mortgage: What's Ahead For Mortgage Rates This Week - March 27, 2023 - 03/27/23 09:23 AM
Last week’s financial and economic reporting included readings on sales of new and previously-owned homes, along with weekly data on mortgage rates and jobless claims.  
Single-Family Home Sales Rise in February
Year-over-year sales of previously owned homes rose 14.5 percent to a seasonally-adjusted pace of 4.58 million sales. Analysts expected 4.20 million sales of pre-owned homes as compared to January’s year-over-year reading of 4.0 million sales. February’s increased sales halted 12 months of falling sales of previously-owned homes. February’s reading marked the highest pace of sales since July 2020, when sales of pre-owned homes rose by 22.40 percent.
The National Association of Realtors® … (0 comments)

mortgage: Should You Pay Discount Points When You Get Your Mortgage? - 03/20/23 07:19 AM
One of the challenges you will face when deciding how much money to put down on your new home is whether to put down a larger down payment or to take a bit of money from your down payment and use it to buy "discount points" to lower your interest rate.
There are pros and cons to doing both and each borrowers situation will be different so it's important to understand which option is best for your individual situation. Some factors you should consider include:
Cost of borrowing - generally speaking, to lower your interest rate will mean you pay a premium. … (0 comments)

mortgage: Is A VA Loan The Best Option For Your Needs? - 03/20/23 07:15 AM
If you plan on buying a house in the near future, there are a few mortgage options available. One potential option is called a VA loan. This is a loan that has been backed by the Department of Veterans Affairs, and it could provide you with some added flexibility that you can use to purchase a house. Is a VA loan right for you? There are a few points to keep in mind.  
Who Qualifies For a VA Loan?
First, not everyone is able to access a VA loan. This is a loan that is generally only available to active members of the … (1 comments)

mortgage: What's Ahead for Mortgage Rates This Week - March 13, 2023 - 03/13/23 06:58 AM
Last week’s economic reporting included Fed chair Jerome Powell’s testimony to the House of Representatives, data on job growth, and weekly readings on mortgage rates and jobless claims.
Fed: Chairman Powell says no decision on March rate hike
Federal Reserve Chair Jerome Powell said that no decision has been made about raising the Fed’s target interest rate range in March. Mr. Powell said, “We have not made any decision about the March meeting. We’re not going to do that until we see the additional data.” Mr. Powell said that the Fed is not on a “pre-set path. We will be guided by … (1 comments)

mortgage: The Do's and Don'ts of Making Your Offer More Competitive - 03/13/23 06:55 AM
Today, the housing market is more competitive than it has ever been in the past. You may have your eyes on your dream home, but how can you make it stand out from the crowd? There are a few tips that you should keep in mind. What are a few things you should do, and what are a few things you should avoid?
Do Get A Pre-Approval Letter
Because the housing market is so competitive, the seller is probably going to have many offers. The seller wants to make sure that the buyer they choose already has financing lined up. That way, they … (2 comments)

mortgage: Short-Term Vacation Rentals: What to Know. - 03/08/23 10:12 AM
If you are interested in purchasing a rental property, you might want a short-term rental that you can use as a vacation home. This can be a great way to generate some additional income, and you might be able to make thousands of dollars every week if you purchase a property in the right location. On the other hand, there are several important factors you need to consider before you purchase a rental property. 
The Marketing Process
You are only going to make money on your rental property if you can convince people to stay there. Why would someone decide to stay at … (0 comments)

mortgage: What's Ahead for Mortgage Rates This Week - March 6, 2023 - 03/06/23 09:51 AM
Last week’s economic reporting included readings from S&P Case-Shiller home price indices, data on pending home sales, and weekly readings on mortgage rates and jobless claims.
S&P Case-Shiller: December Home Price Growth Slows in 20-City Index
Home price growth slowed in December according to S&P Case-Shiller’s 20-City Home Price Index. Home prices rose by 4.60 percent year-over-year as compared to November’s year-over-year home price growth rate of 6.80 percent. The top three cities for home price growth in the 20-City Index were Miami, Florida, Tampa, Florida, and Atlanta, Georgia.
Former leading cities for home price growth have fallen to the bottom of the … (1 comments)

