 9,8% для новостроек и 10,02% — для объектов вторичного рынка.
Брать ипотеку сейчас или подождать до осени
По мнению аналитиков, до конца года ипотека подешевеет еще, но уже не так сильно. Поэтому если есть первоочередная необходимость в улучшении жилищных условий и финансовые возможности, то стоит рассмотреть покупку жилья в кредит
Фото: Shift Drive/shutterstock
В июне Банк России снизил ключевую ставку сразу на 1 п.п. Впервые за пять лет ставка опустилась до 4,5% годовых. Это рекордно низкий уровень стоимости заимствований в российской истории. Российские банки вслед за ключевой понизили ставки по кредитам, в том числе ипотечным. Некоторые банки уже отреагировали на решение регулятора и снизили ставки. Часть может сделать это в ближайшее время.
По данным ЦБ, в мае средняя ставка по ипотеке в России достигла нового исторического минимума — 7,4%. Еще в начале года она составляла 8,84%.
Снижение ключевой ставки больше всего пригодится покупателям вторички, а также тем, кто планирует рефинансировать ипотеку, считают аналитики. На рынке новостроек сейчас действует льготная программа под 6,5%. Многие банки предлагают ее по ставке ниже 6%. Кроме того, недавно был увеличен лимит льготного кредита, что расширяет возможности для покупки квартиры.
Спросили у экспертов, стоит ли брать ипотеку после снижения ключевой ставки или ждать осени.
«Нынешний уровень ставок очень привлекательный»
Алексей Волков, директор по маркетингу Национального бюро кредитных историй (НБКИ):
— Количество заявок на ипотечные кредиты весной сильно сократилось. В мае было подано на 50% меньше заявок по сравнению с мартом текущего года. В апреле падение было еще более сильным. Очевидно, что все это — экономические последствия пандемии коронавируса и карантина. Введение программы льготной ипотеки и очередное снижение ключевой ставки ЦБ — очень серьезные позитивные сигналы как для экономики в целом, строительной отрасли, так и для заемщиков.
Может ли опуститься уровень ипотечных ставок еще ниже — сказать трудно. При этом нынешний уровень как льготных ставок, так и ставок отдельных банков — исторически самый низкий для ипотечного кредитования в стране.
Поэтому если существует первоочередная необходимость в улучшении жилищных условий (например, при рождении ребенка), то нынешний уровень ставок очень привлекательный. Например, по ипотеке с господдержкой по ставке 6,5%, которая ниже нынешней среднерыночной ставки по ипотеке на несколько процентных пунктов.
Однако необходимо соблюдать ряд условий. Во-первых, у заемщика должны быть стабильный заработок, позволяющий обслуживать кредит, и приемлемая долговая нагрузка. Во-вторых, обязательно наличие средств для первоначального взноса. И конечно, надо готовить и свою кредитную историю. Практика показывает, что банки охотнее дают ипотеку, в том числе на выгодных для заемщика условиях, тем у кого персональный кредитный рейтинг (ПКР) достаточно высок. Если все эти условия соблюдены, то можно предметно рассматривать покупку жилья в кредит».
«Откладывать покупку сейчас не имеет смысла»
Екатерина Щурихина, младший директор по банковским рейтингам агентства «Эксперт РА»:
— С точки зрения ставок сейчас достаточно благоприятное время для оформления ипотеки. Большинство игроков уже учли сигналы регулятора о переходе к мягкой денежно-кредитной политике и скорректировали проценты по ипотеке еще до июньского снижения ключевой ставки на 1 п.п. Возможный диапазон снижения ставок в ближайшие один-два месяца — 0,3–0,5 п.п. Кроме того, продолжает действовать льготная ипотека на новостройки под 6,5%. Согласно данным Росстата, в первом квартале средняя стоимость 1 кв. м жилья в России выросла в сегменте как первичной, так и вторичной недвижимости. Есть основания полагать, что эта тенденция продолжится, особенно с учетом роста спроса на новостройки и затрат застройщиков.
В случае если подходящий объект недвижимости найден, то откладывать покупку сейчас не имеет смысла: ситуация по ставкам благоприятная, а рост цен на жилье вероятен. Однако с учетом сохранения неопределенности в экономике стоит еще более внимательно оценивать достаточность своих доходов для обслуживания ипотеки и их стабильность».
«Лучше ждать не осени, а корректировки программ в ближайшие две-три недели»
Алексей Попов, руководитель аналитического центра ЦИАН:
— Снижение ключевой ставки сразу на 1 п.п. произошло впервые за пять лет. При этом ЦБ анонсировал дальнейшее смягчение кредитно-денежной политики (с достижением значения 4% уже этой осенью). Таким образом, ставка в будущем если и снизится, то не так существенно, как в июне. Соответственно, и ставки по ипотеке изменятся, скорректируются слабее.
