interest rate: Buyers Can Save on Their Mortgage
- 11/02/23 11:07 AM
Currently mortgage rates are in the 7% rate range. Buyers are feeling a financial squeeze and need to find a solution so they can purchase a home. Many are predicting mortgage rates will begin to fall soon and some home buyers have adjusted to current interest rates and home prices. Still many cities are experiencing home affordability issues. One way for home buyers to fight home price increases is to have a great credit score. This will allow them to get the lowest interest rate at that time therefore lowering monthly mortgage payment. Following is a list of other techniques that … (1 comments)
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interest rate: Home Affordability Affected by Mortgage Rates
- 10/14/22 06:31 AM
Mortgage rates are rising in today’s housing market, and this affects how much a home buyer can afford to purchase. Likewise, your credit score and down payment have a similar affect. All of the above items have a direct effect on how large a loan you can get. When in the market to purchase a home, need to watch and understand how a rise in interest rates affects your monthly mortgage payments. This can quickly move your payment from affordable to unaffordable. Depending on your financial situation you may want to consider discount points when talking to a lender. Discount points … (1 comments)
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interest rate: Competition of Faster Rising Home Prices Versus Seller Power and Wages
- 04/26/22 06:25 AM
Income required to meet the new home affordability standard is growing at a faster rate. This is resulting in less potential home buyers being able to afford higher median home prices and high mortgage rates. At same time, there are sellers that are recognizing some buyers are being priced out and their listing price is too high therefore are dropping their price. Affordability is determined by the amount income needed to cover homeowner expenses which includes mortgage, property taxes, maintenance, and insurance for median-priced single-family house. The past few years low mortgage rates and increase wages helped to offset rising home … (2 comments)
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interest rate: Home Bidding Wars Are Rising in January 2022
- 03/10/22 06:18 AM
Competition for buying a home has been unseasonably hot this past year. Buyers faced bidding wars with low inventories. NAR reported that January 2022 had the fewest number of homes available for sale on record with most of these homes sold under a month. Mortgage rates are anticipated to rise in the coming months which may cause home buyers to lock-in at earliest date to avoid further increases. Since there are few homes on the market and townhomes appear to be creating the most competition in some areas. Current buyers desiring to buy a home are trying to locate a home … (2 comments)
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interest rate: Housing Market Still in a Frenzy
- 01/20/22 07:33 AM
At the end of 2021, the housing market remains in frenzy with more buyers than there are available houses. Realtor.com indicates buyers are eager to purchase a home to protect themselves from potential interest rate hikes. The past year buyers were making offers quickly since homes were remaining on market only a few days. This means buyers during the hottest part of buying season had less time to make home buying decision. With rate hikes on the horizon, home buyers may try to beat the higher monthly housing cost in the future. If this happens, this will drive up competition and … (2 comments)
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interest rate: Expert Thoughts When Shopping for Mortgage
- 02/26/21 12:31 PM
Currently mortgage rates are low, this is providing savings to people who are shopping for a new home or wanting to refinance their current home. The mortgage process is not well understood by many borrowers. Borrowers should take some time to understand the mortgage process. This could save the buyer thousands of dollars. Before making a loan decision the annual percentage rate (APR) needs to be understood. This rate includes fees that are charged by the lender and added to the quoted loan interest rate. For example, the quoted loan rate may be 2.5% but your actual APR is 2.8%. The … (1 comments)
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interest rate: How to Prepare Your Finances for Home Ownership
- 12/15/20 06:34 AM
The day you decide to purchase a house, this is the day you need to start preparing yourself financially. For many homebuyers, this takes time to prepare yourself for this financial undertaking. First, you must develop a plan how to handle the most expensive undertaking of your lifetime. Below are things you need to consider when preparing yourself to purchase your new home:
Credit score – Most people understand a good credit score is needed to qualify for a home mortgage. Potential buyer needs to prepare themselves financially, this means having a low debt-to-income ratio. This ratio should be equal to … (0 comments)
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interest rate: 2020 Housing Inventory Projection
- 12/19/19 06:16 AM
Per realtor.com, projected housing inventory in 2020 likely to tighten making it a greater challenge for buyers purchasing a home. At the same time, there will probably be lower interest rates creating more buyers. In addition, they predict the inventory of homes available for sale may hit a record low during 2020 which might cause the housing market to slow. Entry-level homes may be affected the most, and first-time buyers will continue to struggle finding affordable housing. Economists predict interest rates to remain low, averaging 3.85%. This will help on affordability, but lack of available housing will continue to be a … (1 comments)
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interest rate: Positive Attitude Towards Home Buying and Selling
- 10/03/19 05:33 AM
The National Association of Realtors (NAR) recently released a survey that we are experiencing lower mortgage rates at this time which makes it more favorable to purchase a home. Nearly two-thirds of people believe this a good time to move forward purchasing a home. At the same time, there is a word of caution, there is some potential buyers that are concern about the direction of the economy. Many people feel the economy is improving, but millennials tend to be the most pessimistic about the direction the economy is going. Majority of homeowners and buyers are experiencing lower housing interest rates, … (1 comments)
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interest rate: 2019 Should Be A Great Year for Home Buyers
- 02/27/19 05:46 AM
This past year some home buyers found that housing inventory and affordability was a challenge. In 2019, affordability will still remain an issue but overall the new year appears to have potential bright spots:
Greater inventory of houses – Some experts think the number of available houses will grow slightly especially for houses under $300,000, but the question is: will there be sufficient number houses available within the price range for home buyers? Home buyers who have a limited budget will probably need to spend extra time shopping for the right home.