mortgage: What Are the Benefits and Drawbacks of Putting 20 Percent Down - 03/03/23 08:51 AM
Several generations ago, lenders required home buyers to have a 20 percent down payment in order to get a mortgage. While there were a few options out there for people who couldn't save this substantial amount, the reality was that for the majority of people, the 20 percent down was a requirement.
It was the way to show that you were financially responsible enough for homeownership. And it was a strong way that the banks felt secure in making a home loan.
Today, however, homebuyers have many options available to them as they shop for a new home, and those mortgage options … (0 comments)

mortgage: The Top Reasons to Stop Renting and Buy Today - 02/24/23 09:17 AM
Buying a house can be expensive, and it can take a long time to save up money for a down payment; however, it might be time for you to stop renting and buy your own place. What are some of the top reasons why it might be time to put down some roots?
Your Rent Is Going Up
The reality is that your rent will go up with time. Every time you renew your lease, it can be frustrating to see that rent check continue to increase. If you are tired of your rent going up, get a mortgage. You could lock … (4 comments)

mortgage: What Items Can Change My Mortgage Pre-Approval Status? - 02/24/23 09:15 AM
When you are purchasing a home, your lender may recommend you obtain a mortgage pre-approval before you find the home of your dreams. There are some benefits to being pre-approved before you find a home, but oftentimes, people confuse pre-qualifications with pre-approvals.
So the question many buyers have is what exactly is a mortgage pre-approval? In a nutshell, it's when the lender provides you (the buyer) with a letter stating that your mortgage will be granted up to a specific dollar amount.
What Do I Need For Pre-Approval?
In order to obtain a pre-approval for your home purchase, you will have to provide your … (1 comments)

mortgage: Thinking About a New Home? 3 Reasons Why a Mortgage Will Be the Best Money You Ever Borrow - 02/16/23 08:44 AM
In these days of low interest rates, it can be a great idea to get into the real estate market and invest in a home. However, if you don't have the funds saved up to buy a home outright, it may seem like more of a burden than it's worth. The good news is that you might qualify for a mortgage loan, which tends to come with more favorable terms than a traditional bank loan. Here are three reasons why a mortgage might just be the best money you ever borrow.
Taking Advantage Of Low Interest
Interest rates have been relatively low for … (1 comments)

mortgage: What To Know About The 2-1 Buydown Program - 02/16/23 08:30 AM
You are probably excited to close on your home, but you may have also seen that your interest rate might be a bit higher. If you are looking for a way to save money, particularly if you have a lot of work to do on the home, you might be looking for a way to reduce your interest rate during the first couple of years. One option is to perform a 2-1 buydown. What do you need to know about this option, and how do you know if it is right for you?  
How A 2-1 Buydown Works
This is a special … (4 comments)

mortgage: What Is an Assumable Mortgage Loan: What You Need to Know. - 02/09/23 11:19 AM
Everything has its benefits and drawbacks, and that includes mortgage loans. There are plenty of options available, and you need to find the best one to meet your needs. You have probably heard about conventional mortgages, FHA loans, and even VA loans. On the other hand, have you heard about assumable mortgages? What do you need to know about this option, and how do you know if it is right for you?  
An Overview of an Assumable Mortgage
So, what is an assumable mortgage loan? This means that the buyer is responsible for taking over the mortgage obligations of the seller. One … (3 comments)

mortgage: 3 Tips to Consider When Buying a Home with an FHA Mortgage - 02/06/23 06:37 AM
FHA loans are becoming increasingly popular these days as potential homeowners may not able to qualify as easily for conventional mortgages.
The FHA insures some higher-risk loans, in turn allowing borrowers with low down payments and less than perfect credit to purchase homes and bolster the housing market.
However, while getting through the loan process with an FHA mortgage loan is not necessarily more difficult than with a conventional or conforming loan, there are some issues that you will want to be aware of.
Property Condition
You can't buy just any property with a FHA loan, or any other loan for that matter. All … (0 comments)

