buyingahome buyingahouse: Lowering or raising rates maybe a 2-edged sword
- 02/23/24 06:11 PM
February 23, 2024 Well, we are now into 2024 and interest rates have come down from the high of 8%+ in 2023, and now according to https://WWW.NerdWallet.com, 30-year fixed rates w/full doc loans are vacillating in and around 7%-7.9% APR depending on one’s income, credit and debt/income ratios as well as the lender. Fifteen-year rates w/full doc loans are hovering around a low of 6%+ APR. Many of the expert economists are not 100% confident that they will go down and some even contemplate that they could even still increase, depending on the inflation numbers. One thing is for sure, our … (5 comments)
buyingahome buyingahouse: Interest rates and credit crisis affect housing
- 12/09/23 02:22 PM
Right now for some everything looks rosy. Home prices, although not increasing at the same excessive pace, are still going up on Long Island. But in other locations around the U.S., prices have moderated, especially where much of the new construction has occurred. But for a majority of others, things may look downright challenging and dismal with our national debt at $32 trillion, credit card debt increasing to a stifling level month after month, and student debt of $1.77 trillion owed by 45.3 million borrowers, down from 45.4 million students in the second quarter of 2021. But 0.63% of student loans were … (2 comments)
buyingahome buyingahouse: Planning to retire and contemplate moving?
- 12/22/22 10:01 AM
0 Winter is here and you may begin staying inside for a longer period of time, especially with the advent and ramping up of increased COVID, RSV, and flu breakouts occurring locally and nationally. You have more time to think about retiring and getting out of the cold and snowy weather to a warmer destination. There is quite a lot to think about when and if you are going to retire. How much time do you provide your employer? If self-employed, will you be selling your business or having one of your children take over? Will you need to take … (3 comments)
buyingahome buyingahouse: Step by Step Guide to buying a coop
- 12/08/22 12:44 PM
You have finally found “your place to call home” arrived at an agreed price and been accepted on your purchase of a co-op. You have submitted your offer with your pre-approval from your bank or if cash, proof of funds. Some sellers will ask to see your financials prior to going to contract to be confident that you are financially strong enough to pass the co-op board. Then the contract is made up by the seller’s attorney and sent to the buyer’s attorney for review. Once all the terms are agreed upon by the attorneys and their clients and the final contract … (3 comments)
buyingahome buyingahouse: Why is this current market so radically different than in 2008?
- 03/17/21 10:29 AM
When comparing today’s real estate environment to that of the market leading up to the implosion of 2008, there are marked differences that still make this market an excellent time to purchase. Back then it was a piece of cake securing financing because the regulations were so lax and if you had a pulse, the majority of lending institutions made it very easy to provide you a no documentation mortgage. Today it is much different in qualifying for a mortgage. The Urban Institute, and I quote, “released their latest Housing Credit Availability Index which “measures the percentage of owner-occupied home purchase loans that … (0 comments)
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February 23, 2024 Well, we are now into 2024 and interest rates have come down from the high of 8%+ in 2023, and now according to https://WWW.NerdWallet.com, 30-year fixed rates w/full doc loans are vacillating in and around 7%-7.9% APR depending on one’s income, credit and debt/income ratios as well as the lender. Fifteen-year rates w/full doc loans are hovering around a low of 6%+ APR. Many of the expert economists are not 100% confident that they will go down and some even contemplate that they could even still increase, depending on the inflation numbers.
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