mortgage: Buying a New Home? 3 Major Mortgage Missteps That You’ll Want to Avoid
- 03/21/17 12:00 PM
Buying a home is one of the biggest financial investments you’ll make in your life, and it’s important to make sure that you’re doing what will be right for you down the road. If you’re trying to avoid buyer’s remorse and are wondering what major missteps to avoid when diving into the market, here are a few things you may want to watch out for.
Buying Too Much Home
It’s often the case that a homebuyer will get so excited about a home they see that they need to have it, but putting all of your money into one investment can be difficult … (0 comments)
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mortgage: Mortgage 101: Five Key Mortgage Terms You Need to Understand
- 03/15/17 11:27 AM
From putting your home on the market to finding the lender with the best rates, there are so many things involved in buying a home that the terminology is just one more thing to add to the list. While there may be quite a few words you’ll hear that may be unclear, here are a few you’ll want to watch out for so you’ll be prepared for home ownership.
Adjustable-Rate Mortgage
Often known as ARM, an adjustable-rate mortgage corresponds to the conditions of the market. This means that your interest rate will shift from day to day along with the market, and the … (1 comments)
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mortgage: Are You ‘Pre-approval Worthy’? Learn How to Assess Your Finances
- 03/09/17 11:12 AM
Finding the right home and the right mortgage can take a lot of time and energy, so it’s important to consider whether you’ll be prepared for approval before diving into the process. Whether you’ve had some financial setbacks or you just want to have an idea ahead of time, here are some ways to quickly determine if you’ll be pre-approved for a mortgage.
Do You Have A Down Payment?
You may have heard that the ideal down payment amount is 20% of the cost of the home, but this doesn’t mean you have to have this amount. However, it is important that you … (1 comments)
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mortgage: Thinking About Refinancing? 4 Ways to Ensure It’s Worth Your Time
- 03/03/17 07:59 AM
If you’re familiar with the real estate market, you’ve likely heard the term ‘refinancing’ and may be wondering what this can mean for your mortgage and your financial well-being. While refinancing can be a great benefit for those who are looking for a lower interest rate or a different mortgage type, here are the details on what it can offer and whether or not it will work for you.
Acquiring A Lower Interest Rate
The most common reason people consider refinancing their home is to take advantage of a lowered interest rate. While it might seem like a minimal savings each month, a … (0 comments)
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mortgage: 3 Mortgage Scams to Be Aware of and How to Protect Yourself From Them
- 02/28/17 11:40 AM
It’s easy to be enthusiastic and excited about the prospect of home ownership, but it’s important to be aware that there are many ways potential buyers can be taken advantage of. From courses for homeowners to companies trying to make a quick buck, there are many things to avoid. If you’re on the market for a home and are trying to find the mortgage that will best benefit you, here are some of the tricks you may want to be wary of.
Forgetting About The Finances
The amount of home you can afford and will be approved for largely comes down to your … (1 comments)
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mortgage: What’s Ahead For Mortgage Rates This Week – February 27, 2017
- 02/27/17 06:14 AM
Last week’s readings on new and existing home sales provided further evidence of strengthening housing markets. Both categories of home sales exceeded December’s readings. Consumer sentiment was lower in February than for January and average rates were mixed with fixed rates higher and the rate for 5/1 adjustable rate mortgages lower. Consumer sentiment lower in February.
New and Previously–owned Home Sales Higher in January
Home sales volume rose in January regardless of obstacles including higher mortgage rates and rising home prices. The National Association of Realtors® reported more sales of pre-owned homes in January. 5.69 million homes were sold on a seasonally-adjusted annual … (1 comments)
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mortgage: 3 Reasons Why Mortgage Pre-approval Should Be Your Very First Step
- 02/23/17 01:20 PM
There are so many details involved in the mortgage process that you may not be aware of what pre-approval is if you’ve just entered the market. However, pre-approval assesses your ability to make monthly mortgage payments and can be an important first step in the home-buying process. If you’re currently contemplating a home purchase, here’s why you may want to consider pre-approval first.