mortgage: S&P Case-Shiller Home Price Indices: Home Prices Fall In November - 02/02/23 07:12 AM
U.S. home prices continued to fall in November according to S&P Case-Shiller’s month-to-month national and 20-city home price indices, but home price growth rates remained in positive territory year-over-year. The national home price index posted a  7.70 percent year-over-year home price growth rate as of November 2022.
20-city home price index posts 5th consecutive month-to-month decrease in November
The S&P Case-Shiller 20-city home price index for November reported that the top three cities for home price growth were Miami, Florida with a year-over-year home price growth rate of 18.4 percent; Tampa, Florida followed with a  year-over-year home price growth rate of 16.9 percent. … (1 comments)

mortgage: What's Ahead for Mortgage Rates This Week - January 30, 2023 - 01/30/23 06:35 AM
Last week’s economic reporting included readings on new and pending home sales, inflation, and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released.
New home sales increase in December
The Commerce Department reported new home sales rose to a seasonally-adjusted annual pace of 616,000 sales in December as compared to the expected pace of 615,000  new homes sales and November’s revised reading of 602,000 annual sales. December was the third consecutive month that the pace of new home sales rose, but new home sales remained well below the 1.04 million sales peak reported in August 2020.
Pending home sales … (1 comments)

mortgage: Getting A Mortgage When Self-Employed: What You Need To Know - 01/27/23 11:53 AM
There is a common misconception that someone who is self-employed will not have the tax records or income necessary to qualify for a mortgage; however, that is not necessarily the case. In reality, if you are self-employed, there are a lot of home loan options available to you. It is true that it might require some additional paperwork and planning, but as long as you have the necessary information, you should be able to qualify for a mortgage. 
What Is Necessary To Qualify For A Self-Employed Mortgage Loan?
If you are interested in taking out a mortgage when you are self-employed, you will … (1 comments)

mortgage: Paying Your Mortgage On Time - 01/25/23 09:42 AM
Are you the type of person that struggles with remembering to pay their bills on time? You're not alone. People across the country regularly submit late monthly payments, inflicting terrible damage to their credit. Let's take a quick look at how paying your loan or other monthly payments late can have a negative impact on your mortgage.
Your Credit Score Is At Risk
As you already know, almost all banks, credit cards, mortgage companies and other lenders rely on your credit score to help assess the risk of lending money to you. Paying any of your payments late – even something as … (2 comments)

mortgage: What Is a Loan Contingency: An Overview - 01/25/23 09:29 AM

If you are in the process of looking for a new home, you need to find the right one to meet your needs. Sometimes, you want to learn more about specific properties before you decide if it is right for you. As a result, a lot of prospective buyers will include contingencies in their home offers that may allow them to back out without losing their earnest money. What are a few examples of loan contingencies, and how can you use them to protect yourself during the process? 

Examples Of Common Loan Contingencies

Even if you have agreed on a purchase … (1 comments)

mortgage: What's Ahead For Mortgage Rates This Week - January 9, 2023 - 01/09/23 07:38 AM
Last week’s economic reporting included readings on minutes of the most recent Federal Open Market Committee meeting and its customary post-meeting press conference, labor-sector data on public and private-sector jobs, and the national unemployment rate. Weekly readings on mortgage rates and jobless claims were also released.
FOMC Meeting: Policymakers seek a balance between high inflation and rising rates
The minutes of the Federal Open Market Committee meeting held on December 13 and 14 reflect committee members’ concern over controlling rapidly growing inflation while avoiding a recession. While committee members said that they made “significant progress” in raising rates to cut inflation, members said … (2 comments)

Bob Elliot, 20+ Yrs Industry Experience (eXp Realty)

Bob Elliot

20+ Yrs Industry Experience

Minneapolis, MN

More about me…

eXp Realty

Address: 15451 Founders Lane, Apple Valley, MN, 55124

Mobile: 612 868 5500

Mobile: 612 578 6162

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