Если есть потребность подождать, то лучше ждать не осени, а корректировки программ в ближайшие две-три недели. Прямо сейчас еще не все банки отреагировали на новый уровень ключевой ставки.
Сейчас на рынок вышли те покупатели, которые не завершили сделку в начале весны этого года из-за карантинных ограничений. Высокая мотивация начать процесс покупки именно летом может быть у тех, кто опасается роста заболеваемости с восстановлением ограничительных мер во второй половине года.
На первичном рынке стимулирующим фактором совершить сделку прямо сейчас может быть рост цен на новостройки (цены в этом сегменте рынка жилья продолжали расти и во время карантина, и нет признаков, что динамика изменится после снижения ставки), а также снижение объема предложения (число квартир в продаже остается на очень высоких уровнях, но в некоторых локациях нужного варианта может и не найтись)».
«Ждать осени можно, но это рискованно»
Дмитрий Таганов, руководитель аналитического центра компании «Инком-Недвижимость»:
— Если вы собрались покупать квартиру в новостройке, то сейчас удачный момент, чтобы взять ипотеку. Ждать осени можно, но это рискованно: мы не застрахованы от второй волны эпидемии, введения новых ограничительных мер и других факторов, которые делают экономическую реальность в стране и жизнь каждого человека малопредсказуемой. Расти цены на жилье в ближайшее время вряд ли будут: пока на рынке не наблюдается ажиотажный спрос, а значит, удорожание объектов грозит девелоперам потерей и так немногочисленных покупателей.
Если вы решили купить квартиру в новостройке и у вас есть уверенность в своем финансовом положении, то сейчас можно реализовать желаемое на очень выгодных условиях. Несмотря на разговоры о возможном снижении ставки, никто не может точно сказать, как будет меняться политика выдачи ипотечных кредитов в этом году».
https://realty.ria.ru/20200710/1574181846.html
ЦБ РФ ожидает дальнейшего снижения ставок по ипотеке
Банк России ожидает, что ипотечные ставки продолжат снижаться, вместе с тем не исключает снижения спроса со стороны населения на жилищные займы из-за… Недвижимость РИА Новости, 10.07.2020
2020-07-10T17:01
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90000 Mortgage Rates Trends and Predictions for 2018 90001
90002 It’s a new year, with a new president in the White House, new attitudes permeating through the economic and fiscal sectors-and with all these changes comes uncertainty about home buying opportunities. 90003
90002 What will the mortgage rate trends look like in 2017, Should you sit tight and wait out a new cycle? 90003
90002 The answer depends on whom you’re asking about the mortgage rates, and why you’re thinking of making a change.90003
90002 Since October 2016 mortgage rates have jumped up by 0.75%, that’s almost a full percent in three months. Many financial industry experts believe that the average mortgage rates will trend downwards from where they are at the beginning of the new year. 90003
90002 RATE SEARCH: Shop current interest rates from mortgage lenders 90003
90012 What Goes Up Can Also Come Down 90013
90002 In a December 2016 piece in the 90015 Wall Street Journal 90016, Laura Kusisto cited a seven-year run of historically low mortgage rates that had just concluded: with the election, mortgage rates began to climb again, rising from 3.54 percent to a rate of 4.13 percent for a fixed-rate 30-year loan in mid-December (per Freddie Mac). 90003
90002 This represented the highest level since October of 2014. As recently as the end of 2016, many analysts had gone public with firm predictions that the rates would skyrocket from there. 90003
90002 However, what’s good to remember about analysts is that-like weather forecasters-they’re wrong as often as they are right. 90003
90002 In fact, despite some fevered speculations in financial and general news media, the trend seems to have stabilized and started to retreat a bit: as of February 8, bankrate.com cited average rate for a 30-year fixed mortgage was 4.04%, down 0.04 from the week before. 90003
90002 The 15-year fixed rate fell 0.01 to 3.23%, while a 30-year fixed refi rate shrank by 0.05, to 4.06%. The «winner» in this week’s drop, however, is the 30-year fixed jumbo mortgage, which shrank by a sizeable 0.39, from 4.50% to 4.11%. 90003
90002 Get Mortgage Rate Quotes 90003
90012 Fixed-Rate and Adjustable-Rate Mortgages 90013
90002 A Fixed-Rate mortgage mortgage will have the same interest rate each year of the term.Your monthly payment will never rise which makes it the safest term. 90003
90002 An adjustable-rate mortgage, such as the 5/1 ARM will have a low interest rate for the first 5 years of the mortgage loan. After the initial 5 year term has passed the mortgage rate will increase annually. This makes a fix-rate mortgage best for people who do not plan on living in the home for more than 5 years. 90003
90012 Credit Scores Affect on Mortgage Rates 90013
90002 While the mortgage rate trends up or down, the biggest factor in the rate you receive is your credit score.Your credit score is an estimate of how credit-worthy you are and how much of a risk you present to a mortgage company. 90003
90002 Having good credit is crucial to getting the best rates on your mortgage. You will want to make sure you are maximizing your credit scores. 90003
