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Using Airbnb Income On A Mortgage Application

By Dan Green

Mortgage payments for home buyers is now 7.5 percent higher as compared to the start of the year; Today’s updates for conforming mortgage rates, FHA mortgage rates, USDA mortgage rates, and VA mortgage rates; plus, a major win for Airbnb hosts in search of inexpensive mortgages.

Mortgage Rates Rise 0.50 Percentage Points

Let’s pick up today where we left off in the last episode — with mortgage rates.

Because they’re a force right now.

Since the start of the year, which was only a few weeks ago, 30-year fixed rates across all loan types are up about 50 basis points, or 0.5 percentage points — and that’s a lot.

We have to go back to 2009 to find a time when mortgage rates spiked with this much force.

So, home buyers: if you were looking at a mortgage payment of a $1,000 per month for that future home on January 1, today that payment’s $1,075.

That’s $900 extra dollars per year and if you think a change like that won’t affect your pre-approval, think again.

Get with your lender today to double-check that pre-approval of yours or, if you’re not working with a lender just yet, click the link in the description and we’ll get you connected with one straight away.

Click here for today’s mortgage rates.

Today’s Mortgage Rates

Mortgage rates. They’re bonkers.

Not because they’re higher but because they’re all over the place.

It’s tough to pin them down, they’re changing so fast. Two or three times as fast as usual.

So here’s about where we’re at about now.

Rates vary by lender and how you put your loan together affects your rates, too.

If you take your lender’s zero-closing cost option, for example, you can expect to get a higher rate. On the plus side, somebody else will be paying the freight of your fees.

Zero-closing cost loans are just one of your options with your mortgage so ask your lender what might work best for you.

Click to get today’s mortgage rates.

Lenders Allow Airbnb Income For Your Next Mortgage

A new loan option’s got homeowners saying “all right”.

Fannie Mae has just announced its backing for Airbnb-sourced income as part of a your mortgage application which means you can turn those sometimes-rentals into line-items on your loan app.

This is a major win for the Gig Economy, which is characterized by people taking their idle assets —
their homes in this case — and turning those assets into income.

It also reminds us that the invention of the telephone wasn’t so important. It was the second telephone that mattered.

Because lenders have been saying they’ll do gig economy homes for years but, until now, those loans were kept in portfolio at high mortgage rates and with challenging standards of proof.

A “quagmire”, maybe?

With Fannie Mae’s backing, those loans now have places they can go. The process is cheaper, faster, and easier, and that’s got everyone saying “giggity”.

Click the button below for more on today’s gig economy mortgage loan options.

Get A Mortgage Rate Quote Now

Click For Rates!

Written by Dan Green

Dan Green is a personal finance expert and the founder of Growella. His expertise has been cited by The Wall Street, NPR, and CNBC; and, his advice has helped millions of people make better choices with their money. Dan hosts the mortgage news show "The Mortgage Minute-and-a-Half" three times weekly on YouTube.

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