Improved Agent Attention
It may be a lesser-known fact, but it’s often the case that many real estate agents will not spend the time or put significant effort into a homebuyer that has not been pre-approved for a mortgage. While … (2 comments)
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mortgage: What’s Ahead For Mortgage Rates This Week – February 21, 2017
- 02/21/17 07:03 AM
Last week’s economic releases included readings on housing starts, building permits issued and the National Association of Home Builders/ Wells Fargo Housing Market Index. Fed Chair Janet Yellen testified before the House Finance Committee and consumer spending and core consumer spending reports were also released. Mortgage rates and new jobless claims were little changed week-to-week.
Home Builder Sentiment Slows as Industry Faces Obstacles
NAHB reported lower reading for its January Housing Market Index. January’s index reading was two points lower at 65 than December’s reading. Builders surveyed for the index cited ongoing shortages of buildable lots and labor, they also said that housing … (2 comments)
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mortgage: 4 Ways Using a Real Estate Professional Will Save You a Lot of Money
- 02/17/17 06:30 AM
It may seem better to go it alone when it comes to acquiring a mortgage, but there are many benefits associated with using a real estate professional that can make finding your dream home a lot easier. If you’re currently getting prepared to hit the market and are weighing your options, here are some reasons that a professional who knows the neighborhood will save you money.
Strong Market Knowledge
Many homebuyers can take a look at the MLS listings to find the price of properties selling in the area, but a mortgage professional will know the market without having to look at a … (1 comments)
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mortgage: 3 Things You Should Never Say When Negotiating to Buy a Home
- 02/14/17 07:52 AM
The prospect of finding the home you’ve always dreamed of can be such an exciting prospect that it’s easy to forget all about the process of negotiating. However, it’s important to keep a few things to yourself when it comes to the art of making the deal. If you’re currently searching for the right place and are preparing to sign on the dotted line, here are a few phrases it’s best to avoid.
Declaring It Your Dream Home
There’s nothing wrong with finding the ideal home and getting enthusiastic about the prospect of owning it, but it’s very important not to say too … (1 comments)
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mortgage: What’s Ahead For Mortgage Rates This Week – February 13, 2017
- 02/13/17 06:14 AM
Last week’s scheduled economic readings were limited and included new jobless claims and Freddie Mac’s mortgage rates survey. In other news, all types of mortgage applications rose by 2.30 percent this week as compared to the prior week.
Mortgage Rates Lower, Home Loan Applications Rise
Freddie Mac reported lower mortgage rates for fixed rate and 5/1 adjustable mortgages; the average rate for 30-year fixed rate mortgages dropped two basis points to 4.17 percent. Average rates for 15-year mortgages also dropped two basis points to 3.39 percent. 5/1 adjustable mortgage rates averaged 3.21 percent, which was also two basis points lower than the previous … (1 comments)
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mortgage: 5 Home Maintenance Chores You Can’t Forget to Take Care of This Winter
- 02/13/17 06:04 AM
Winter may be a time for nesting until the cold weather abates, but there are a number of important tasks that a homeowner should be sure to do during the winter months. If you’re readying for the slow season or wondering what you might have forgotten, here are some things you’ll want to check off your to-do list.
A New Coat Of Paint
Getting out the paint may seem like a sizeable task, but any peeling paint is going to be adversely affected by the cooler temperatures of fall and winter. While you may want to hold off if it’s already cold, it … (1 comments)
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mortgage: Worried About Future Mortgage Rate Increases? ‘Stress Test’ Finances
- 02/10/17 06:46 AM
When it comes to real estate, there are always going to be upswings in the market that will have an impact on your mortgage payment and overall financial health. However, with a fluctuating market here to stay, you may be wondering how you can guard your biggest investment and your finances against rate increases. If you’re concerned about rates on the rise, here are a few tips to test out you’re fiscal well-being.
Calculate Your Debt-To-Income Ratio
It’s beneficial to determine your DTI ratio prior to purchasing a home, but since debt and housing costs are always fluctuating, calculating this number again can … (1 comments)
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mortgage: The 2017 Mortgage Rate Outlook: Here’s What the Experts Are Saying
- 02/09/17 12:41 PM
The post-election period is often one of uncertainty, and the time since the 2016 election has been no different with regards to market force and the financial world. With a new administration taking office, there are many questions regarding how Donald Trump’s presidency will impact the market and your mortgage. If you’re wondering what the predictions are for the coming year, here are a few things the experts are considering.