90002 Pay off your credit card balances before applying for a mortgage. Your credit card balance compared to the credit limit is your credit utilization ratio and accounts for 30% of your FICO score. Try to pay down your debt below 15% of the limit to improve your credit rating.90003
90012 90043 What Makes Mortgage Rates Trend Up and Down? 90044 90013
90002 As with most «money» figures, mortgages respond to the general economic climate. Rates rise when the economy strengthens; in turn, the economy rises on tax cuts and increased federal spending in areas that spur growth, both in terms of wages and the overall GNP. 90003
90002 Mortgage rates are most closely connected with Treasury bond yields-but these also rise in times of inflation. If inflation hits 4%, as it did in 2007, the days of a 4% mortgage rate anywhere, be it your brick-and-mortar lender or an online source, will be over.Instead, you might see rates like we saw ten years ago, when 30-year rates averaged 6.34%. 90003
90002 Just a small percentage point increase in a mortgage rate can cause your payment to rise by amounts ranging from slightly under $ 100 to several times that … which can make a huge difference in a homeowner’s ability to «move up» versus staying put. 90003
90002 It also means fewer buyers are out there for your home; low rates act as a «brake» on many people who fear they will not be able to afford a different home if percentages ascend too quickly.90003
90002 It’s ironic that the higher wages that come with economic growth are, all too often, «cancelled out» by an increase in housing costs that wipe what is a «gain» on paper. 90003
90002 So, say you’re looking to buy in 2017, either a first home or an upgrade. Can you afford to do it? 90003
90002 Once again, the answer depends on whom you ask and what your end goal is. 90003
90002 Shop current interest rates from mortgage lenders 90003
90062 90043 Crunchable Numbers 90044 90065
90002 You can face two possibilities with projected mortgage rates expected to «level off» at about 4.6% by the end of this year (per the National Association of Realtors). 90003
90002 You may have to come up with higher down payments to cut the amount you’re financing in a 30-year fixed loan; or, you may need to do some extra «homework» to find the best loan at a rate you can easily handle. 90003
90002 The good news is, as the old saying goes in sales, «you only need one.» But with the many choices out there, sometimes it’s tough to know what the best «one» is. 90003
90062 90043 For Example … 90044 90065
90002 Say you’re looking at Freddie Mac numbers, which began February at 4.19% for a 30-year fixed conventional loan. The 15-year mortgage rate is 3.40%, and the 5-year ARM comes in at 3.20%. 90003
90002 That last one’s really tempting: if you can handle the uncertainty of potential changes in your rate after 5 years, you might want to get in line NOW for them … right? Well … 90003
90002 90081 Do Take Note: 90082 90003
90084
90085 Freddie Mac rates are not available to everyone. They’re designed for «prime» borrowers, and those borrowers pay around .5 discount points at closing.You also need a sizeable down payment, and your credit needs to be excellent. Not just good … but superior. If you’ve had some «dings» on your history, or you’re rebuilding credit, odds are you do not qualify for Freddie Mac. 90086
90085 Freddie Mac rates, like so many other rates you can see everywhere, are averages. They compile data from some 100 different sources. So, while this information is useful for statistical analysis and prediction, it does not give you figures with which you can walk into your bank.90086
90085 Discount points can be a «sticking point» for many people. Many people do not mind paying even MORE points for a better rate; on the other hand, many of us prefer no closing costs at all, and those mortgages are available-just not through a Freddie Mac lender. 90086
90085 Freddie Mac’s data apply to what are called «conforming» loans and conventional mortgage rates only. In other words, if you want to finance more than the conventional 80% or so, Freddie Mac percentages will not apply anyway.90086
90093
90012 90043 Navigating Other Offerings 90044 90013
90002 Fortunately, if you’ve shopped around at all, you know more is available for the rest of us than the top-of-the-line «prime» program! Depending on your situation, you can look into FHA or USDA loans or other government-sponsored borrowing possibilities. 90003
90002 These may cost you a bit more than the «going» rate; in many cases, their rates are even lower. 90003
90002 Ellie Mae’s December Origination Insight Report (based on processing over close to 4 million applications per year), indicated that average mortgage rates came in at these levels: 90003
90062 2017 current average mortgage rates 90065
90084
90085 FHA mortgage: 4.02% 90086
90085 Conventional mortgage: 4.14% 90086
90085 VA mortgage: 3.76% 90086
90093
90002 FHA loans, a government-backed vehicle, are new-graduate friendly, so it’s no surprise that some 40 percent of first-time buyers in their twenties and thirties use them. VA loans are an «evergreen» option for home buyers, in that they offer lenient credit demands, require no down payments or mortgage insurance, and are offered to anyone who has served in the military. 90003
