mortgage: What’s a Mortgage? (Nearly 50% Of People Recently Polled Didn’t Know…)
- 07/12/23 06:24 AM
Whatever line of work you’re in, there are probably some fairly common terms you’re used to hearing and saying that an outsider may not know. They may be so basic to you that you can’t even imagine how somebody wouldn’t know what it is, even if they aren’t in your field. For instance, the word “mortgage” is something real estate agents presume everybody knows. Well, apparently only 49% of people actually know what a mortgage is, according to a recent survey conducted by One Poll! The survey also found that: 45% of the people surveyed said they plan on buying a home within the next three to … (2 comments)
mortgage: Are Mortgage Rates Back to “Normal”?
- 02/06/23 04:16 AM
If you think mortgage rates are at an all-time high, you wouldn’t be alone. According to this NerdWallet article, 61% of Americans think they’re “unprecedented.” And you’re also not alone if you’re still planning on buying a home this year, despite that sentiment, considering 28 million people plan to do so according to their survey! The thing is, mortgage rates aren’t actually the highest they’ve ever been; not by a long shot. Those low rates buyers were getting over the past few years were historically unusual, and now they’re not just back to “normal”—even below normal—considering data from Freddie Mac shows that 30-year mortgage rates have averaged 7.75% over the last … (2 comments)
mortgage: HOW IS THE CORONAVIRUS SHAKING UP THE HOUSING MARKET?
- 03/20/20 07:49 AM
How is The Coronavirus Shaking Up the Housing Market? – Mortgage rates have plummeted since the beginning of the year as a result of market movements in response to the coronavirus. In the most drastic actions since the 2008 financial crisis, the Federal Reserve, a.k.a. the Fed, cut its benchmark interest rate to near zero. The Fed doesn’t actually set mortgage rates; It determines the federal funds rate, which generally impacts short-term and variable (adjustable) interest rates. This is the rate at which banks and other financial institutions lend money to one another overnight to meet mandated reserve levels. The Fed raises or lowers … (0 comments)
mortgage: Mortgage Rates Increasing-Get Off The Fence!
- 10/26/18 02:19 PM
Mortgage Rates Increasing Can Effect What You Can Afford When you’re buying a home in Oakland County, Michigan, you might think the price you offer is ultimately the price you’ll pay, but if you’re buying a home with a mortgage, that’s not the case. With a mortgage, in addition to paying your principal (the amount of money the bank loans you to purchase your home), you’ll also pay the interest rate on that principal—which is why the mortgage rates increasing on a mortgage loan is so important to you as a home buyer or potential home buyers. Interest rates on mortgages have been low … (0 comments)
mortgage: Why Do Real Estate Agents Ask If You’re Pre-approved?
- 10/11/17 06:27 AM
Have you ever walked into an open house, or called a real estate agent about a listing, and within minutes, they’re asking you if you are “pre-approved” for a mortgage? If you haven’t, then you have never walked into an open house or called an agent. Or at least enough of them… Just wait. It’ll happen. And you’re going to feel like it’s pretty pushy for them to ask that. It’s like a joke.It makes you feel like telling real estate agents this knock-knock joke… You: Knock-knock. Real estate agent: Who’s there? You: Nunya. Real Estate Agent: Nunya who!? You: Nunya business if I’m pre-approved or not! Just show me the house, and I’ll get … (2 comments)
mortgage: Realtors and Home Buyers Be Ready, Especially in Todays Competitive Market
- 09/10/13 09:56 PM
As a professional Realtor for many years I have seen the scenario of Home Buyers become discouraged form buying a home due to credit issues that prevent them from getting a Mortgage Loan when they feel it is time for them to get ready to buy. As a Realtor sometimes you feel uncomfortable asking about a buyers credit worthiness, although you should always ask if they have been “Qualified” not just “Pre-Approved” for a Mortgage Loan as we all know there is a big difference between the two that the potential home buyers are not clear about or understand. As Realtors … (6 comments)
mortgage: First Things First:Getting A Home Loan
- 08/29/13 10:49 PM
The first step in purchasing a new home is to get a home loan and in this market of fierce competition it could never be more important. Before you even start to go see home that you might be interested in, you may want to ask your Realtor for a great Mortgage Lender to start your qualification process with. One of the best sources to find a great lender is through your Realtor as they have experience with many Lenders as they deal with them on a daily bases in their everyday task for both home buyers and home sellers. The … (1 comments)
mortgage: First Time Home Buyer’s Know Before You Go
- 06/05/13 10:39 PM
Buy now, but leave the dream home for later. Remember the school-days saying, “Take what you can eat, and eat what you take.” The same is true with buying your first home. As you probably know, there are beautiful homes on the market right now. But some of the most beautiful are beyond reach…for now. Take heart. One of the proven techniques to building wealth is to own real estate. Over the years, with loan payoff and appreciation, your wealth can grow. Then you can trade-up your “equity” into a home that meets your dreams. Patience is one of the … (0 comments)
mortgage: Finding The Best Mortgage Loan Program
- 04/28/13 10:39 PM
Which do you select first: the loan program or the lender? In most cases, it’s best to decide on the type of loan that will best meet your financial goals, then find a reputable lender who can deliver that option to you at a competitive cost. If you’re looking for a very new type of loan option, or a relatively obscure one, you may only have a few lenders to choose from. For a more “main-stream” mortgage program, you’ll have lots of lender choices.
My blogs are about helping home buyers ,home sellers and even home owners with new and old ideas to prepare them for either scenario. Being a Realtor in Oakland county Michigan is a fulfilling job and I'm very proud to share my knowledge and to learn from other as well.
Whatever line of work you’re in, there are probably some fairly common terms you’re used to hearing and saying that an outsider may not know. They may be so basic to you that you can’t even imagine how somebody wouldn’t know what it is, even if they aren’t in your field.
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