An Increase In Rates
Due to an expected hike in rates by the Federal Reserve, it’s unlikely that potential homebuyers will be able to get the low interest rates of previous years. While … (0 comments)
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mortgage: Buying Real Estate vs. Stocks: Why a Home Should Be Your Priority
- 02/08/17 10:39 AM
Once you’re done with debt and you’ve started to save, it’s commonly the case that you’ll start hearing about the risks and rewards of investing in stocks or real estate. Unfortunately, it can be difficult for many people to know what type of investment is going to work better for them down the road. If you’re currently considering what you should put your money into, here are some reasons you may want to turn to real estate.
It’s Something You Can See
While investing in the stock market will give you the ability to invest as little or as much as you want, … (1 comments)
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mortgage: Mortgage News for Week Of April 7, 2014
- 04/06/14 11:13 PM
Last week's economic news included readings on February construction spending and multiple reports on employment data.
Private sector employment was higher in March, but The Bureau of Labor Statistics reported that Non-Farm Payrolls for March fell short of expectations. According to Freddie Mac, mortgage rates ticked upward.
Employment And Unemployment News
ADP's payrolls report for March was higher than February's reading, with 191,000 new private sector jobs added. In February, 178,000 jobs were added. February's reading originally showed 138,000 new jobs added.
While analysts were confident that private-sector employment was showing signs of stability, the U.S. Bureau of Labor Statistics swamped … (0 comments)
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mortgage: Builder Confidence Up Since Government Shutdown
- 12/18/13 01:06 AM
Builder Confidence Up Since Government Shutdown
According to the National Association of Homebuilders/Wells Fargo Homebuilders Market Index for December, builder confidence recovered in with a reading of 58. This surpassed both expectations of 56 and last month’s reading of 54.
Analysts noted that builder confidence has steadied after the government shutdown. December’s reading was the highest in four months. Dave Crowe, NAHB chief economist, said that his organization was expecting a “gradual improvement in the housing recovery” in 2014.
Any reading above 50 indicates that more builders are confident about overall housing market conditions than not.
Builder Confidence – … (1 comments)
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mortgage: Mortgage 101 - An Overview of Escrow Accounts
- 12/16/13 10:25 PM
Mortgage 101 - An Overview of Escrow Accounts
Whether you are purchasing a new home or you are considering applying to refinance your home, chances are the lender will require an escrow account. These accounts are often a source of confusion for homeowners.
In reality, these accounts benefit the homeowner and help protect the lender.
What Is An Escrow Account?
Escrow accounts are sometimes called “impound” accounts. These accounts are set up to help manage payments of property taxes and homeowner’s insurance.
Depending on the individual requirements of the lender, you may be asked to pay as much as one-quarter of … (1 comments)
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mortgage: Pending Homes Sales - The Aftermath of the Government Shutdown
- 11/25/13 10:20 PM
Pending Homes Sales - The Aftermath of the Government Shutdown
The National Association of REALTORS reported Monday that pending home sales dropped by -0.60 percent in October after falling at a revised rate of -4.60 percent in September. According to Lawrence Yun, chief economist for NAR, 17 percent of real estate agents reported delays in loan closings due to the government shutdown in early October.
Lenders were unable to verify borrower income through the IRS, which was closed during the shutdown. October was the fifth consecutive month with fewer pending home sales reported.
Homeowners who owe more on their mortgages … (0 comments)
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mortgage: Top 4 Ways to Save For The Down Payment on Your Mortgage
- 11/19/13 10:24 PM
Top 4 Ways to Save For The Down Payment on Your Mortgage
In order to save up a huge amount of cash for the down payment on your first mortgage, you need a solid savings plan!
When you take out a mortgage on your new home as a first time homebuyer, the more you can pay as a down payment the better. The down payment on a mortgage reduces the principle of the loan and means that you will be paying tens of thousands less in interest payments over the life of the loan.
Most financial experts recommend that you … (0 comments)
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Buying a home is one of the biggest financial investments you’ll make in your life, and it’s important to make sure that you’re doing what will be right for you down the road. If you’re trying to avoid buyer’s remorse and are wondering what major missteps to avoid when diving into the market, here are a few things you may want to watch out for.
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