90002 If you’re buying in rural areas, you can look into a USDA home loan, otherwise known as the Rural Development Guaranteed Housing Loan (Section 502).Designed to assist purchasers in less dense areas of the country, in which incomes are lower than those in cities, it also requires no down payment and is available to buyers with less-than-perfect credit. 90003
90002 An added bonus: the interest rates are as good as those the VA offers, making it extremely affordable. Finally, there’s yet another new option: it’s called HomeReady 90043, 90044 ™ and is available to those with modest incomes, requiring only 3% down. 90003
90002 The best news? Low as the rates for these programs are, they could go even LOWER in 2017.90003
90012 90043 The Bottom Line 90044 90013
90002 Right now, a loan will cost you about $ 490 monthly for every $ 100,000 you borrow. Notable EXCLUSIONS include what you’ll need to set aside in escrow for taxes and insurance, flood insurance, and PMI (private mortgage insurance), if your lender requires it. 90003
90002 But from all indicators, this is a good «baseline» to plan around: even the Mortgage Bankers Association predicts that rates may rise slightly this year, but they expect them to remain low-below 5 percent-through the end of 2018.90003
90002 If you’ve done your homework, comparison-shopped, and realistically assessed your financial situation, the answer to the question, «Can I afford to buy a home in 2017?» might well be a resounding YES. 90003
90002 RATE SEARCH: Check Current Mortgage Rates 90003
.90000 VA refinance in 2018: How to avoid the scammers 90001
90002 Beware! Scammers operating 90003
90004 Are you considering a VA refinance in 2018? Then take care. 90005
90004 Unscrupulous con artists are targeting veterans and servicemembers who want to refinance; some with VA loans have suffered real losses. 90005
90004 Read on to discover how the scams work … and how to avoid them. 90005
Verify your new rate (Jul 14th, 2020)
90002 A real issue 90003
90004 There’s a bipartisan initiative in the U.S. Senate. No, really! 90005
90004 There’s an issue so bad legislators are reaching across the aisle in an attempt to resolve it. And, in tody’s confrontational atmosphere on Capitol Hill, you know that issue must be serious. 90005
90004 90017 The complete guide to VA home loans 90018 90005
90004 It is. The proposed measure seeks to «protect veterans from targeted predatory home loan practices,» according to a Congressional website. 90005
90002 Protecting veterans 90003
90004 So, on January 11, U.S. Senators Thom Tillis (R-NC) and Elizabeth Warren (D-MA) introduced the «Protecting Veterans from Predatory Lending Act of 2018» They had the backing of 10 co-sponsors, five Republicans and five Democrats. 90005
90004 The picture below depicts the top scams against veterans, according to the VA Office of Inspector General. 90005
90004 90029 90005
90004 «Unfortunately, a few bad actors are taking advantage of the [VA home loan] program as home lenders have begun targeting veterans and servicemembers to generate profit and fees at their expense, often leading to higher loan amounts and putting families in a worse financial position than they started off, «observed Senator Tillis.90005
90004 Even the mortgage industry’s trade body is condemning the practice. When the Mortgage Banking Association testified before Congress, it backed stronger policing. 90005
90002 The scams 90003
90004 There are two main scams and both involve «churning.» That’s when lenders encourage those with VA loans to refinance when it provides no or little benefit. This is also known as «equity stripping,» because it the scammers may suck the equity out of your home, unnoticed by you because you pay nothing out-of-pocket for your refinance.90005
90004 But churning is intended to line lenders ‘pockets — at the expense of borrowers. 90005
90002 Scam 1 — The cash-out refinancing 90003
90004 When you’re short of cash, you may want to dip into some of the equity you’ve built up in your home. That process is called a cash-out refinancing. 90005
90004 Unfortunately, there are some downsides to this. It means you’re resetting the clock on your mortgage. So, if your 30-year mortgage has 25 years left to run, you’re back to facing another 30 years of payments.A refinance usually comes with lender and other third-party charges, whether you pay them out-of-pocket or not. 90005
90004 90017 How to use your cash-out refinance 90018 90005
90004 But lots of people do it. And, in the hierarchy of dumb financial moves, it’s a long way down the list. Indeed, it can often be smart. So you may perfectly sensibly undertake a VA refinance in 2018. 90005
90004 However, scammers try to get borrowers to refinance in this way repeatedly. But that keeps resetting the clock.And keeps putting fees from closing costs into lenders ‘pockets. So the lender profits at the borrower’s expense. 90005
90002 Scam 2 — The bad refinance 90003
90004 Generally speaking, it’s a good idea to refinance to a lower interest rate. Your monthly payments are lower. And your overall cost of borrowing falls. What’s not to like? 90005