Rise in home prices is slowing – It is anticipated … (3 comments)
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interest rate: Questions to Ask Prior To Selling Home
- 09/07/17 05:52 AM
Thinking about moving to a larger home, a more desirable location, or downsizing to a smaller home. You may want to ask yourself a number of questions to determine if this is a smart thing to do. Such questions may include:
Equity in current home - First, determine the amount of equity in your home. This is calculated by determining the fair market value of your property, less outstanding loan amount owed on property, less closing cost to sell your property. Usually, the first few years of mortgage payments you gain little equity. After five years, normally start to see a greater … (1 comments)
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interest rate: Questions to Ask When Interview Home Mortgage Lenders
- 08/18/17 05:41 AM
Prior to shopping for a home, it is wise to shop several mortgage companies. Different companies have different products, and may offer different interest rates. During this phase, you should be asking the following general questions: find out what is the most popular mortgage each company offers, and why these loans are popular. Find out from each company if their rates, terms, and closing cost are negotiable. Ask if company offers discounts for inspections, home ownership classes, automatic payment options, under what circumstance will the buyer be required to purchase mortgage insurance, and the term length required to make mortgage insurance … (0 comments)
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interest rate: Suggestions When Buying Home
- 01/17/17 06:11 AM
First time home buyers who are thinking about buying a home may fine the task to be somewhat overwhelming, stressful, and confusing. For first time home buyers, this can be scary if you are not property prepare, and surrounded yourself with professional people who you trust to give you proper direction. Following, are some tips that may be of value when selecting a new home:
Non-listed homes – Talk with friends, relatives and acquaintances to see if they are aware of homes that may be listed in the near future. Once you hear of somebody, contact the owner to start negotiation. This … (1 comments)
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interest rate: Pros and Cons of Adjustable Rate Mortgage (ARM)
- 09/09/13 10:48 PM
Many people do not understand and are not aware of the many variations of ARM’s. This creates fear and causes people to be scared of incurring monthly mortgage payment they cannot afford. The truth about this financial product, there are times when it is advisable to use an ARM versus Fixed Rate Mortgage (FRM). If you are planning to pay off your loan, sell or refinance within the next seven years you should take a close look at an ARM. These products will typically provide you a lower interest rate at the beginning, allow monthly mortgage payments to be reduced if … (1 comments)
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interest rate: How to Know When You Are Ready to Buy
- 01/20/12 07:57 AM
Many times people have difficultly determining whether they are ready to buy. This is true for renters and people who need to move-up or down-size. There are signs that may help you determine whether you are a ready buyer:
· If you are person who is familiar with the current market conditions, paying close attention to how much houses are listed for in desired neighborhoods and a have realistic understanding how much your new home will cost you.
· Have money to cover 3 to 20% down payment plus closing cost. Closing cost will run between 2 and 7% of the value of … (1 comments)
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interest rate: HOW TO MAKE A MORE ATTRACTIVE OFFER
- 11/03/11 02:06 AM
Before you start serious house hunting, make sure you are properly prepared for your house hunting experience. First, visit with multiple lenders within a 30 day period. By doing this, creates the least negative effect on your credit score. Each lender may have different loan programs, and some lenders are more competitive. It is better to get a letter of pre-approval instead of a letter of pre-qualification. Pre-approval letter means you have had a thorough examination of your financial situation and the lender agrees to provide you a loan. Before you start your house hunting, be sure you have at least … (1 comments)
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Currently mortgage rates are in the 7% rate range. Buyers are feeling a financial squeeze and need to find a solution so they can purchase a home. Many are predicting mortgage rates will begin to fall soon and some home buyers have adjusted to current interest rates and home prices. Still many cities are experiencing home affordability issues. One way for home buyers to fight home price increases is to have a great credit score. This will allow them to get the lowest interest rate at that time therefore lowering monthly mortgage payment. Following is a list of other techniques that … (1 comments)
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