90004 It depends on what you have to do to get that lower rate. Suppose that you have a $ 300,000 mortgage at a 4.25 percent interest rate that you’ve been paying for five years.Your current balance is $ 266,170, and your principal and interest payment are $ 1,476. 90005
90004 You could lower your payment to $ 1,309 by refinancing without even changing the interest rate. That’s because you’re stretching out the repayment of the remaining balance to a new term, extending your repayment by five years. An unscrupulous lender will refer to the $ 167 a month difference as «savings.» But clearly you are saving nothing — in fact, you’ll pay more. 90005
90004 Most lenders do not just offer to refinance your old loan at the same rate, however.They offer a lower rate, at a cost and are so nice that they offer to do the loan at no out-of-pocket cost to you. For instance, you might get a 3.75 percent mortgage rate, at a cost of three points (3 percent of your loan amount), plus other fees — perhaps a total of $ 10,000. Your new payment drops from $ 1,476 to $ 1,279, «saving» you nearly $ 200 a month and your new balance is $ 276,170, costing you $ 10,000 of home equity and extending your repayment by five years. 90005
90002 «Iffy» disclosures 90003
90004 Other ways to lower your interest rate include refinancing you into an adjustable rate mortgage (ARM), which usually carries a lower rate than a similar fixed loan.After the loan’s introductory period (which can be anything from one month to ten years), the rate and payment can increase. 90005
90004 That’s fine if you understand this, and especially if you plan to sell or pay off the mortgage before its rate begins resetting. The «iffiness» occurs only if the terms of this new loan are not disclosed to you. 90005
90004 The same could be said of the 15-year mortgage. Rates for these programs are lower than those of 30-year loans. They can be smart choices because you get a lower rate and pay your loan off faster.You need to know that the payment is higher and you need to be comfortable with this. 90005
90002 Broken promises 90003
90004 The U.S. Department of Veterans Affairs is just one body that is warning of these scams. On its website, it tells of some of the more common complaints and issues it’s observed. 90005
90004 These include unsolicited communications that can misleadingly appear official. Advertisements, literature and aggressive sales pitches that misleadingly offer too-good-to-be-true benefits.Some of the promises that are commonly made and subsequently broken include: 90005
90079
90080 Ultra-low interest rates (which apply only if you refinance to an ARM or a much shorter loan) 90081
90080 Unfeasibly high cash-out sums 90081
90080 Skipped mortgage payments (banned by the VA) 90081
90080 No out-of-pocket expenses (when those, in reality, are added to your mortgage balance) 90081
90080 Refunded escrow balance (Well, yeah. Maybe. But you’ll likely need to fund a new escrow account) 90081
90090
90004 It’s important to know one thing — the government does not set VA mortgage rates.The government does not require you to pay fees other than the VA funding fee. Nor does the government require you to refinance with your current lender or any lender for that matter. 90005
90002 VA streamline refinance 90003
90004 The VA streamline refinance (formally known as the Interest Rate Reduction Refinance Loan, or IRRRL) is sometimes the vehicle for these scams. And you can see why. 90005
90004 90017 What you need to know about the VA streamline refinance program 90018 90005
90004 The VA wanted to make refinancing from one VA loan to a new VA loan cheap, easy and straightforward.It eased up on many bureaucratic procedures but that may have left IRRRLs more vulnerable to abuse. 90005
90004 However, that does not mean a VA streamline refinances can not give you fantastic deals. They typically do. It just means you need to choose your lender with care and that’s easy. 90005
90002 A safe VA refinance in 2018 90003
90004 How easy? Well, you can request VA refinance quotes from multiple lenders in a matter of minutes using websites like this one. With lenders licensed in your state and approved by the VA to refinance your home loan.90005
90004 And that will allow you to compare different offers. Maybe your existing mortgage provider or a company that sent you a solicitation will turn out to be your best bet. Although, you will not know that for sure until you’ve done your comparison exercise. 90005
90002 Loan estimates and closing disclosures 90003
90004 Then, when you apply to lenders, you need to make sure the «loan estimates» (standard documents detailing your provisional deal) they send you compare with their offers.Those loan estimates should be given in good faith and lenders should not change anything without a good reason, which must be explained to you. 90005
90004 90017 How to make the most of your closing disclosures 90018 90005
90004 Later, at least three days before you close, you’ll get a «closing disclosure» that sets out all the terms of your new mortgage in an easy-to-understand format. That’s your last chance to make sure you’re getting the deal you want — and the one you were promised — without derailing your refinance.90005
90002 Double time — away 90003
90004 You still have one last chance to call the whole thing off because you only commit yourself when you sign the closing documents. 90005
90004 So, if you smell a rat, just walk away. You can always start again with some new quotes. You have only one priority: to get the best VA refinance in 2018 you can. 90005
Verify your new rate (Jul 14th, 2020)
.90000 Should you choose low mortgage rates and high processing fees, or vice versa? 90001
90002 90003 In this article: 90004 90005
90002 In general, the lowest mortgage rates come with the highest processing fees. That said, mortgage rates and costs vary widely between lenders for the same loan to the same borrower. 90005
90008
90009 «Origination» fees usually cover the lender’s costs to process, underwrite and fund your loan 90010
90009 «Discount» fees or points are extra amounts that you can choose to pay if you want a lower rate 90010
90009 «Rebates» are fees that are paid by the lender 90014 to 90015 the borrower for accepting a 90014 higher 90015 interest rate.You can use rebates to cover other closing costs 90010
90019
90002 The best combination of interest rate and fees depends on a few factors, and everyone’s «sweet spot» is probably a little different. 90005
Verify your new rate (Jul 14th, 2020)
90022 Mortgage rates: the bottom line 90023
90002 Mortgage rates are the number one issue when it comes to real estate financing. Sometimes that means processing fees are overlooked, fees that can substantially impact the real cost of mortgage loans.Why? Because different lenders make different deals. 90005
90002 90014 Related: How much do lenders make on your home loan? 90015 90005
90002 To get the best deal, you have to understand the lender’s rate sheet. There’s not just one rate. Every mortgage has combinations of points and rates. If you qualify for financing at 4.5 percent, you might also be able to get the same loan for 3.875 percent or 5.125 percent. In some cases, you might actually want the 90014 higher 90015 rate! 90005
90022 Origination fees 90023
90002 An «origination» fee is the money you pay for the lender’s services.This processing fee is usually equal to 1 percent of the mortgage amount. If you borrow $ 150,000, the typical origination fee is $ 1,500. 90005
90002 Sometimes the origination fee will be higher if the lender must do more work. 90005
90002 90014 Related: 4 ways to keep mortgage closing costs low 90015 90005
90002 This is the case with a standard FHA 203 (k) financing. This is a type of mortgage that can be used to both buy a home and then finance major improvements. Because the program is so complicated, the government allows FHA lenders to charge a «supplemental» origination fee.90005
90002 If the price of an origination fee seems high, consider that it costs a lot of money to create a mortgage. The Mortgage Bankers Association says that in the first quarter of 2018 the typical mortgage cost $ 8,957 to originate. 90005
90022 Processing fees and discounts 90023
90002 A «point» is equal to 1 percent of the mortgage amount. If you borrow $ 150,000, the cost of one point is $ 1,500. A «point» can also be called a «discount» fee and sometimes even a «rate adjustment factor.»90005
90002 While origination fees are set in stone, points are negotiable. This is VERY IMPORTANT. You can change your interest rate by paying more points or fewer points. 90005
90002 90014 Related: Taking out the garbage (dumb mortgage costs to avoid) 90015 90005
90002 The Consumer Financial Protection Bureau (CFPB) offers this example. 90005
90002 Let’s say you borrow $ 180,000. The interest rate is 5 percent with 0 points. When a loan is quoted with zero points you are seeing the «par» price.90005
90002 But instead of zero points, you’re willing to pay .375 points. That’s 3 / 8ths of a point. In the case of a $ 180,000 loan that’s an additional $ 675, you must pay at closing. Now, the lender will offer the loan at 4.875 percent in the CFPB example. Your rate has gone DOWN. 90005
90002 Working from the CFPB model, the lender’s rate sheet might show several pricing options for a $ 180,000 mortgage. 90005
90066
90009 5.375 percent means the lender will pay $ 2,025 in closing costs 90010
90009 5.25 percent means the lender will pay $ 1,350 in closing costs 90010
90009 5.125 percent means the lender will pay $ 625 in closing costs 90010
90009 5.00 percent plus 0 points equal par pricing 90010
90009 4.875 percent plus .375 points (you pay an additional $ 675) 90010
90009 4.75 percent plus .750 points (you pay an additional $ 1,350) 90010
90009 4.625 percent plus 1.125 points (you pay an additional $ 2,025) 90010
90081
90022 Choices 90023
90002 Which combination of rates and points will you choose? It depends on your needs and preferences.If cash is a problem but monthly income is strong, a higher rate might be your best choice. If you have lots of cash, buying down the rate can be a good strategy if you expect to be a long-term owner. 90005
90002 90014 Related: Explaining mortgage discount points in plain English 90015 90005
90002 To better understand your options, it’s best to run the numbers. 90005
90002 A $ 180,000 mortgage at 5 percent over 30 years has a monthly cost for principal and interest of $ 966.28. If you pay $ 675 extra at closing, the rate will fall to 4.875 percent. The monthly cost will drop to $ 952.57. You will save $ 13.71 a month. Divide $ 675 by $ 13.71 and in basic terms, you will need 50 months to recover your cost. 90005
90002 If you live in the property for more than 50 months, you’ll save money with the lower rate. 90005
90022 Rebates 90023
90002 If you look at our model rate chart, you can see that it suggests an exchange. You can pay more cash up front to get a lower-than-par mortgage rate. If you can accept a higher rate, the lender will pay you.90005
90002 A «rebate» is simply a situation in which, for a higher rate, you get a closing credit from the lender. The higher the rate, the more cash you can get to close. This can be attractive if you expect to be a short-term owner. 90005
90002 90014 Related: Negotiating a better mortgage rate for your home 90015 90005
90022 Bargaining 90023
90002 Different lenders will have different rate sheets. Lender Smith will have one set of rate discounts or rebates. Lender Jones will have another set of discounts and rebates.It pays to shop around for the best deal. 90005
90002 One approach is to determine what rate you want and get lender cost quotes based on that rate. So the lowest-costing option wins. Alternatively, you can set what you’re willing to pay and get rate quotes based on that cost. In that case, the lowest rate wins. 90005
90002 Verify your new rate (Jul 14th, 2020) 90005
.90000 2019 mortgage rates forecast from leading housing authorities 90001
90002
90003 90004 90005
90002
90003 90008 90009 Editor’s note: 90010 See our 2020 housing authorities forecast here. 90011 90005
90013 Mortgage rates forecast: Only one agency predicting sub-5% rates 90014
90003 It’s not very often that major players across an industry agree, but on this point, almost everyone does. 90005
90003 Of the six housing authorities examined, only one predicts 30-year mortgage rates below 5% for 2019.90005
90003 Five percent used to be considered an ultra-low rate. But after years of rates in the 3s and 4s, it seems pretty steep. 90005
90003 Still, affordable home payments will not be hard to find, even as we adjust to the new normal. 90005
90003 Want to grab rates before they rise? It might be a good idea to lock in a sub-5% rate while you can. 90005
Find and lock your low rate now. (Jul 14th, 2020)
90013 Averaging all major forecasts 90014
90003 Any single prediction is likely to be wrong.Market-driven outcomes are just too hard to predict. 90005
90003 The best thing to do, then, is to review all opinions and find middle ground. Here are all major predictions in one chart, and an average of them all. 90005
90031
90032
90033
90034 90009 Agency 90010 90037
90034 90009 30-Yr Rate 2019 Prediction 90010 90037
90042
90033
90034 90009 NAR 90010 90037
90034 5.3% 90037
90042
90033
90034 90009 NAHB 90010 90037
90034 5.2% 90037
90042
90033
90034 90009 MBA 90010 90037
90034 5.1% 90037
90042
90033
90034 90009 Freddie Mac 90010 90037
90034 5.1% 90037
90042
90033
90034 90009 Fannie Mae 90010 90037
90034 4.8% 90037
90042
90033
90034 90009 Realtor.com 90010 90037
90034 5.5% 90037
90042
90033
90034 90009 Average of all agencies 90010 90037
90034 90009 5.17% 90010 90037
90042
90101
90102
90013 National Association of Realtors (NAR): Expect rates around 5.3% 90014
90003 Paul Bishop, the NAR’s vice president of research, told me his group believes rates will head north next year.90005
90003 «We’re anticipating that the economy will continue to grow throughout 2019. Also, we expect that the Fed will continue to raise interest rates,» says Bishop. «While the Fed does not control mortgage rates, it’s a signal to the rest of the markets that the Federal Reserve thinks the economy is strong. The financial markets will take their cue from that. So we anticipate that rates will trend up through 2019 and into 2020. » 90005
90003 90008 Related: Mortgage rates now and loan lock recommendation 90011 90005
90003 Bishop says the NAR predicts 30-year fixed interest mortgage rates to average around 5.3 percent in 2019. 90005
90003 «The potential buyer who’s thinking if now is the right time to buy needs to do the math and determine what the impact of potential rising rates would be on their payment,» he adds. 90005
90003 Case in point: Say you have a $ 200,000 mortgage. A half-point jump-going from 5 to 5.5 percent-equates to an increase of about $ 62 a month. 90005
90003 «It’s wise for the buyer to focus on what it will cost them if rates rise, and not just focus on the rate itself,» Bishop notes.90005
90003 Given that we’re seeing a continued rise in mortgage rates and that it’s very unlikely rates will decline over the next year, «buyers should consider locking in a rate sooner rather than later,» says Bishop. 90005
90013 National Association of Home Builders (NAHB): Rates should stay above 5 percent 90014
90003 Robert Dietz, chief economist for the NAHB, told me his group is forecasting rates to average 5.2 percent in 2019, but they may rise above 5.3 percent by 2020. 90005
90003 «We expect, at a minimum, the Fed to raise the Federal Funds Rate by 75 basis points through mid-2019,» notes Dietz.»Most forecasters expect additional rate hikes beyond this. But our analysis indicates that the economy will be noticeably slowing by late 2019. » 90005
90003 90008 Related: How to deal with a 5 percent mortgage 90011 90005
90003 Dietz notes that mortgage rates track the 10-year Treasury rate. These are set to increase as the labor market tightens and the Fed seeks to keep inflation contained. 90005
90003 «Rates have increased by approximately 100 basis points over the last year. Hence, now is a good time for buyers to evaluate how large a mortgage they can afford given their household income.Buyers should also anticipate that a slowing economy could mean lower job and wage growth over the next three years, «he says. 90005
90013 Mortgage Bankers Association (MBA): Rates at 5.1 percent through 2021 90014
90003 The MBA foresees 2019 mortgage rates averaging 5.1 percent. 90005
90003 MBA’s chief economist Mike Fratantoni and associate vice president of economic and industry forecasting Joel Kan recently said in a recent forecast commentary: «While the Federal Reserve is expected to increase short-term rates further, 30-year mortgage rates should rise only modestly from here, averaging 5.1 percent for 2019 through 2021. We expect that the Fed will raise rates three times in 2019 and hold the fed funds rate at just over 3 percent. » 90005
90003 They further expected housing demand to remain at a healthy level; this will lead to a boost in purchase originations. They attributed this to a continued low unemployment rate, which they expect to decrease to 3.5 percent by late 2019. 90005
90003 «Economic growth is expected to continue its strong showing into 2019 … We forecast 2.3 percent growth in 2019.This growth will help support the job market and wage growth, which is an important factor for housing, «they said. 90005
Start your mortgage rate shopping here. (Jul 14th, 2020)
90013 Freddie Mac: Prepare for rates around 5.1 percent 90014
90003 Freddie Mac has a similar forecast to the MBA. They also believe the 30-year fixed mortgage rate will average 5.1 percent next year. 90005
90003 In its October Forecast, Freddie Mac stated: «We expect mortgage rates to continue to gradually inch higher.We anticipate that the 30-year fixed-rate mortgage will average 4.5 percent in 2018, rising to 5.1 percent in 2019 and 5.6 percent in 2020. » 90005
90003 In commenting on its October Forecast, Sam Khater, Freddie Mac’s chief economist, said: «While we expect the weakness in housing activity to extend the next few months as the market absorbs the recent uptick in mortgage rates, the combination of strong economic growth and millennials moving toward homeownership should help home sales regain momentum and rise modestly in 2019.»90005
90013 Fannie Mae: Expect a modest increase-4.8 percent 90014
90003 Fannie Mae has slightly better news for borrowers. In its October 2019 Housing Forecast, the group predicted 30-year fixed-rate mortgage rates to average 4.8 percent. 90005
90003 «Economic conditions remain supportive of additional rate hikes in 2018 and 2019, as the labor market has tightened and inflation continues to hover just above the Fed’s 2-percent target,» stated Fannie Mae Chief Economist Doug Duncan in that forecast.90005
90003 Duncan added: «Our expectations for housing have become more pessimistic: Rising interest rates and declining housing sentiment from both consumers and lenders led us to lower our home sales forecast over the duration of 2018 and through 2019. Meanwhile, affordability, especially for first -time homebuyers, remains atop the list of challenges facing the housing market. » 90005
90013 Kiplinger: Brace yourself for a 5.3 percent rate 90014
90003 Another esteemed industry expert on rates is Kiplinger.In its most recent economic forecast, the publisher cautioned that rates will likely increase next year. Kiplinger staff economist David Payne wrote that the 30-year fixed-rate mortgage will probably rise to 5.3 percent in 2019. 90005
90003 «Long-term interest rates have dropped a bit as some equity investors retreat to the bond market, which usually happens during stock market corrections. However, once the correction is over, long rates should head up again, «wrote Payne. «The Federal Reserve’s rate hike program will put upward pressure on long rates well into next year.»90005
90003 Realtor.com is not bullish on mortgage rates. 90005
90003 In fact, it has the highest mortgage rate prediction of any major housing authority. 90005
90003 While it predicts a 30-year fixed-rate average of 5.3%, they say to expect a 5.5% rate by the end of 2019. 90005
90003 «As the economy continues to prove resilient, mortgage rates are expected to continue their upward march,» said Danielle Hale, chief economist with Realtor.com, in a recent interview. 90005
90013 Should you buy or refinance now? 90014
90003 With all the talk of higher rates, consumers might be wise to grab sub-5% rates if they are available.90005
90003 Mortgage rates are still holding low (at the time of this writing), so the proverbial window is still open. 90005
90003 Start your mortgage shopping process before rates rise. 90005
Verify your new rate (Jul 14th, 2020)
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